Searchgold Resources Inc

Published : May 19th, 2009

Options Gueguere Property South of Poura Mine in Burkina Faso

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Burkina Faso | Gold | Gold Mines |

 
 
SearchGold Resources Inc.
TSX VENTURE: RSG
FRANKFURT: S10
Other Recent News

May 19, 2009
SearchGold Options Gueguere Property South of Poura Mine in Burkina Faso
MONTREAL, QUEBEC--(Marketwire - May 19, 2009) - SearchGold Resources Inc. ("SearchGold")(TSX VENTURE:RSG)(FRANKFURT:S1O) is pleased to announce that it has entered into an option agreement with Somika SARL ("Somika") to acquire a 100% interest in the 500 km2 Gueguere Gold Property ("Gueguere") located in southwestern Burkina Faso.

The Gueguere property is located 180 km west of Ouagadougou, Burkina Faso's capital, in the Boromo birimian greenstone belt between the past producing Poura mine and Orezone Resources' Bondi project. The Poura past producing mine is located approximately 35 km north-east of Gueguere and produced over 800,000 ounces of gold before its closure in 1999. The Bondi project is located approximately 30 km south-west of the Gueguere property and is presently being developed by Orezone Resources Inc. which has outlined measured and indicated resources of 4.1 million tonnes @ 2.12 g/t Au for 282,000 ounces of gold.

The north-north-east trending Boromo greenstone belt consists primarily in birimian metavolcanics and metaandesites. These metavolcanic rocks are intruded by mafic and ultramafic plutonic bodies and by granitoids. On Gueguere, these various formations hosts quartz veins and are transected by numerous lineaments.

On the Gueguere property, geochemical and geophysical surveys executed in 2003-2004 have outlined gold geochemical anomalies over a strike length of 1,700 m and over which follow-up RC drilling in 2004-2005 confirmed significant gold grades at less than 100 m vertical depth.

See attached figure "Gueguere Property Geology": http://media3.marketwire.com/docs/Property_Geology_0515.pdf

- DRC007 : 15.30 g/t Au over 2 m from 14 to 16 m

- DRC004 : 13.42 g/t Au over 3 m from 59 to 62 m

- DRC002 : 1.83 g/t Au over 9 m from 56 to 65 m

- DRC013 : 1.40 g/t Au over 20 m from 2 to 22 m

No cut-off grade was reported for the calculation of the above intersections and even though exploration drilling attempts to intersect the mineralized structures at a high angle to determine exact widths, the above intersections do not represent perfect true widths.

SearchGold can acquire a 100% interest in Gueguere over three years by meeting the following conditions:

- Paying Somika a total of $US50,002 as follows: $US2 upon signature; $US20,000 two years after the date of signature and $US30,000 three years after the date of signature;

- By issuing Somika a total of 500,000 SearchGold shares as follows: 200,000 shares upon signature; 100,000 shares on the first anniversary date; 100,000 shares on the second anniversary date and 100,000 shares on the third anniversary date;

- By incurring a total of $US800,000 in exploration expenditures over three years ; $US200,000 during the first year ; $US200 000 during the second year and $US400 000 during the third year.

Following SearchGold's acquisition of a 100% interest, Somika will retain a 2% Net Smelter Return (the "NSR"). SearchGold will have the right to purchase up to half of the NSR held by Somika (or 1%) for $US500,000 per 0.5% NSR bracket, or for a total of $US1,000,000 for 1% of the NSR held by Somika. Moreover, SearchGold holds a right of first refusal on the remaining 1% NSR corresponding to the second half of the 2% NSR.

The optioning of the Gueguere property from Somika represents the continuation of SearchGold's development in West Africa, and specifically in Burkina Faso, a country recognized for its strong gold potential.

See figure "SearchGold Burkina Faso": http://media3.marketwire.com/docs/Burkina_Faso_0515.pdf

High River Gold Mines Ltd. commenced production from the Taparko gold deposit in July 2007 and 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, produced over 800,000 ounces of gold confirming the country's potential.

About SearchGold Resources Inc.

SearchGold Resources is a Canadian-based mining company primarily focussed on gold deposits in Africa. Shares of SearchGold Resources Inc. 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.

CONTACT INFORMATION:

SearchGold Resources Inc.
Philippe Giaro
President & CEO
32-473-52-30-29
phgiaro@skynet.be

or

SearchGold Resources Inc.
Denis Tremblay
Vice-President
1-514-866-4224
info@searchgold.ca
www.searchgold.ca

or

CHF Investor Relations
Alison Tullis
Senior Account Manager
1-416-868-1079 x233
alison@chfir.com

INDUSTRY: Manufacturing and Production - Mining and Metals


. <
Data and Statistics for these countries : Burkina Faso | All
Gold and Silver Prices for these countries : Burkina Faso | All

Searchgold Resources Inc

EXPLORATION STAGE
CODE : RSG.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Searchgold is a gold exploration company based in Canada.

Searchgold holds various exploration projects in Gabon.

Its main exploration properties are MANDIANA in Guinea, BOOUÉ - MIMONGO and BAKOUDOU - MAGNIMA in Gabon and DOU - TAOUREMBA, ZITENGA II, GUEGUERE and ARAE-GASSEL in Burkina Faso.

Searchgold is listed in Canada. Its market capitalisation is CA$ 1.6 millions as of today (US$ 1.4 millions, € 1.1 millions).

Its stock quote reached its lowest recent point on December 24, 2008 at CA$ 0.01, and its highest recent level on March 19, 2010 at CA$ 0.72.

Searchgold has 32 835 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Searchgold Resources Inc
9/20/2012. Announces Private Placement
Project news of Searchgold Resources Inc
6/9/2011(Gueguere)Provides Update on Gueguere Following Indigo's Drill Interce...
3/29/2010(Arae-gassel)Hits Up to 0.54 G/T Au Over 25 M in AC Drilling of New Explo...
3/18/2010(Arae-gassel)Hits Up to 1.69 g/t Au Over 50 m in Kerboule South RC Drilli...
12/22/2009(Arae-gassel)Targets Large Scale Resource and Starts Drilling on Arae-Gas...
10/23/2009(Arae-gassel)and Swala to Start Drilling in November 2009 on Arae-Gassel ...
5/28/2009(Mandiana)Diamond Production and Sales
5/19/2009(Gueguere)Options Gueguere Property South of Poura Mine in Burkina Fas...
8/13/2008(Bakoudou - Magnima)Reports an Open Pit Gold Reserve of 150,000 Ounces of Gold ...
2/14/2008(Bakoudou - Magnima) INTERSECTS 16.43 G/T AU OVER 4 M AND PROVIDES DRILLING UPDA...
Corporate news of Searchgold Resources Inc
10/29/2012. Announces Decision of its Joint Venture Partner to Not Pro...
7/13/2011Announces Board and Management Changes
6/23/2011Provides Update on Swala and Burkina Faso
6/22/2011Reminds Shareholders About its Annual General Meeting of Jun...
5/19/2011Sells Remaining 27% Interest in Bakoudou-Magnima to Managem
4/26/2011Provides Update on Stellar Diamonds plc, Strategic Focus on ...
3/24/2011Provides an Update on its Burkina Faso Activities
7/7/2010Note Reference to Swala
6/23/2010Will Not Consolidate its Shares
6/15/2010Recommends a Vote for The Share Consolidation to Its Shareho...
6/1/2010Proposes a Share Consolidation to its Shareholders
11/3/2009Proposed Merger Between Stellar Diamonds and West African Di...
9/18/2009Completes a $372,000 Financing
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (RSG.V)
0.050+0.00%
TSX-V
CA$ 0.050
12/17 15:41 -
0%
Prev close Open
0.050 -
Low High
0.050 0.050
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.050 -%
Volume 1 month var.
0 -%
24hGold TrendPower© : -37
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 3/26/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.58+2.71%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.83-4.07%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.47-7.33%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.53-10.32%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.00+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.71-1.02%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+7.14%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.25+4.17%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.79-6.28%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 59.37+2.73%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :