Searchgold (RSG.V) reports on diamond and gold properties
NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: SEARCHGOLD RESOURCES INC. TSX VENTURE SYMBOL: RSG AUGUST 4, 2004 - 09:00 ET Update on SearchGold's Diamond and Gold Projects in Africa MONTREAL, QUEBEC--(CCNMatthews - Aug. 4, 2004) - SearchGold Resources Inc. is pleased to inform its shareholders on the progress of the African Mandala and Bakoudou projects. The Mandala/Ouria Diamond Project in Guinea, West Africa is pursuing its Bulk Sampling program on the Mandala III alluvial deposits. The latest equipment shipped from Canada and Belgium including the twin grease table Sorting Room are now on site and in operation. The company is now in the process of reviewing the compiled data from the bulk sampling program in progress and together with the diamond valuations provided by Natural Diamond Corporation of Antwerp, Belgium, and all data on operating cost, will enable the company to produce a Preliminary Feasibility Study Report in compliance with Policy N 43-101. Mr. Peter Walker, a South African Geological Consultant with extensive African experience in diamond exploration and mining will act as Qualified Person. Mr. Walker just came back from a field trip in Guinea on behalf of SearchGold, where he visited all the principal points of interest of the adjacent Mandala/Ouria Permits and reviewed all pertinent data with the company's local geologist and project manager and administrators. Mr. Walker will also issue some recommendations for the exploration and development of the Ouria Permit which represent an excellent diamond potential. This important step was decided upon the results obtained and is aligned with the company's strategy to develop the Mandala Project into a profitable and sustainable Alluvial Diamond Mine through its 95% owned Guinean Subsidiary, Ressources Mandala Guinee S.A.R.L. The company is proud of its accomplishment on this particular project and will keep on developing its expertise on alluvial exploration, mining and processing of diamondiferous gravels, which in this particular field, often constitutes the key element to profitability. At current gold prices, The Bakoudou Gold Project in Gabon represents a prime asset in SearchGold's portfolio of advanced projects. A Bankable Feasibility Study is in progress on the Oxide portion of the Zone A of the Bakoudou Structure. An extensive 82-hole Infill Diamond Drill program totalling more then 5,000 meters of drilling is currently progressing and results obtained to date are as expected and clearly outlines the continuity of the 2 sub-parallel mineralized Quartz veins which are intersected over true width of up to 14 meters and dipping at 200 . Mr. Pierre Allard of Met-Chem Canada Inc. is the Qualified Geologist supervising the drilling program with a mandate to produce an update Gold Reserve calculation in accordance to Policy N 43-101. To date, 34 holes were completed totalling over 2,000 meters, the assay results are under compilation by Met-Chem and partial results will be announced shortly. Moreover, a soil geochemistry survey has been initiated over the 2 km long Northeastern extention of the Bakoudou mineralized structure in order to provide accurate drilling targets to increase the gold resources of this area. About SearchGold Resources: SearchGold Resources is a Canadian based mining exploration company whose primary mission is to target, explore and develop diamond and gold deposits in Africa and in Canada. SearchGold's project strategy maximizes its experience and resources, and supports the company's commitment to strengthen shareholder value. Discover more about SearchGold Resources by visiting www.searchgold.ca Shares issued: 50,079,814 -30- FOR FURTHER INFORMATION PLEASE CONTACT: SearchGold Resources Inc. Maurice Giroux President (514) 866-4224 (514) 866-2626 (FAX) info@searchgold.ca http://www.searchgold.ca The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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