SearchGold Resources Inc.

SearchGold Resources Inc.

November 08, 2006 09:15 ET

SearchGold Starts Drilling on Belleterre Project in Quebec, Canada

MONTREAL, QUEBEC--(CCNMatthews - Nov. 8, 2006) - SearchGold Resources Inc. (TSX VENTURE:RSG)(FSE:S1O) announced today the start-up of its drilling campaign on its Belleterre Gold Project, in Northern Quebec, Canada.

The 5,000 m diamond drilling program has now started on the Belleterre Gold Project and the first target to be drilled is the down dip extension of Vein # 1. Historical data from the Vein # 1 sector shows the presence of high grade mineralization with surface grades of up to 67.21 g/t Au over 1.22 m on Vein # 1 North (press release dated September 13th 2006). Recent surface work by SearchGold has confirmed this data with surface grades of up to 17.42 g/t Au over 0.45 m (press release dated September 28th 2006).

Line cutting is now finalized and the detailed ground geophysical work on the north-east sector, host of Veins # 1 and # 3, has been completed. The results are available and will be used to refine the drill targets as step-out drilling attempts to define the continuity of the veins away from the areas where they outcrop on surface.

The drilling campaign will target in priority the north east sector of the project where a high grade gold geological context characterized by pyrite-chalcopyrite-galena-sphalerite-gold bearing quartz veins associated with a granite-volcanic contact has been recognized.

This area has seen no systematic previous drilling with the exception of SearchGold's recent program which yielded encouraging results of 18.21 g/t Au over 0.33 m, 16.81 g/t Au over 0.40 m and 1.88 g/t Au over 3.60 m (press release dated September 13th 2006).

The past producing Belleterre mine located approximately 5 km east of the property has produced over 960,000 ounces of gold form ore grading an average of 13.7 g/t Au and displaying a similar mineralogy.

Other promising sectors have been identified and a July 2005 NI 43-101 Technical Report prepared for the Blondeau-Guillet property on behalf of Niogold Mining Corporation indicates that known gold occurrences are in excess of ten and the auriferous mineralization is associated with quartz veins, shear zones and iron formations. A compilation of all existing data will be executed for these occurrences with the objective of bringing these additional targets to the drill-ready stage as soon as possible.

About the Belleterre Project

The Belleterre project consists of two contiguous properties. The Lake Chevrier property is an eight claim property under 100% ownership by SearchGold. The Blondeau-Guillet property is a 155 claim property under option with Niogold Mining Corporation. According to the option agreement, SearchGold can acquire a 70% interest over three years by paying Niogold a total of $50,000, issuing Niogold a total of 750,000 SearchGold shares and by incurring a total of $620,000 in exploration expenditures. Following the acquisition of a 70% interest by SearchGold, a joint venture (JV) will be formed between both parties to further develop the property. A 1% to 2% NSR is payable to previous owners (press release dated June 28th 2006).

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.

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