Gold Exploration in West Africa

[FL]

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
[phone]
[phone] (FAX)
[e-mail]
http://www.searchgold.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.