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Searchgold Resources Inc. (RSG:CA)

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Last Post: 6/26/2008 10:10:25 AM - Followers: 0 - Board type: Free - Posts Today: 0

About Searchgold Resources Inc. Searchgold Resources is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Africa. The expansion strategy executed in 2006 has set the stage for the Company's development in 2007 through increased activity on the advanced projects, a new acquisition and the segmentation of its activities to unlock value for its shareholders. Searchgold's diamond assets were re-organized along with Mano River Resources Inc., to create an integrated diamond company called Stellar Diamonds Limited of which Searchgold holds 2.7 million shares. Searchgold's Canadian gold assets are being reorganized through the creation of Golden Share Mining Corporation who will focus on exploration principally for gold in Canada. Searchgold intends to distribute a dividend to its shareholders as part of the Golden Share transaction. SEARCHGOLD RESOURCES INC 440 boulevard Rene-Levesque Ouest,Suite 1160 Montreal QC Canada H2Z 1V7 Phone:1(514) 866-4224 Fax:1(514) 866-2626 Email:info@searchgold.ca Website: http://www.searchgold.ca Philippe Giaro, President & CEO Denis Tremblay, Vice President & Corporate Secretary Florent Baril - Boardmember Pierre Goossens - Boardmember Jean Nannan - Boardmember SearchGold Intersects 16.43 g/t Au Over 4 m and Provides Drilling Update on Bakoudou, Gabon MONTREAL, QUEBEC, Feb 13, 2008 (MARKET WIRE via COMTEX News Network) -- SearchGold Resources Inc. (TSX VENTURE: RSG)(FRANKFURT: S1O) is pleased to provide an update on its Bakoudou-Magnima Gold Project located in Gabon, Africa. The recent significant drilling results are presented below. Section 150S Hole BA-06-40 was drilled to evaluate the northern extension of the higher grade section encountered in hole BA-06-36 (16.39 g/t Au over 49.50 m from 133.00 m to 182.50 m, press release dated September 19th 2007). Following a broad mineralized interval closer to surface which returned 1.34 g/t Au over 25.50 m, the higher grade section was intersected below and returned 16.43 g/t Au over 4.00 m. The hole had to be stopped in the high grade mineralization for technical difficulties. The complete results are presented below. -------------------------------------------------------------------------- Drill hole Mineralization--------------------------------------------------------------------------number depth azimuth dip section from to interval grade (m) (m) (m) (m) (g/t Au)----------------------------------------------------------------------------------------------------------------------------------------------------BA-06-40 66.00 227 80 150S 33.00 58.50 25.50 1.34 degrees degrees 62.00 66.00 4.00 16.43-------------------------------------------------------------------------- Section 200S Hole BA-06-39 was drilled to intercept the down dip extension of the mineralization on section 200S while hole BA-06-44 was executed to in-fill an area of section 200S near surface. The following mineralized intercepts were obtained. -------------------------------------------------------------------------- Drill hole Mineralization--------------------------------------------------------------------------number depth azimuth dip section from to interval grade (m) (m) (m) (m) (g/t Au)----------------------------------------------------------------------------------------------------------------------------------------------------BA-06-39 234.00 227 85 200S 172.00 177.60 5.60 2.81 degrees degrees 212.30 213.45 1.15 1.41--------------------------------------------------------------------------BA-06-44 71.00 227 70 200S 6.40 26.50 20.10 1.21 degrees degrees-------------------------------------------------------------------------- Southern extension of Zone A Hole BA-06-41 and 42 were drilled to intercept the southern extension Zone A. The following mineralized intercepts were obtained. -------------------------------------------------------------------------- Drill hole Mineralization--------------------------------------------------------------------------number depth azimuth dip section from to interval grade (m) (m) (m) (m) (g/t Au)----------------------------------------------------------------------------------------------------------------------------------------------------BA-06-41 233.00 227 70 225S 136.00 147.50 11.50 1.06 degrees degrees--------------------------------------------------------------------------BA-06-42 138.50 227 70 225S 112.50 114.07 1.57 1.13 degrees degrees 126.50 127.50 1.00 1.50-------------------------------------------------------------------------- Northern extension of Zone A Holes BA-06-43, 45 and 46 were drilled to intercept the northern extension of Zone A. The following mineralized intercepts were obtained. -------------------------------------------------------------------------- Drill hole Mineralization--------------------------------------------------------------------------number depth azimuth dip section from to interval grade (m) (m) (m) (m) (g/t Au)----------------------------------------------------------------------------------------------------------------------------------------------------BA-06-43 41.50 227 70 208N 9.00 14.60 5.60 1.90 degrees degrees 18.40 19.20 0.80 1.85--------------------------------------------------------------------------BA-06-45 51.50 227 70 100N 11.25 17.50 6.25 2.31 degrees degrees--------------------------------------------------------------------------BA-06-46 47.60 227 70 100N 6.50 18.00 11.50 2.27 degrees degrees-------------------------------------------------------------------------- Definition drilling was interrupted for a period of approximately two months in order to mobilize the drilling equipment for the execution of geotechnical drilling required for the on-going feasibility study on Zone A. Definition drilling activities have now resumed with the objective to obtain specific geological information on Zone A as well as to provide sufficient data to increase the proportion of measured resources in the final resource calculation. A progress report on the feasibility study will be disclosed in the near future. No cut-off grade was applied in the calculation of the above intersections as an exact cut-off grade will be determined from final project statistical evaluations. Moreover, even though the drilling is performed at high angle to the mineralized structures, the above intersections do not represent perfect true widths. Such true widths will be computed and integrated in the final stages of the project modeling. Individual samples weighting 3 kg on average are taken from sawn half core at +/- 1 metre intervals in the mineralized zones with consideration of the geological contacts. A rigorous QA/QC program involves the random inclusion of 10% standards, duplicates and blanks at the sample collection and preparation stage. The samples are flown to the ALS laboratory in Mali for analysis by fire assay on 50 g pulp samples. The sample preparation procedure involves the crushing of the entire 3 kg sample followed by quartering to obtain a representative 500 g sample which is entirely pulverized and out of which a 50 g sample is isolated for analysis by fire assay. The program is being executed by Managem, and all drill core is logged and sampled under the supervision of Mr. Benyounes Maamar, P. Geol. Philippe Giaro, P.Geol., President and CEO of SearchGold Resources Inc. and Qualified Person for SearchGold, has reviewed and approved the content of this release. In July 2005, SearchGold signed a strategic $4,200,000 joint venture agreement on the Bakoudou-Magnima Gold Project with Managem, a successful, established African-based mining company (www.managem-ona.com). Through its subsidiaries, Managem operates 6 mines in Morocco and was also involved in the development of two gold mines in West Africa. In June 2007, SearchGold announced the appointment of SRK Consulting (Canada) Inc. ("SRK") for an engineering mandate concerning the assistance for the development of the on-going feasibility study on Zone A. A first site visit by SRK and SearchGold's management was executed in early June 2007 in Gabon and Morocco. About SearchGold Resources Inc. SearchGold Resources is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Africa. The expansion strategy executed in 2006 has set the stage for the Company's development in 2007 through increased activity on the advanced projects, a new acquisition and the segmentation of its activities to unlock value for its shareholders. SearchGold's diamond assets were re-organized along with Mano River Resources Inc., to create an integrated diamond company called Stellar Diamonds Limited of which SearchGold holds 2.7 million shares. SearchGold's Canadian gold assets were also re-organized through the creation of Golden Share Mining Corporation which will focus on exploration principally for gold in Canada. SearchGold intends to distribute a dividend to its shareholders as part of the Golden Share transaction. If you would like to receive press releases via e-mail please contact: info@searchgold.ca.
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