Gold News

SearchGold 'encouraged' by new African project

SearchGold Resources has today (August 15th) updated the market on the Moyabi gold anomaly on its Bakoudou-Magnima Gold Project in Gabon, Africa.

A regional stream geochemical survey highlighted the gold anomaly earlier this year and much of the investigative work has now been completed. It was conducted to ascertain the source of the gold and to learn more about the geometry of the target.

Some 951 soil samples were collected and a broad geochemical soil anomaly has been observed over a surface area of one square kilometer. SearchGold has noted the presence of a definite north-north-west 1.1 kilometer trend open to the south.

Philippe Giaro, president and chief executive, commented: "We are very pleased with these first geochemical soil results on the preliminary new gold zones recently outlined within a ten kilometer radius of Bakoudou's Zone A.

"In this specific case, the shape of the anomaly is somewhat different than the one observed at Bakoudou. The anomaly remains open and will be the object of further sampling to define its full extent and geometry. Positive future developments on this type of target could generate resources which would be easy to optimize in the eventuality that a first treatment plant would be constructed to exploit Zone A."

The news follows the signing of a $4.2 million venture agreement on the Bakoudou-Magnima Gold Project with African-based mining company Managem in July 2005.

In June this year, SearchGold then announced the appointment of SRK Consulting "for an engineering mandate concerning assistance for the development of the on-going feasibility study on Zone A".

At present, SearchGold controls 90 per cent of the Bakoudou gold property in Gabon.

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