SearchGold Resources Inc.

SearchGold Resources Inc.

May 24, 2006 09:15 ET

SearchGold Reports Grades of up to 26.58 G/T Au from a 2.1 Km Mineralized System on Mandiana, Guinea

MONTREAL, QUEBEC--(CCNMatthews - May 24, 2006) - SearchGold Resources Inc. is pleased to announce the results from recent surface rock sampling on its Mandiana Gold Property, Guinea.

This recent sampling was part of a preliminary reconnaissance field program to characterize the geological context of the property. A total of 50 punctual surface samples were taken from outcrops, angular floats, saprolite and artisan mining pits. Two larger 20-kg samples were also collected.

This campaign targeted in priority the N'Diambaye area which to date shows the best outcrop exposure and where a quartz-rich, gold-bearing, mineralized system was recognized over strike length of 2.1 km so far. The highlights of this significant observation are reported below.


- Quartz emplacement is associated with deformed host rocks and the prevailing shear direction was measured at an average 345 degrees. Shear and tension veins up to 4 m in width were recognized, the first ones being generally parallel to the prevailing shear direction while the second ones displaying a general east-north-east orientation. Observed lithologies comprise metasedimentary and volcanic rocks, an intrusive stock was observed in at least one instance.

- An area of intense artisan mining activity named "chantier Kodierani" is located near the southern end of the 2,1 km system. Angular float blocks of arsenopyrite and pyrite bearing banded quartz veins extracted from the pits returned individual assays of up to 26.58 g/t Au. A 20-kg sample of this type of material collected from several blocks returned an assay of 3.37 g/t Au.

- 500 m north of "chantier Kodierani" outrcops displaying quartz stockworks (up to 40% quartz) returned grades up to 3.18 g/t Au.

- 1,2 km west-north-west of "chantier Kodierani" an outcrop displaying a tension vein 1 m in width returned a grade of 0.48 g/t Au.

- 1,4 km north-west of "chantier Kodierani" an outcrop displaying a shear vein 3 m in width returned grades up to 1.43 g/t Au.

- 1,5 km north-west of "chantier Kodierani", pervasive quartz stock working activity was observed in outcrop. A 20-kg sample representing a composite of several veins however failed to return significant assays so far.

- At the northern end of the 2,1 km system, an outcrop displaying a tension vein up to 0,4 m in width returned grades up to 0.45 g/t Au.

Koba river lineament

The Koba river lineament is a well market, prevalent north-east trending structure which is recognized from satellite imagery and topographic maps. It is located towards the center of the property, shows a minimum strike length of 10 km and its northern end reaches the N'Diambaye area.

Based on observations and recent assays, it now appears that this lineament is, at least partly, mineralized in gold. Three specific field traverses were executed to assess this structure and, although no outcrop was located directly on the lineament, in two instances intense artisan mining activity sites were observed.

A sample of material extracted by the artisan workers was collected at both sites which are distant of approximately 4,5 km. Grades varying between 0.77 and 0.85 g/t Au were obtained.

Work in progress

- As reported on April 18th 2006, SearchGold is expecting the final results of its first phase termite mound survey. The delays in producing the results are due to a very high level of exploration activity in the area and the associated laboratory backlog.

- SearchGold has initiated a remote sensing study on Mandiana with MIR Teledetection. MIR is a leader in computerized processing of geoscientific data with specific applications in the field of natural resources. The Company is headed by Mr. Michel Rheault, M.Sc., a geologist with 25 years of experience, including 7 years with the engineering consultancy firm of Lavalin (now SNC-Lavalin).

- Based on the encouraging results obtained so far, SearchGold has initiated phase 2 of the termite mound survey program. This phase will cover the entire 475 km2 Mandiana Gold Property and is expected to be completed by mid-July 2006. The program will be carried out under the supervision of Mr. Pierre Lalande, P. Geol. and former Iamgold Chief Geologist who has been involved with gold projects in tropical terrains in the Birimian rocks of West Africa.

District mineralization

As previously reported, important auriferous mineralization is associated to the western margin of the Bougouni basin which is the focus of on-going exploration activity in the area of the Mandiana Gold Property. Most notable are Glencar's intersection of 55.19 g/t Au over 20 m in December 2005 about 40 km north of Mandiana and Avnel Gold's recovery of high grade intercepts yielding 73.60 g/t Au over 2 m and 45.90 g/t Au over 4 m in August 2005 approximately 35 km east-south-east of Mandiana.

On April 19th 2006, Avnel Gold announced that it had confirmed and extended the previously defined mineralization with an intercept of 11.1 g/t Au over 24 m on their Djirila Main Zone. Moreover, on May 2nd 2006, Glencar announced that it had confirmed and extended the previously defined mineralization with an interception of 41.84 g/t Au over 11 m in their recently completed reverse circulation drilling program.

These two recent announcements confirm the potential of the area and SearchGold's management is extremely pleased with the results and work progress achieved so far on the Mandiana Gold Property.

The preliminary reconnaissance field program was carried out by Mr. Philippe Giaro, P.Geo. and qualified person according to NI 43-101, during a visit in Guinea from April 25th to May 6th 2006. Samples were assayed by two different methods in two laboratories; a first batch was assayed by bottle roll cyanidation at the SGS Mineral Services laboratory in Siguiri, Guinea while a second batch was assayed by fire assay at Techni-Lab S.G.B. Abitibi Inc. in Quebec, Canada.

SearchGold Resources is a Canadian based mining exploration company whose primary mission is to target, explore and develop gold and diamond 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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