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Message: SearchGold Targets Large Scale Resource and Starts Drilling on Arae-Gassel

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SearchGold Targets Large Scale Resource and Starts Drilling on Arae-Gassel

posted on Dec 22, 09 09:59AM

Marketwire


SearchGold Resources Inc.
TSX VENTURE:	RSG
FRANKFURT:	S1O

Other Recent News

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

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