SearchGold Reports on $4,000,000 Swala Financing and 2011 Work Program for Burkina Faso
11 Enero 2011 - 8:20AM
Marketwired
SearchGold Resources Inc. ("SearchGold") (TSX VENTURE:
RSG)(FRANKFURT: S1O) is pleased to provide an update on Swala
Resources plc ("Swala") and its Burkina Faso operations in West
Africa.
Swala completed a pre-IPO private placement of CAD 4,000,000
financing in late 2010. The funds were raised to advance Swala's
various projects with a significant emphasis on the exploration and
development of the Arae-Gassel gold project in Burkina Faso.
Additionally, Swala is planning to list on the TSX Venture Exchange
market (TSXV) in 2011.
An important work program is planned for Arae-Gassel in Burkina
Faso during Q1 2011. Highlights include :
-- A low-altitude airborne geophysical survey covering the Arae and Gassel-
Manere Exploration Licences is planned to start in early January 2011,
as soon as the survey permits are granted. The data and interpretation
should be available by early February 2011.
-- An extensive soil-sampling programme using hand-pitting and Auger/RAB
drilling will be carried out over areas not previously sampled. The data
and interpretation should be available by the end of February 2011.
-- An agreement has been finalised with drilling contractors in Burkina
Faso for a total of 15,000 metres of RAB drilling planned to start in
early March 2011 following the compilation of geophysical survey and
soil sampling data. The RAB drilling should be completed by early April
2011.
-- Four anomalous satellite areas have been identified for step-out RAB
drilling in order to test the extent of the mineralisation.
-- Additionally, 8,000 metres of RC drilling is planned for a preliminary
resource delineation programme focused on the Kerboule-Yalema
mineralised trend; this will follow the March 2011 RAB drilling
programme.
Gerard de la Vallee Poussin, Swala's CEO, stated "The
Arae-Gassel Project is directly adjoining to the north Avocet's 1.8
million ounce Inata gold deposit in a highly prospective rock
sequence and our initial results have been extremely conclusive. We
intend on developing the project very aggressively this year, both
on the exploration and resource definition fronts. With 21% of West
Africa's total greenstone belt exposure, Burkina Faso provides a
world-class geological environment for gold discoveries as
demonstrated by the pace of recent discoveries which are being
announced every six months. We are delighted to be part of this
rapidly developing region and look forward to a very promising
future."
Swala's Arae-Gassel project is located directly to the north of
Avocet Mining's Belahouro property, host of the 1.8 million ounce
Inata gold deposit (P+P Mineral Reserves of 16.3 million tonnes @
2.06 g/t Au for 1,081,500 ounces of gold contained in M+I+I Mineral
Resources of 34.2 million tonnes @ 1.67 g/t Au for 1,837,900 ounces
of gold). Gold production commenced at Inata in December 2009 and
the project is expected to have produced over 120,000 ounces in
2010. The gold mineralisation at Inata can be traced over a
continuous 4 km strike length and is associated with silicified
volcaniclastic rocks, porphyries and quartz veins that occur within
a large shear zone. The 1,081,500 ounces of proven and probable
reserves will be mined from three principal pit areas: Inata North,
Central and South.
About Swala Resources plc
Swala Resources plc is a private African explorer with a focus
on gold in Burkina Faso and Zimbabwe. In Burkina Faso, Swala owns
100% of the Arae-Gassel project. In Zimbabwe, Swala has a 50% joint
venture interest in 15 gold claims where a small production plant
came on line in December 2010 and a controlling interest in a 60/40
joint venture with other parties for the exploitation of high-grade
alluvial deposits covering in excess of 15,000 hectares. In
addition, the Company owns carried joint venture interests in
exploration projects located in Gabon and the Democratic Republic
of the Congo. Swala's strategy for 2011 is to grow its resource
base on the Arae-Gassel project and provide NI 43-101 reporting
with the objective to list the Company on the TSX Venture Exchange
in 2011 while concomitantly increasing cash flow from its Zimbabwe
gold producing operations.
About SearchGold Resources Inc.
SearchGold is a Canadian-based mining exploration company whose
primary mission is to target, explore and develop gold deposits in
Africa. The Company is currently involved in Burkina Faso, Gabon
and Guinea; it has recently been evaluating mining projects in new
African jurisdictions, which are geographically accretive with its
current position. Through innovative corporate transactions,
SearchGold has been able to retain an interest in all the important
assets it has acquired and developed during its existence as a
public company and intends on leveraging its long established
presence in Africa to pursue its development. SearchGold holds 4.5
million shares of Swala Resources plc. Please see:
www.swalaresources.com for additional information.
www.searchgold.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: SearchGold Resources Inc. Philippe Giaro President
& CEO +32-473-52-30-29 phgiaro@skynet.be www.searchgold.ca
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