True Gold Mining

Published : May 11th, 2009

Announces NI 43-101 Resource Estimate of 1.14 Million Ounces Gold At Karma

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Riverstone Announces NI 43-101 Resource Estimate of 1.14 Million Ounces Gold At Karma

May 11, 2009



Riverstone Resources Inc. (TSXV: RVS, Frankfurt: 3RV) is pleased to announce the results of an independent, NI 43-101 compliant resource estimation for the Karma Project in Burkina Faso, West Africa.  The resource estimate was calculated by Wardrop Engineering and a full report will be filed with SEDAR within 45 days.

HIGHLIGHTS
  • Initial NI 43-101 compliant gold resource estimate on the Karma Project of 820,500 ounces in the indicated category and 320,300 ounces in the inferred category.
  • Mineralization remains open at depth and along strike at all four of the deposits that comprise the Karma Project.
  • Four gold deposits discovered to date, with numerous gold occurrences and artisanal workings not yet drill tested.
  • The resource is shallow with 95% above 100 metres in depth.
  • Less than CDN $10 per ounce discovery costs for new ounces.
  • A follow-up reverse circulation ("RC") drilling program is planned to expand the resources in all four deposits.

TABLE 1   -   SUMMARY OF KARMA RESOURCE 1


Category 
Tonnage (million tonnes) Grade (g/t Au) Contained Gold (ounces)
INDICATED
21.4
1.20
820,500
INFERRED
12.2
0.82
320,300
1Resources are reported at a cut-off of 0.3g/t for oxide and 0.5 g/t for fresh rock Ounces are calculated assuming 100% recoveries.

Michael D. McInnis, President of Riverstone, commented, "We are extremely pleased with the results of our first resource estimate for the Karma project.  We believe that there is excellent potential to significantly expand the resource and establish Karma as one of the premier gold projects in West Africa".

The Karma Project consists of four separate deposits - Kao, Rambo, GG1 and GG2. GG1 and GG2 are 8 kilometres west of Rambo, and Kao is 7 kilometres south of Rambo, allowing the company to envision the establishment of a central processing facility (see accompanying map Figure 1).  In addition, there are numerous other gold occurrences and artisanal workings in the immediate vicinity of each of the deposits which require evaluation.  The Kao deposit, in particular, has demonstrable potential to significantly increase in size based on RAB drilling results and adjacent gold-in-soil geochemical anomalies (see accompanying map Figure 2).

GG2 Deposit

The Goulagou 2 (GG2) deposit is an east-west trending, steeply-dipping lens or series of lenses which has been traced over a strike length of 2.1 kilometres and is up to 140 metres wide.  The deposit thickens in the middle where the oxidation extends up to 100 metres in depth.  It is hosted by a mixed sequence of sediments containing fine quartz stringers between two large intrusive masses.  It has been drilled by 169 Diamond and 86 RC drill holes, and the deposit remains open along strike and at depth.  The deposit along with GG1 was discovered by Channel Resources and Placer Dome in the late 1990's and then expanded by St Jude Resources before its takeover by Golden Star Resources.  An independent resource estimate report on GG1 and GG2 dated January 16, 2007 was previously prepared on behalf of Golden Star by SRK Consulting (UK) Ltd. and is available on SEDAR. Riverstone's work was successful in converting most of the inferred ounces in the SRK estimate to the indicated category.

TABLE 2   -   SUMMARY OF GG2 RESOURCE1

Category
Tonnage (million tonnes)
Grade (g/t Au)
Contained Gold (ounces)
INDICATED
6.7
1.83
390,500
INFERRED
1.4
1.10
48,600
1 Resources are reported at a cut-off of 0.3g/t for oxide and 0.5 g/t for fresh rock Ounces are calculated assuming 100% recoveries.

GG1 Deposit

The Goulagou 1 (GG1) deposit lies approximately 2 kilometres northwest of Goulagou 1.  It is northeast trending and has similar geology.  Like Goulagou 2, it comprises a series of lenses, traceable over 1.1 kilometres with a width up to 175 metres. It has been tested by 52 Diamond and 15 RC drill holes, mainly in the oxide zone, and it remains virtually untested at depth.

TABLE 3   -   SUMMARY OF GG1 RESOURCE1

Category
Tonnage (million tonnes)
Grade (g/t Au)
Contained Gold (ounces)
INFERRED
6.9
0.63
140,400
1 Resources are reported at a cut-off of 0.3g/t for oxide and 0.5 g/t for fresh rock Ounces are calculated assuming 100% recoveries.

Resources at Goulagou were estimated by inverse distance weighted to the second power using Gems software version 6.2. Resources were classified as indicated if at least three holes were found within a 75m search radius. All other blocks within the modeled wireframe were classified as inferred.

Kao Deposit

The Kao deposit is a near-surface, gently-dipping tabular zone that has been defined over an area of approximately 800m by 400m.  The deposit remains open in most directions, particularly to the north and below a depth of 85 metres.  Shallow RAB drilling on the northern edge of the deposit indicates that the deposit may continue in this direction for at least another 750 metres, but at a slightly greater depth.  The Kao deposit is hosted entirely in intrusive rock and it lies near the southern end of a six kilometre long soil anomaly. This same intrusive is exposed throughout the soil anomaly where gold values have been confirmed in numerous locations by rock chip sampling and RAB drilling.  RAB drilling approximately 3 kilometres northeast of the Kao deposit intersected 1.54 g/t gold over 12m, with RAB holes 1 kilometre further northeast grading 1.68 g/t gold over 3m, 1.86 g/t gold over 12m and 6.73 g/t gold over 3m.  The chances of expanding the Kao deposit and of finding other gold deposits within this six-kilometre long soil anomaly are considered to be very high.

TABLE 4   -   SUMMARY OF KAO RESOURCE1

Category
Tonnage (million tonnes)
Grade (g/t Au)
Contained Gold (ounces)
INDICATED
14.7
0.91
430,000
INFERRED
3.7
0.65
76,400
1 Resources are reported at a cut-off of 0.3g/t for oxide and 0.5 g/t for fresh rock Ounces are calculated assuming 100% recoveries.

Resources at Kao were estimated by ordinary kriging using Gems software version 6.2. Resources were classified as indicated if at least three holes were found within a 70m search radius. All other blocks within the modeled wireframe were classified as inferred.

Rambo Deposit

The Rambo deposit is a steeply dipping gold zone that has been traced for 300 metres along strike and to a depth of 100 metres. It is hosted in mixed sediments and volcanics along the southern margin of a major intrusive.  The deposit remains open at depth and along strike.  The possibility of discovering separate gold zones is highlighted by vertical RAB holes grading 1.9 g/t gold over 36 metres (including 2.59 g/t gold over 21m) located 750 metres northwest of the Rambo pit, and 1.24 g/t gold over 9 metres located 400 metres northeast of Rambo.

TABLE 5   -   SUMMARY OF RAMBO RESOURCE 1

Category
Tonnage (million tonnes)
Grade (g/t Au)
Contained  Gold (ounces)
INFERRED
0.3
7.02
56,900
1 Resources are reported at a cut-off of 2g/t. Ounces are calculated assuming 100% recoveries.

Resources at Rambo were estimated by inverse distance weighted to the second power using Gems software version 6.2. All blocks within the modeled wireframe were classified as inferred.

The Kao, Rambo, GG1 and GG2 resource estimate was prepared under the supervision of Dr. Gilles Arseneau, P. Geo. of Wardrop Engineering, who is a qualified person as defined under National Instrument 43-101, using computer-generated wireframe models, based on 52 Diamond (4,755m) and 15 RC (1,367m) drill holes at GG1, 169 Diamond (17,951m) and 86 RC (7,086m) drill holes at GG2, 173 RC (17,741m) drill holes at Kao, and 14 Diamond (2,477m) and 17 RC (2,268m) holes at Rambo.

The RC drill programs and sampling conducted by Riverstone were supervised by Paul G. Anderson, P. Geo., a qualified person and Exploration Manager for the Company. The Company maintains a rigorous quality control program involving the use of repeat assays, check assays at independent labs, inserted blanks, and the use of verifiable standards from an accredited Canadian laboratory.  All RC samples were assayed using standard fire assay with atomic absorption techniques, with samples grading in excess of 2.00 g/t gold re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratories in Ouagadougou, Burkina Faso, which is part of the ALS Chemex group. All assay results were reviewed by Dr. Giles Peatfield, P. Eng., an independent consulting engineer, in order to verify that quality control protocols were honoured.

Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the company holds an extensive portfolio of high quality exploration permits covering 2,610 square kilometres.  For further information about the company and its activities, please refer to the company's website at  www.riverstoneresources.com and under the Company's profile at www.sedar.com.

"Michael D. McInnis"
______________________________________
Michael D. McInnis, P.Eng., CEO & President


For further information contact:

Vancouver Office:
Michael D. McInnis, President  
Phone: 604.801.5020  
Email:  info@riverstoneresources.com     
  
Raju Wani, Investor Relations
Phone: 403.240.0555
Ron Cooper, Investor Relations
Phone: 604.986.0112


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Dr. Giles Peatfield, P. Eng., is an Independent Qualified Person for Riverstone Resources and has reviewed and approved the contents of this release

Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of the Ontario Securities Act. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes, the potential for delays in exploration activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

 



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True Gold Mining

DEVELOPMENT STAGE
CODE : TGM.V
ISIN : CA89783T1021
CUSIP : 768906
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True Gold. is a gold development stage company based in Canada.

True Gold. holds various exploration projects in Burkina Faso.

Its main asset in development is KARMA in Burkina Faso and its main exploration properties are LIGIDI, BISSA, SOLNA, YARAMOKO and GOULAGOU / RAMBO / KAO in Burkina Faso.

True Gold. is listed in Canada and in United States of America. Its market capitalisation is CA$ 267.2 millions as of today (US$ 212.1 millions, € 187.6 millions).

Its stock quote reached its lowest recent point on January 09, 2009 at CA$ 0.09, and its highest recent level on April 15, 2011 at CA$ 1.09.

True Gold. has 398 840 000 shares outstanding.

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Financings of True Gold Mining
5/17/2011Withdraws Public Offering of Common Shares
5/9/2011. Announces Equity Financing
6/2/2009Announces Non-Brokered Private Placement
10/1/2008Announces Proposed C$1.98 million Private Placement with IFC
6/23/2008Closes 1.75 Million Unit Private Placement at $0.60
6/13/2008Announces Closing of Private Placement
5/26/2008reases Private Placement to Raise C$1.9 Million
Option Grants of True Gold Mining
2/11/2011Grant of 300,000 options to PR Firm
4/23/2010GRANT OF 300.000 STOCK OPTIONS TO B&D CAPITAL PARTNERS
9/9/2009Grant of 2.460.000 stock options
1/28/2009GRANT OF 730.000 STOCK OPTIONS TO directors, officers, emplo...
2/6/2008GRANT OF 1.010.000 STOCK OPTIONS TO directors, officers, emp...
12/3/2007GRANT OF 180.000 STOCK OPTIONS TO PR FIRM
10/22/2007GRANT OF 150.000 STOCK OPTIONS TO PR FIRM ASCENTA CAPITAL
7/9/2007GRANT OF 1.255.000 STOCK OPTIONS TO directors, officers, emp...
6/27/2007GRANT OF 150.000 STOCK OPTIONS TO PR FIRM MAU CAPITAL (MR....
2/27/2006GRANT OF 250.000 STOCK OPTIONS TO Mr. Ron Cooper for PR Ser...
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5/5/2004GRANT OF 805.000 STOCK OPTIONS TO directors, officers, emplo...
1/12/2004GRANT OF 440.000 STOCK OPTIONS TO directors, officers, emplo...
8/19/2003GRANT OF 610.000 STOCK OPTIONS TO directors, officers, emplo...
Nominations of True Gold Mining
3/26/2015Appoints Christian Milau as Chief Executive Officer
2/11/2011Announces Investor Relations Advisor, Stock Options
6/9/2006announces hiring of exploration manager
Project news of True Gold Mining
4/26/2016Endeavour completes acquisition of True Gold
7/18/2011(Karma)Intersects 58 Metres Grading 1.13 g/t Gold at Karma
6/9/2011(Karma)Intersects New Gold Zone at Karma
6/1/2011(Karma)Reports 38 Metres Grading 5.6 g/t Gold From Karma
5/26/2011(Bissa)Starts Major Drill Program at Yaramoko and Reports Additiona...
4/26/2011(Karma)Reports More Positive Gold Results from Karma
4/8/2011(Yaramoko)Reports 28.61 g/t Au Over 20 Metres on Yaramoko Gold Project...
3/24/2011(Karma)Intersects High Grade Gold at Karma
2/28/2011(Karma)Increases Gold Resources at Karma by 70 Percent
7/13/2010(Bissa)Grants Options on Three Gold Properties
1/18/2010(Karma)Defines High Grade Gold Mineralized Trend
1/6/2010(Karma)Drilling Defines Gold Mineralized Trend
11/4/2009(Karma)New Gold Zone
9/24/2009(Karma)Commences Drilling on Karma Gold Project
8/26/2009(Karma)Drilling Plans on Karma Gold Project
7/6/2009(Karma)Independent Technical Report on the Karma Gold Project
9/18/2008(Karma)Extends Gold Mineralization at Karma
8/12/2008(Karma)Continues to Expand Gold Mineralization at Karma
7/10/2008(Karma)Initiates Resource Estimate for Karma Project
5/7/2008(Goulagou / Rambo / Kao)Extends Goulagou Mineralization to Depth at Karma
3/10/2008Intersects 16.7 g/t Gold (0.49 oz/ton) over 12 Metres at Kar...
2/28/2008 Intersects 5.47 g/t Gold over 10 Metres at Karma
1/29/2008(Goulagou / Rambo / Kao)Resumes Drilling at Kao Main Gold Zone
4/16/2007Intersects 10 metres of 3.55g/t Gold on Kao
4/5/2007(Rambo - Kao)Confirms And Extends Multiple Gold Zones On Kao
6/6/2006(Ligidi)plans 15,000m of RAB drilling on Burkina properties
Corporate news of True Gold Mining
4/21/2016Endeavour and True Gold Shareholders Approve Acquisition Tra...
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1/13/2016True Gold announces appointment of new Director
1/12/2016True Gold signs $10 million equipment finance facility
12/31/2015True Gold grants incentive stock options
10/26/2015True Gold appoints Peter Hardie as Chief Financial Officer
10/24/2015Sandstorm Gold Provides Asset Updates
10/23/2015Sandstorm Gold Provides Asset Updates
10/20/2015True Gold begins mining at Karma
9/25/2015Karma Mine Update
9/17/2015Karme Mine Update
9/17/2015True Gold: Karma Mine Update
8/24/2015True Gold Mining reports Q2 2015 financial & operating resul...
6/22/2015True Gold introduces David Laing as Chief Operating Officer
6/19/2015True Gold grants incentive stock options
3/26/2015True Gold appoints Christian Milau as Chief Executive Office...
3/2/2015Ture Gold provides update on Karma Project
3/2/2015True Gold Provides Update on Karma Project
1/29/2015True Gold Provides Progress Update on Karma
1/20/2015True Gold Provides Corporate and Operational Update
1/14/2015IIROC Trading Resumption - TGM
1/14/2015(Karma)Temporarily Suspends Operations at Karma
1/14/2015True Gold Temporarily Suspends Operations at Karma
1/14/2015IIROC Trading Halt - TGM
12/24/2014True Gold draws down additional US$20.7M of project financin...
12/9/2014True Gold reports temporary work slowdown
12/6/2014True Gold Files PEA for North Kao and Updated Feasibility St...
11/24/2014True Gold Mining reports Q3 2014 financial results
11/17/2014Karma Gold Mine construction on time, on budget
10/31/2014True Gold Mining provides update on events in Burkina Faso
10/30/2014True Gold Mining Provides Update on Events in Burkina Faso
10/21/2014True Gold's North Kao Deposit to generate over US$118 millio...
9/25/2014Sandstorm Gold Remits First Upfront Payment to True Gold
9/25/2014True Gold Commences Draw Down of Project Financing
9/18/2014True Gold Receives All Permits for the Karma Gold Project
9/8/2014True Gold Secures Long-Term Cement Contract at a Price Signi...
2/22/2013.: Directors Approve Name Change
2/13/2013.: Widely Spaced RC Drilling at Liguidi Hits Near-Surface Go...
1/29/2013(Karma).: RAB Program Reveals Widespread Near-Surface Gold Minerali...
12/12/2012Announces Change in Financial Year-End
11/7/2012(Karma)Files NI 43-101 Updated Resource Estimate Technical Report o...
10/15/2012.: Corporate Update
10/10/2012(Bissa)Intersects 6.95 g/t Gold Over 6 m at Bissa East Property
9/17/2012Intersects 9.50 g/t Gold Over 12 Metres at Kao Deposit
9/10/2012Intersects 2.39 g/t Gold Over 24 Metres at Kao
7/11/2011Reports Thick Gold Intercepts at Goulagou I
6/20/2011Reports Multiple Mineralized Intervals From Nami
3/23/2010Commences Drilling at Nami Site
12/8/2009HRA Advisories Coverage of Riverstone Resources (RVS: TSX-V)
2/9/2010Sampling Program Underway at Nami Gold Discovery Zone
2/8/2010Raises $1.8 Million
1/28/2010Commences Follow-up Program at Nami Gold Discovery Zone
6/19/2009Raises $2.1 Million
6/16/2008Resumes Drilling at Karma
4/29/2008Grants Financing and Option Rights to Teck Cominco
4/7/2008Expands Kao Main Zone at Karma
3/21/2006(Ligidi)new exploration permits signed in the Bissa area of Burkina ...
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