SearchGold Accelerates US$150,000 Cash Payments and Completes Drilling Program on Arae-Gassel in Burkina Faso
February 18 2010 - 9:00AM
Marketwired
SearchGold Resources Inc. ("SearchGold")(TSX VENTURE:
RSG)(FRANKFURT: S1O) is pleased to announce the accelerated
payments of contractual obligations over the following three years
by Swala Resources PLC ("Swala") to SearchGold.
As a result, Swala will pay immediately SearchGold a total of
US$150,000 corresponding to the three yearly US$50,000 cash
payments due in 2010, 2011 and 2012 as per the joint venture
agreement dated April 22, 2009 entered into between SearchGold and
Swala on the Arae-Gassel property. The Arae-Gassel property is
directly adjoining on its southern boundary Avocet Mining's
Belahouro property, host of the 1.4 million ounce Inata gold
deposit (5.2 million tonnes @ 2.3 g/t Au for 378,480 ounces of
Measured Resources and 19.8 million tonnes @ 1.6 g/t Au for
1,018,450 ounces of Indicated Resources).
The joint RAB / RC drilling program initiated on December 19,
2009 has now been completed and the holes are currently being
assayed.
Philippe Giaro, P. Geo., President and CEO of SearchGold and
Qualified Person for SearchGold, has reviewed and approved the
content of this release.
About SearchGold Resources Inc.
SearchGold is a Canadian-based mining company primarily focussed
on gold deposits in Africa. Shares of SearchGold are listed for
trading on the TSX Venture Exchange as "RSG"; and the Frankfurt
Stock Exchange as "S1O".
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.
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
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