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Searchgold releases Mandala, Bakoudou information

Searchgold Resources Inc
(TSX-V:RSG)
Shares Issued 50,079,814Last Close
8/3/2004 $0.16Wednesday August 04 2004 - News Release

Mr. Maurice Giroux reports

UPDATE ON SEARCHGOLD'S DIAMOND AND GOLD PROJECTS IN AFRICA

SearchGold Resources Inc. has released information for 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 Corp. of Antwerp, Belgium, and all data on operating
cost, will enable the company to produce a preliminary feasibility study report in
compliance with National Instrument 43-101. 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-per-cent-owned Guinean subsidiary, Ressources
Mandala Guinee SARL. 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 metres of drilling is
currently progressing and results obtained to date are as expected and clearly
outlines the continuity of the two subparallel mineralized quartz veins which are
intersected over true width of up to 14 metres and dipping at 200. 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
National Instrument 43-101.
To date, 34 holes were completed totalling over 2,000 metres, 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 two-kilometre-long
northeastern extention of the Bakoudou mineralized structure in order to provide
accurate drilling targets to increase the gold resources of this area.