Riverstone expands footprint in Burkina Faso (November 29, 2004)

Vancouver — Riverstone Resources (RVS-V) has added to its property holdings in Burkina Faso by optioning the Liguidi Malguem gold project.

This project comprises an 11-by-3-km gold-in-soil anomaly with evidence of surface gold mineralization and extensive artisanal workings.

Riverstone is earning an 80% interest in the property from Orex Ressources in return for paying US$95,000 and exploration commitments of US$210,000 by the end of 2005.

“It’s a monstrous anomaly,” says Riverstone President Michael McInnis, “and withing it is a higher-grade anomaly that runs along a northeast shear for seven kilometres.”

An initial round of surface geochemical sampling (soils and rock) and mapping is about to begin.

The project is 125 km southeast of the capital city, Ouagadougou, and 50 km from Orezone Resources’ (OZN-T) Bombore gold project. Previously the flagship project for partners Channel Resources (CHU-V) and Solomon Resources (SRB-V), Bombore attracted the attention of Etruscan Resources (EET-T) and Placer Dome (PDG-T) in the late 1990s when a takeover bid of Channel was launched to acquire the 1-million-oz.-plus gold project.

Riverstone has been exploring in Burkina Faso since last year, when it acquired the Rambo project in the country’s north-central region.

The recently expanded Rambo concessions cover shear-hosted gold mineralized vein systems in Birimian volcanic-sedimentary sequences.

A recent round of nine core holes at Rambo has confirmed results from an earlier reverse-circulation program that identified a 150-metre-long-by-11-metre-wide gold-bearing zone in an east-west-trending structure. Hole 8 intersected 18.6 metres (from 103.7 metres) averaging 3.4 grams gold per tonne, including a 5.8-metre section of 8.2 grams gold.