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TORONTO, Sept. 17, 2012 /CNW/ - SearchGold Resources Inc. ("SearchGold") (TSXV: RSG) today announced an update regarding its 2012 work programs in Guinea and Burkina Faso. SearchGold is also pleased to report the issuance of its first invoice relating to its Net Smelter Return in Gabon.
MANDIANA GOLD PROJECT, Guinea 2012 work program:
In April - July 2012 a trench sampling program was implemented by SearchGold on two targets: Fadaninda and Kodiérani-Stockwerk (N'Diambaye). The results of this program are pending.
The Company's Mandiana exploration licenses are currently in their second renewal stage and are valid only until Q3-2012. In accordance with the Mining Code of Guinea, SearchGold has applied for a one year extension to prepare and submit the required documentation to convert selected portions of the property into exploitation licenses. There is no assurance that the company will be granted such extension or, if granted, that the company will be able to maintain the licenses beyond the extension period. SearchGold will evaluate all opportunities, including joint venture opportunities, in order to capitalize on the exploration potential of the Mandiana Project.
GUEGUERE GOLD PROJECT, Burkina Faso, 2012 Work program:
During the months of April and May 2012, Concordia Resources Inc., SearchGold's JV partner, performed an exploration program composed of stream sediment, soil and grab sampling and trenching. SearchGold is awaiting the release of results from its JV Partner.
BAKOUDOU - MAGNIMA, Gabon
SearchGold reports that it has issued its first invoice, in the amount of approximately US$79,000, relating to its Net Smelter Return in the Bakoudou mine in Gabon as the Company received notification from the operator of the first precious metal sales during Q2, 2012. The Bakoudou mine began initial operations in Q1, 2012 and is currently in a commissioning phase. SearchGold has not as yet received payment of this invoice.
About SearchGold Resources
SearchGold is a Canadian-based mining exploration company whose primary mission is to target, explore and advance gold properties of merit. The Company currently has mineral Interests in Guinea, Burkina Faso and Gabon.
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.
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Such statements include, but are not limited to, statements concerning the Plan. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, SearchGold expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE: SearchGold Resources Inc.
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