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Searchgold Resources Inc

Publié le 22 décembre 2009

Targets Large Scale Resource and Starts Drilling on Arae-Gassel in Burkina Fa

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Mots clés associés :   Burkina Faso |

 
 
SearchGold Resources Inc.
TSX VENTURE: RSG
FRANKFURT: S1O
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December 22, 2009
SearchGold Targets Large Scale Resource and Starts Drilling on Arae-Gassel in Burkina Faso
MONTREAL, QUEBEC--(Marketwire - Dec. 22, 2009) - SearchGold Resources Inc. ("SearchGold")(TSX VENTURE:RSG)(FRANKFURT:S1O) is pleased to announce the signature of a modified joint venture agreement dated December 6th 2009, with Swala Resources PLC ("Swala") on the Arae-Gassel Gold Property ("Arae-Gassel") located in northern Burkina Faso, West Africa.

While small-scale mining and financial self-sustainability for the development of the property remains an objective, the current program is designed to capitalize on encouraging results from preparatory work carried out to date and emphasize the search for a large-scale resource and fully unlock the potential of the property.

The contract between SearchGold and Swala (see news release dated May 5th 2009) now provides for Swala to earn-in its initial 40% of the project by having incurred exploration expenditures of up to US$ 750,000. The cash payment terms remain unchanged and US$ 150,000 was paid upon signature in April 2009. The three yearly US$ 50,000 payments will now be due in December of each year starting in December 2010.

The immediate effect of this contractual modification has been to fast track the surface exploration work program outlined in news release dated October 21st 2009 with the following progress being reported to date on 11 priority target areas :

- Ground geophysics is complete for a total of 242 km of lines surveyed at a line spacing of 50 m and surveys points every 10 m along the lines.

- Termite mound and rock sampling has been executed on a total of 132 km of lines for 1,600 samples collected so far.

- Detailed geological mapping of the first six target areas has been finalized.

Drilling was initiated on December 19th and will consist in a joint RAB / RC program with a minimum of 4,000 m to be optimized as progress is recorded with the underlying fundamental objective to investigate some of the most promising early-stage targets as well as to increase the level of definition in the Kerboule south area.

SearchGold is pleased to see Arae-Gassel's blue-sky potential being tackled faster than earlier anticipated while the underlying principle that development of the property should be financially self-sustainable remains a desirable objective.

Philippe Giaro, P. Geo., President and CEO of SearchGold Resources Inc. and Qualified Person for SearchGold, has reviewed and approved the content of this release.

- 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).

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".

FOR FURTHER INFORMATION PLEASE VISIT http://www.searchgold.ca

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
514-866-4224
info@searchgold.ca

INDUSTRY: Manufacturing and Production - Mining and Metals


.
Données et statistiques pour les pays mentionnés : Burkina Faso | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Burkina Faso | Tous

Searchgold Resources Inc

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Searchgold est une société d’exploration minière d'or basée au Canada.

Searchgold détient divers projets d'exploration au Gabon.

Ses principaux projets en exploration sont MANDIANA en Guinee, BOOUÉ - MIMONGO et BAKOUDOU - MAGNIMA au Gabon et DOU - TAOUREMBA, ZITENGA II, GUEGUERE et ARAE-GASSEL au Burkina Faso.

Searchgold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 1,6 millions CA$ (1,4 millions US$, 1,1 millions €).

La valeur de son action a atteint son plus bas niveau récent le 24 décembre 2008 à 0,01 CA$, et son plus haut niveau récent le 19 mars 2010 à 0,72 CA$.

Searchgold possède 32 835 000 actions en circulation.

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Financements de Searchgold Resources Inc
20/09/2012. Announces Private Placement
Projets de Searchgold Resources Inc
09/06/2011(Gueguere)Provides Update on Gueguere Following Indigo's Drill Interce...
29/03/2010(Arae-gassel)Hits Up to 0.54 G/T Au Over 25 M in AC Drilling of New Explo...
18/03/2010(Arae-gassel)Hits Up to 1.69 g/t Au Over 50 m in Kerboule South RC Drilli...
22/12/2009(Arae-gassel)Targets Large Scale Resource and Starts Drilling on Arae-Gas...
23/10/2009(Arae-gassel)and Swala to Start Drilling in November 2009 on Arae-Gassel ...
28/05/2009(Mandiana)Diamond Production and Sales
19/05/2009(Gueguere)Options Gueguere Property South of Poura Mine in Burkina Fas...
13/08/2008(Bakoudou - Magnima)Reports an Open Pit Gold Reserve of 150,000 Ounces of Gold ...
14/02/2008(Bakoudou - Magnima) INTERSECTS 16.43 G/T AU OVER 4 M AND PROVIDES DRILLING UPDA...
Communiqués de Presse de Searchgold Resources Inc
29/10/2012. Announces Decision of its Joint Venture Partner to Not Pro...
13/07/2011Announces Board and Management Changes
23/06/2011Provides Update on Swala and Burkina Faso
22/06/2011Reminds Shareholders About its Annual General Meeting of Jun...
19/05/2011Sells Remaining 27% Interest in Bakoudou-Magnima to Managem
26/04/2011Provides Update on Stellar Diamonds plc, Strategic Focus on ...
24/03/2011Provides an Update on its Burkina Faso Activities
07/07/2010Note Reference to Swala
23/06/2010Will Not Consolidate its Shares
15/06/2010Recommends a Vote for The Share Consolidation to Its Shareho...
01/06/2010Proposes a Share Consolidation to its Shareholders
03/11/2009Proposed Merger Between Stellar Diamonds and West African Di...
18/09/2009Completes a $372,000 Financing
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