SearchGold Resources Inc.
TSX VENTURE : RSG
FRANKFURT : S10

SearchGold Resources Inc.

November 15, 2006 09:15 ET

SearchGold: Drill Targets for Gold Defined over a 1.9 Km Strike Length on Bakoudou, Gabon

MONTREAL, QUEBEC--(CCNMatthews - Nov. 15, 2006) - SearchGold Resources Inc. (TSX VENTURE:RSG)(FSE:S1O) today reported on additional results of its Joint-Ventured Bakoudou-Magnima Gold Project in Gabon, Africa, with Managem, a proven African-based mining company.

Philippe Giaro, President and CEO, stated "We are very pleased with the recent results that confirm a very strong target on Bakoudou to the north of Zone A. We are now required to complete further work that could result in a positive impact to the SearchGold resource estimate. The second drill mobilized on the property earlier this fall will systematically drill the extension of Zone A towards the north-west."

The soil geochemical survey carried out on the 24 km2 Bakoudou Permit has now allowed the full definition of the Bakoudou gold soil anomaly over a length of 2.5 km. The results show the presence of a strong, continuous peak located 1.7 km north-north-west of Zone A at the northern end of the anomaly (see attached figure or visit : http://www.searchgold.ca). The highlights of this anomalous peak are :

- Length of 700 m and maximum width of up to 300 m at a level of 50 ppb Au.

- Important artisan mining activity outlined in the anomaly's immediate drainage basin were values of up to 34.50 g/t Au have previously been obtained by SearchGold in mineralized quartz boulders.

- This peak in the anomaly had partially been outlined by SearchGold and Managem recent's work suggests that this peak may represent a geological replica of Zone A where SearchGold has previously returned diamond drill intercepts of 10.21 g/t Au over 15.75 m and 4.64 g/t Au over 55.10 m including 13.04 g/t Au over 11.50 m(i).

Bakoudou - looking forward

Only 20% of the Bakoudou anomaly has been the object of systematic drilling which has so far targeted its southern extremity at the level of Zone A. The upcoming drill program will systematically target the remaining untested 80% of the anomaly. Drilling will be executed at a 100 m line spacing and will target a 1.9 km segment of the anomaly, from line 29N to line 48N. A total of 9 km of access drill roads have now been established perpendicular to the main axis of the anomaly and systematic RAB drilling will be initiated.

Procedure for Geochemistry Soil Sampling

Sampling was carried out at a 25 m interval on 100 m spaced lines. The quantity taken was sufficient to obtain approximately 100 g of -125 micronsm material after drying and sieving. Each sample, weighting approximately 1.5 kg, is a composite of three sub-samples: the first one taken directly from the line; the remaining two were 10 m away, perpendicularly on each side of the line. A geomorphological map is being created from the results of the sampling, and indicates the direction and intensity of the slope for each sampling point.

Analysis of the Samples

The samples were analyzed with an atomic absorption method at Abilab's laboratory in Mali. The method involves dissolving the samples in aqua regia followed by the determination of the dissolved gold content by atomic absorption spectrophotometry following organic solvent extraction (DIBK). The analysis is executed on 30 g aliquots and a 2 ppb detection limit is achieved. A rigorous QA/QC program established by the laboratory involves the random inclusion of standards, duplicates and blanks at the sample collection and preparation stage.

In July 2005, SearchGold signed a strategic $4,200,000 joint venture agreement on the Bakoudou-Magnima Gold Project with Managem, a successful, established African-based mining company (www.managem-ona.com). Through its subsidiaries, Managem operates 6 mines in Morocco and was also involved in the development of two gold mines in West Africa, the Kiniero mine in Guinea and the recently commissioned Samira Hill mine in Niger.

The Bakoudou-Magnima Gold Project comprises the Magnima prospecting authorization with a 2,294 km2 surface area and the Bakoudou exploitation permit with a surface area of 24 km2. Zone A, SearchGold's first advanced target located on the Bakoudou permit, sits at the southern extremity of a 2.5 km northwest trending gold bearing corridor.

(i) No cut-off grade was applied in the calculation of the above intersections as an exact cut-off grade will be determined from final project statistical evaluations. Moreover, even though the drilling is performed at high angle to the mineralized structures, the above intersections do not represent perfect true widths. Such true widths will be computed and integrated in the final stages of the project modeling.

About SearchGold Resources Inc.

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 is aggressively pursuing the development of its gold projects with three drill programs to be initiated before the end of 2006.

A map is available on the CCNMatthews' website at the following address:

http://www.ccnmatthews.com/docs/rsg1115.jpg

If you would like to receive press releases via e-mail please contact: info@searchgold.ca

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