Searchgold Resources Inc

Published : June 15th, 2010

Recommends a Vote for The Share Consolidation to Its Shareholders

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Keywords :   Burkina Faso | Crisis | Gabon | Gold | Guinea | Market |

 
 
SearchGold Resources Inc.
TSX VENTURE: RSG
FRANKFURT: S1O
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June 15, 2010
SearchGold Recommends a Vote for The Share Consolidation to Its Shareholders
MONTREAL, QUEBEC--(Marketwire - June 15, 2010) - SearchGold Resources Inc. ("SearchGold" or the "Company")(TSX VENTURE:RSG)(FRANKFURT:S1O) announced on May 31st 2010 that it will will seek shareholder approval at its Special and annual Meeting of shareholders to be held in Montreal on June 23, 2010, to consolidate its common shares at a ratio of one (1) new share for each tranche of ten (10) outstanding common shares. In order to be effective, the consolidation resolution must be approved by at least two-thirds of the shareholder votes cast at the Meeting and be accepted by the TSX Venture Exchange.

SearchGold intends to remain focussed on West and Central Africa with the objective to target, explore and develop high potential gold projects. The Company has recently been evaluating mining projects in new African jurisdictions which are geographically accretive with its current position.

President and CEO Philippe Giaro stated: "The recent financial crisis has forced many Canadian junior exploration companies out of Africa, generally closer to their home base. SearchGold remains one of the few pure explorers to have retained its position in this vast, mineral-rich continent through an established presence in Burkina Faso, Gabon and Guinea. Moreover, with its current partners, Managem and Swala Resources plc, and through corporate transactions which resulted in SearchGold's shareholding in Stellar Diamonds plc and Golden Share Mining Corporation, SearchGold has been able to retain an interest in all the important assets it has acquired and developed during its existence as a public company. While its monetary value cannot be determined, SearchGold's ability to acquire significant assets and identify the right partners for their development brings intrinsic fundamental long term value to the Company. This is further enhanced by management's ability to execute the proper corporate transactions to finance and develop these assets."

While SearchGold is no exception as many junior mining companies are still suffering from the devastating effects of the recent financial crisis, SearchGold's share price continues to hinder its development despite the Company's efforts to advance quality assets. Management therefore believes that the share consolidation will provide greater financial flexibility and could better position the Company to raise the funds it requires to finance its ongoing business.

Given that TSX Venture Exchange rules prevent issuing shares at a price below $0.05, management considers it highly desirable that the shareholders approve the consolidation so as to increase the market price of SearchGold's common shares above that threshold (based on the most recent closing price). Management therefore recommends a vote in favour of the share consolidation to its shareholders.

SearchGold now has 148,530,171 common shares outstanding. If the consolidation is approved, the Company will have approximately 14,853,017 common shares outstanding. The Company will not change its name but would have a new stock symbol.


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
011-32-473-52-30-29
phgiaro@skynet.be
http://www.searchgold.ca

INDUSTRY: Manufacturing and Production - Mining and Metals


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Data and Statistics for these countries : Burkina Faso | Gabon | Guinea | All
Gold and Silver Prices for these countries : Burkina Faso | Gabon | Guinea | All

Searchgold Resources Inc

EXPLORATION STAGE
CODE : RSG.V
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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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