Searchgold Resources Inc

Published : May 19th, 2009

Options Gueguere Property South of Poura Mine in Burkina Faso

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SearchGold Resources Inc.
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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":

- 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":

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.


SearchGold Resources Inc.
Philippe Giaro
President & CEO


SearchGold Resources Inc.
Denis Tremblay


CHF Investor Relations
Alison Tullis
Senior Account Manager
1-416-868-1079 x233

INDUSTRY: Manufacturing and Production - Mining and Metals

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Searchgold Resources Inc

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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.

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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
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