Riverstone expands footprint in Burkina Faso (November 04, 2004)

Vancouver – Riverstone Resources (RVS-V) is adding to its property holdings in the West African country of Burkina Faso by optioning the Liguidi Malguem gold project.

This latest addition to the company’s portfolio covers a large, pervasive 11 kilometre by 3 kilometre gold-in-soil anomaly with evidence of surface gold mineralization and extensive artisanal workings.

Riverstone is earning an 80% interest in the project from a local company, Orex Ressources, for payments of US$95,000 over two years and exploration commitments of US$210,000 by the end of 2005.

Commenting on what attracted Riverstone to the Liguidi Malguem gold project, company President Michael McInnis stated "the main driver for this is a government sponsored regional geochemical survey that BRGM carried out some years ago. That’s basically the results that we liked a lot, it’s a monstrous anomaly; there is an 11-km long gold anomaly and within it, there’s a higher grade one that runs along a northeast shear for seven kilometres."

An initial round of surface geochemical sampling (soils and rock) as well as mapping is planned to commence immediately on Liguidi Malguem. The project is situated about 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 garnered 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 plus-one-million-ounce gold project.

Riverstone focused on Burkina Faso in 2003, acquiring its Rambo gold project, in the north-central area of the country, last November.

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 drill program that identified a 150 metre long by 11 metre wide gold-bearing zone within an east-west trending structure. Hole RADD-04-08 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.

Riverstone was also recently awarded two other mineral licenses in Burkina Faso. The Kao concession is immediately south of and adjacent to Rambo. The company’s Yaramoko concession is in southwest Burkina Faso, on the Hound greenstone belt where Orezone has been conducting extensive infill and resource definition drilling on its Bondi gold project enroute to a resource estimate.

As of the latest figures, Riverstone reports 10.5 million shares outstanding, giving a market capitalization of $2.7-million at its recent trading level of 26 per share.