SearchGold Sells Remaining 27% Interest in Bakoudou-Magnima to Managem

Editors Note: There is a map associated with this press release

SearchGold Resources Inc. ("SearchGold" or "Company") (TSX
VENTURE:RSG)(FRANKFURT:S1O) wishes to announce the signature of a Purchase and
Sale Agreement (the "Agreement") with Managem International A.G., Managem and
Ressources Golden Gram Gabon ("REG") for the sale of its remaining 27% interest
in the Bakoudou-Magnima Gold Project ("Bakoudou-Magnima") located in Gabon,
Africa. 


Under the terms of the Agreement, SearchGold will receive a cash consideration
of US$800,000 and retain a 0.75% Net Smelter Return ("NSR") in Bakoudou-Magnima.



The Bakoudou-Magnima project covers 2,934 km2 and comprises three distinct
permits (see attached figure or visit: http://www.searchgold.ca). :




1.  Bakoudou exploitation permit - 160 km2 (contained in Magnima permit) 
2.  Magnima-Bakoudou exploration permit - 2,134 km2 
3.  Lebombi exploration permit - 640 km2 



The official Bakoudou Zone A mine start-up is scheduled for July 2011 and the
NSR will be payable on a quarterly basis. 


Philippe Giaro, SearchGold's President and CEO, stated "We are satisfied to have
signed this Agreement with Managem which now gives them a 100% control of
Bakoudou-Magnima. This transaction also provides SearchGold's shareholders with
project blue-sky through a production NSR. While the NSR provides SearchGold
with some cash directly from the first gold pour, it also allows SearchGold to
benefit from any future expansion and discoveries. Managem has so far supported
the costs towards project development and given the initial mining project size,
the CAPEX involved and the current share price for the Company, the financing of
SearchGold's share of the project would have been too dilutive. While several
options have been considered by the Company since the June 2010 annual meeting,
the board of directors is of the opinion that the Agreement will provide the
best situation for SearchGold in the short to long term. This transaction is
also in line with SearchGold's strategy to retain an interest in all the
important assets it has acquired and developed during its existence as a public
company to build a strong portfolio of investment assets."


This transaction is subject to the approval of the TSX Venture Exchange.

About Managem and Bakoudou-Magnima 

Managem, a well established African-based mining company has been developing
Bakoudou-Magnima as project operator since July 2005. Through its subsidiaries,
Managem operates 6 mines in Morocco and was also involved in the development of
two gold mines in West Africa. The project is located in south eastern Gabon and
is accessible by road. As previously disclosed in the 2008 NI 43-101 compliant
Mineral Resource and Mineral Reserve estimate for Zone A, the project contains
Reserves of 155,000 ounces of gold (Proven Reserves of 0.58 MT @ 2.54 g/t Au and
Probable Reserves of 1.12 MT @ 2.98 g/t Au) contained in Total Resources of
230,000 ounces of gold (Measured Resources of 0.53 MT @ 2.84 g/t Au and
Indicated Resources of 1.87 MT @ 3.06 g/t Au). 


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 a series of
successive innovative 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. As a result, SearchGold now has investments in
three mining companies :


- Swala Resources plc : 4.5 million shares, (see: www.swalaresources.com)

- Stellar Diamonds plc : 1.7 million shares (see : www.stellar-diamonds.com)

- Golden Share Mining Corporation : 2.1 million shares (see: www.goldenshare.ca)

Philippe Giaro, P. Geo., President and CEO of SearchGold Resources Inc. and
Qualified Person for SearchGold, has reviewed and approved the content of this
release. 


To view the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/SearchGold_map_0518.pdf.

Searchgold Resources Inc. (TSXV:RSG)
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