SearchGold Granted a Mining Exploitation Permit and a New Exploration Permit on the Bakoudou-Magnima Project in Gabon
September 10 2008 - 9:00AM
Marketwired
SearchGold Resources Inc. (TSX VENTURE: RSG)(FRANKFURT: S1O)
("SearchGold") is pleased to announce it was granted two new mining
titles for its Bakoudou-Magnima Gold Project located in Gabon,
Africa which is being developed with Managem, SearchGold's majority
partner on the project. The titles include the anticipated
exploitation permit as well as an exploration permit enlarging the
total land holdings.
A mining exploitation permit covering a surface area of 160 km2
was granted by presidential decree to Ressources Golden Gram Gabon
SARL ("REG"), Managem and SearchGold's Gabonese subsidiary. This
permit, named "Bakoudou", covers not only Bakoudou's Zone A but
also the Lekodo and Moyabi gold anomalies.
See attached figure:
http://media3.marketwire.com/docs/Bakoudou.jpg
SearchGold recently announced a Measured and Indicated Resource
of 230,000 ounces of gold including a Proven and Probable Reserve
of 150,000 ounces of gold on Bakoudou's Zone A. Moreover, on-going
work is being executed with the objective to develop additional
gold zones within a 10 km radius from Bakoudou's Zone A and notably
in the Lekodo and Moyabi areas which are covered by the new
Bakoudou mining exploitation permit.
A mining exploration permit covering a surface area of 640 km2
was also granted by presidential decree to REG. This permit, named
"Lebombi", covers the north extension of the northwest trending
Bakoudou-Lekodo gold corridor identified over a strike length of 6
km so far. See attached figure :
http://media3.marketwire.com/docs/Bakoudou.jpg
Philippe Giaro, President and CEO, stated, "the recent granting
of these permits marks an important project milestone, from a
production and exploration perspective. As we have always stated,
the development objective for Bakoudou-Magnima is to establish the
potential of the property well beyond what Zone A can deliver. The
reserves and resources recently announced are a starting point to
develop the area. Managem and SearchGold view production on Zone A
as an opportunity to show the solidity of the project while
exploration work on surrounding targets is on-going to insure
long-term feed for the mine."
SearchGold's executive team acknowledges the challenging times
companies in the junior resource sector are enduring. SearchGold
share price has eroded while the Company continues to create value
with its core assets. In addition, SearchGold owns shares in two
corporations that will be monetized in due course :
- 2.1 million shares of Golden Share Mining Corporation ("Golden
Share")
- 2.7 million shares of Stellar Diamonds Limited ("Stellar
Diamonds")
By way of update, the start-up of drilling work in the Malartic
mining camp by Golden Share was announced in a press release dated
August 20th 2008 while the start up of diamond production by
Stellar Diamonds was announced in a press release dated June 25th
2008.
From an exploration point of view, it is necessary to expand
SearchGold's position in West Africa, thus developing a third area
of activity in Burkina Faso which strengthens its established
position in Gabon (Booue-Mimongo exploration project) and in Guinea
(Mandiana exploration project). Two new permits totalling a surface
area of 452 km2 and located approximately 300 km north of
Ouagadougou have been obtained through direct application with the
Ministry of Mines of Burkina Faso and SearchGold holds a 100%
interest in both properties. Preliminary work has been
initiated.
SearchGold's board of directors and management consist in highly
motivated professionals with a strong track record of discoveries,
which, given the human resources challenge faced by the mining
industry, adds fundamental value to the Company.
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 in 2006 had 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, Senior
Account Manager 416-868-1079 x233 alison@chfir.com
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