SearchGold Acquires Third Gold Permit in Burkina Faso; Controls Total of 636 Km2 in the Country
September 17 2008 - 9:20AM
Marketwired
SearchGold Resources Inc. (TSX VENTURE: RSG) (FRANKFURT: S1O) is
pleased to announce the acquisition of a third exploration permit
for gold in Burkina Faso in West Africa. With this new permit known
as Zitenga II, SearchGold now controls 636 km2 in Burkina Faso, a
country very prospective for gold characterized by the presence of
birimian greenstone belts recognized for their auriferous
potential.
SearchGold President and CEO Philippe Giaro stated, "This
acquisition confirms SearchGold's intention to increase its
presence in West Africa, through strengthening the development of
exploration activities. The new property provides the Company with
access to favourable rock sequences and will be developed in
parallel with the advancement of the Bakoudou gold project in
Gabon, a partnership between Managem and SearchGold."
Directly accessible by road, Zitenga II's surface area is 184
km2, located approximately 40 km northeast of Ouagadougou, Burkina
Faso's capital (see attached figure 1:
http://media3.marketwire.com/docs/rsg_fig1.pdf .
This third permit, obtained through direct application to the
Ministry of Mines of Burkina Faso provides SearchGold 100% interest
here; interests in the Dou and Taouremba properties are likewise
100%.
SearchGold's Zitenga II permit is located at the eastern
extremity of a gold rich sequence host to the Kalsaka deposit,
owned by Cluff Gold and with a NI 43-101 compliant 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 (see attached figure 2:
http://media3.marketwire.com/docs/rsg_fig2.pdf .
West Africa, and specifically Burkina Faso, is recognized for
its gold potential. High River Gold Mines Ltd., for example,
commenced production from the Taparko gold deposit in July 2007
(proven and probable reserves of 1.4 Moz Au: 15.4 Mt @ 2.90 g/t
Au). Three more recently outlined gold deposits are Etruscan
Resources Inc.'s Youga deposit; Semafo Inc.'s Mana deposit and Wega
Mining Inc.'s Inata deposit. Furthermore, other historically
renowned regions such as the Poura mine (previously government
operated before closing in 1999), produced over 800,000 ounces of
gold, confirming the country's potential.
A recent property visit to Zitenga II confirmed that the
property straddles the volcanic-granite contact (see attached
figure 3: http://media3.marketwire.com/docs/rsg_fig3.pdf . Several
geochemistry stream samples have returned anomalous values and all
potential structures will be systematically investigated.
Detailed geological maps of the Company's previously acquired
Dou and Taouremba permits (see news release dated June 26, 2008)
are shown in figure 4:
http://media3.marketwire.com/docs/rsg_fig4.pdf .
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. In 2008, SearchGold has been
advancing its gold projects primarily in Gabon and adding
exploration assets in Burkina Faso. Shares of SearchGold Resources
Inc. are listed for trading on the TSX Venture Exchange as "RSG";
and the Frankfurt Stock Exchange as "S1O".
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
http://www.searchgold.ca CHF Investor Relations Alison Tullis
Senior Account Manager 416-868-1079 x233 alison@chfir.com
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