SearchGold Acquires Two New Gold Permits for a Total of 452 Km2 in Burkina Faso
June 26 2008 - 9:00AM
Marketwired
MONTREAL, QUEBEC (FRANKFURT: S1O) is pleased to announce the
acquisition of two news exploration permits for gold in Burkina
Faso in West Africa.
The two new permits, Dou and Taouremba, have respective surface
areas of 241 km2 and 211 km2 for a total of 452 km2. They are
located in the Sanmatenga and Seno provinces, approximately 300 km
north of Ouagadougou, Burkina Faso's capital, and are directly
accessible by road. See attached map:
http://media3.marketwire.com/docs/sg0625.pdf.
These two permits have been obtained though direct application
with the Ministry of Mines of Burkina Faso and SearchGold holds a
100% interest in both properties.
The geology of Burkina Faso, which is very prospective for gold,
is characterized by the presence of birimian greenstone belts
recognized for their auriferous potential. The realization of this
potential, specifically in Burkina Faso, was materialized by the
commencement of production on High River Gold Mines Ltd's Taparko
gold deposit in July 2007 (proven and probable reserves of 1.4 Moz
Au: 15.4 Mt a 2.90 g/t Au).
Three additional recently outlined gold deposits include :
- Etruscan Resources Inc.'s Youga deposit (proven and probable
reserves of 1.2 Moz Au : 13.3 Mt @ 2.74 g/t Au);
- Semafo Inc.'s Mana deposit (proven and probable reserves of
0.9 Moz Au : 9.8 Mt @ 2.93 g/t Au);
- Wega Mining Inc.'s Inata deposit (measured resources of 0.4
Moz Au : 5.2 Mt @ 2.30 g/t Au and indicated resources of 1.0 Moz Au
: 19.8 Mt @ 1.60 g/t Au).
Moreover, historically renowned sectors, such as the Poura mine
area which produced over 800,000 ounces of gold, confirm the
country's potential.
SearchGold's two new permits are located on the regional
structure transecting the permits of the Inata project and show a
similar geological context highlighted by structural features such
as faults and major shear zones. Moreover, these two new permits
are located on a volcano sedimentary sliver between the Essakan
deposit (probable reserves of 4.5 Moz Au : 46.4 Mt @ 1.78 g/t Au),
Taparko and Kalsaka (proven and probable reserves of 0.3 Moz Au :
5.1 Mt @ 2.00 g/t Au, measured resources of 0.3 Moz Au : 6.2 Mt @
1.70 g/t Au, indicated resources of 0.3 Moz Au : 5.9 Mt @ 1.5 g/t
Au).
This acquisition confirms SearchGold's intention to increase its
presence in West Africa and will strengthen the development of
exploration activities in parallel with the advancement of the
Bakoudou gold project in Gabon in partnership with Managem.
About SearchGold Resources Inc.
SearchGold Resources is a Canadian-based mining exploration
company whose primary mission is to target, explore and develop
gold deposits in Africa. The expansion strategy executed in 2006
has set the stage for the Company's development in 2007 through
increased activity on the advanced projects, a new acquisition and
the segmentation of its activities to unlock value for its
shareholders. SearchGold's diamond assets were re-organized along
with Mano River Resources Inc., to create an integrated diamond
company called Stellar Diamonds Limited of which SearchGold holds
2.7 million shares. SearchGold's Canadian gold assets were also
re-organized through the creation of Golden Share Mining
Corporation (GSH-TSXV), a dynamic junior exploration company
focused on gold exploration in Canada.
If you would like to receive press releases via e-mail please
contact: info@searchgold.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: SearchGold Resources Inc. Philippe Giaro President
& CEO 32-473-52-30-29 phgiaro@skynet.be SearchGold Resources
Inc. Denis Tremblay Vice-President 514-866-4224 info@searchgold.ca
www.searchgold.ca CHF Investor Relations Alison Tullis Account
Manager 416-868-1079 x233 alison@chfir.com
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