SearchGold Signs Joint Venture Agreement With Swala Resources plc on Gueguere Property in Burkina Faso
01 Febrero 2011 - 8:30AM
Marketwired
SearchGold Resources Inc. ("SearchGold") (TSX VENTURE:
RSG)(FRANKFURT: S1O) is pleased to announce that it has entered
into an joint venture agreement ("Agreement") dated January 28th
2011, with Swala Resources plc ("Swala") on the Gueguere Gold
Property ("Gueguere") located in Burkina Faso, West Africa.
The Gueguere property is located 180 km west of Ouagadougou,
Burkina Faso's capital, in the Boromo birimian greenstone belt
between the past producing Poura mine and Orezone Resources' Bondi
project. The Poura past producing mine is located approximately 35
km north-east of Gueguere and produced over 800,000 ounces of gold
before its closure in 1999. The Bondi project is located
approximately 30 km south-west of the Gueguere property and is
presently being developed by Orezone Resources Inc. which has
outlined measured and indicated resources of 4.1 million tonnes @
2.12 g/t Au for 282,000 ounces of gold.
Swala can acquire an interest of up to 80% in Gueguere by
meeting the following conditions :
-- Swala can earn 25% upon paying SearchGold the sum of US$50,000 and
agreeing to take over SearchGold's exploration expenditure commitments
for the two Gueguere exploration licences.
-- Swala can earn a further 26%, for a total of 51%, upon the completion of
a Phase 1 program entailing exploration expenditures of US$400,000 on
each of the exploration licences, for total of US$800,000 over the
entire property, prior to March 29th 2012.
-- Providing positive results from the Phase 1 exploration program, Swala
can earn a further 9%, for a total of 60%, upon the completion of a
Phase 2 program entailing the execution of a NI 43-101 compliant report
demonstrating the existence of indicated and inferred resources. Phase 2
will be executed within such time frame and with the necessary
associated expenditures to insure full compliance with the Burkina Faso
Mining Code.
-- Providing positive results from the Phase 2 program, Swala can earn a
further 20%, for a total of 80%, upon the completion of a Phase 3
program entailing the execution of a NI 43-101 compliant preliminary
feasibility study, followed by a NI 43-101 compliant bankable
feasibility study concerning any promising targets identified on the
Property.
Thereafter SearchGold will participate in the development costs
or will be diluted pro-rata its interest. Swala will be project
operator and a technical committee will be established to overview
the development work to be executed on the property. In the event
of commercial production, both parties agree to be diluted by the
10% Burkina Faso state free carry participation pro-rata their
respective interest in the project.
A first step of the Phase 1 program on Gueguere will involve
using the equipment mobilized to Burkina Faso to execute a
low-altitude airborne geophysical survey to cover the property.
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 directly adjoining to the north
Avocet's 1.8 million ounce Inata gold deposit. 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. 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.
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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