NewsSearchGold Announces Another Diamond Sale and Updates on Mandala Diamond Project in Guinea, West Africa
MONTREAL, QUEBEC--(CCNMatthews - Sept. 16, 2004) - SearchGold
Resources Inc. is pleased to announce the resumption of its bulk
sampling activities of the central zone of the Mandala III
alluvial diamond deposits in Guinea. After a six week stop due to
the rainy season, annual maintenance of the equipment is
progressing and the start up of the Plant is schedule for the
last week of September.
A diamond parcel weighing 1670.23 carats and containing more than
7,500 diamonds all recovered from the Mandala III bulk sample was
delivered to Antwerp lately. The largest GEM of that parcel
weighed 4.95 carats and was valued an impressive 1,900USD per
carat. Off the parcel, 481.79 carats were classified in the gem
category and the average value was set at 102.18USD per carat by
the experts at Natural Diamond Corporation of Antwerp in Belgium,
SearchGold's consultant and Marketing Agent.
As previously announced, Mr. Peter W.A. Walker, a South African
geological expert in alluvial diamonds and a Qualified Person
under the Canadian Rule 43-101 specifications, visited the
Mandala Property last July and personally observed the ongoing
mining and gravel washing operation and verified all the
geological and technical data with the assistance of SearchGold's
technical staff on site in order to produce a proper technical
report which will be titled "Preliminary Feasibility Study Report
on the Mandala and Ouria River Alluvial Diamond Projects of
SearchGold Resources inc., Guinea, West Africa".
The final report will be delivered shortly and its content will
be released for the benefit of the shareholders. This report will
state all technical information, Capital and Operation Expense
estimates, in compliance with rule 43-101. An updated reserve and
resource calculation will be released based on SearchGold's
sample results to date.
The Mandala Project was qualified as a "Robust Diamond Project"
by Mr. Walker and Mr. Giroux, the company's President and CEO is
confident that the Mandala development strategy will lead to a
profitable Diamond Mining Operation.
SearchGold Resources is a Canadian based mining exploration
company whose primary mission is to target, explore and develop
diamond and gold deposits in Africa. In addition, SearchGold is
active in Northern Quebec where its property portfolio includes
precious metals, base metals and diamond exploration.
SearchGold's project strategy maximizes its experience and
resources and supports the company's commitment to strengthen
shareholder value. Discover more about SearchGold Resources by
visiting www.searchgold.ca
Shares issued : 50,079,814
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
SearchGold Resources Inc.
Maurice Giroux
President
(514) 866-4224
info@searchgold.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.