SearchGold Resources Inc.

SearchGold Resources Inc.

September 10, 2008 09:00 ET

SearchGold Granted a Mining Exploitation Permit and a New Exploration Permit on the Bakoudou-Magnima Project in Gabon

MONTREAL, QUEBEC--(Marketwire - Sept. 10, 2008) - SearchGold Resources Inc. (TSX VENTURE:RSG)(FRANKFURT:S1O) ("SearchGold") is pleased to announce it was granted two new mining titles for its Bakoudou-Magnima Gold Project located in Gabon, Africa which is being developed with Managem, SearchGold's majority partner on the project. The titles include the anticipated exploitation permit as well as an exploration permit enlarging the total land holdings.

A mining exploitation permit covering a surface area of 160 km2 was granted by presidential decree to Ressources Golden Gram Gabon SARL ("REG"), Managem and SearchGold's Gabonese subsidiary. This permit, named "Bakoudou", covers not only Bakoudou's Zone A but also the Lekodo and Moyabi gold anomalies.

See attached figure:

SearchGold recently announced a Measured and Indicated Resource of 230,000 ounces of gold including a Proven and Probable Reserve of 150,000 ounces of gold on Bakoudou's Zone A. Moreover, on-going work is being executed with the objective to develop additional gold zones within a 10 km radius from Bakoudou's Zone A and notably in the Lekodo and Moyabi areas which are covered by the new Bakoudou mining exploitation permit.

A mining exploration permit covering a surface area of 640 km2 was also granted by presidential decree to REG. This permit, named "Lebombi", covers the north extension of the northwest trending Bakoudou-Lekodo gold corridor identified over a strike length of 6 km so far. See attached figure :

Philippe Giaro, President and CEO, stated, "the recent granting of these permits marks an important project milestone, from a production and exploration perspective. As we have always stated, the development objective for Bakoudou-Magnima is to establish the potential of the property well beyond what Zone A can deliver. The reserves and resources recently announced are a starting point to develop the area. Managem and SearchGold view production on Zone A as an opportunity to show the solidity of the project while exploration work on surrounding targets is on-going to insure long-term feed for the mine."

SearchGold's executive team acknowledges the challenging times companies in the junior resource sector are enduring. SearchGold share price has eroded while the Company continues to create value with its core assets. In addition, SearchGold owns shares in two corporations that will be monetized in due course :

- 2.1 million shares of Golden Share Mining Corporation ("Golden Share")

- 2.7 million shares of Stellar Diamonds Limited ("Stellar Diamonds")

By way of update, the start-up of drilling work in the Malartic mining camp by Golden Share was announced in a press release dated August 20th 2008 while the start up of diamond production by Stellar Diamonds was announced in a press release dated June 25th 2008.

From an exploration point of view, it is necessary to expand SearchGold's position in West Africa, thus developing a third area of activity in Burkina Faso which strengthens its established position in Gabon (Booue-Mimongo exploration project) and in Guinea (Mandiana exploration project). Two new permits totalling a surface area of 452 km2 and located approximately 300 km north of Ouagadougou have been obtained through direct application with the Ministry of Mines of Burkina Faso and SearchGold holds a 100% interest in both properties. Preliminary work has been initiated.

SearchGold's board of directors and management consist in highly motivated professionals with a strong track record of discoveries, which, given the human resources challenge faced by the mining industry, adds fundamental value to the Company.

About SearchGold Resources Inc.

SearchGold Resources is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Africa. The expansion strategy in 2006 had set the stage for the Company's development in 2007 through increased activity on the advanced projects, a new acquisition and the segmentation of its activities to unlock value for its shareholders. SearchGold's diamond assets were re-organized along with Mano River Resources Inc., to create an integrated diamond company called Stellar Diamonds Limited of which SearchGold holds 2.7 million shares. SearchGold's Canadian gold assets were also re-organized through the creation of Golden Share Mining Corporation (GSH-TSXV), a dynamic junior exploration company focused on gold exploration in Canada.

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