SearchGold Resources Inc. (TSX VENTURE:RSG)(FRANKFURT:S1O) is pleased to announce that its Board of Directors has approved the distribution by SearchGold to its shareholders of common shares of Golden Share Mining Corporation ("Golden Share") held by SearchGold. Golden Share is currently a wholly-owned subsidiary of SearchGold.

The purpose of the distribution is to make Golden Share a public company. Golden Share will focus on exploration principally for gold in Canada, while SearchGold will continue to focus on the development of its African projects. Golden Share's initial property portfolio will comprise six properties. The Lac Fortune West and Belleterre Project properties (Lac Chevrier and Blondeau-Guillet) will be acquired by Golden Share from SearchGold as part of the spin-off business plan. Moreover, Golden Share has acquired three new properties; the Forsan, Elwood and Malartic Lakeshore properties. A brief description of these three latest properties is given in the current press release.

Philippe Giaro, President and CEO of SearchGold, stated, "This gold spin-off, combined with the recent gold intersection of 16.39 g/t Au over 49.50 m from 133.00 m to 182.50 m in hole BA-06-36 on our Bakoudou Gold Project, as announced in a press release dated September 19th 2007, are important steps in SearchGold's growth strategy. We are very pleased with this decision as it will allow SearchGold to focus on the advancement of the Bakoudou Gold Project in partnership with Managem in Gabon as well as on its other African Projects."

The distribution by SearchGold of a portion of its Golden Share shares will be effected by way of dividend to SearchGold's shareholders and will not affect SearchGold's issued and outstanding shares. SearchGold should set a record date for the distribution shortly. SearchGold's shareholders of record at the close of business on the distribution record date will be entitled to receive Golden Share shares. SearchGold will issue a press release announcing the dividend record date and distribution date once they are determined. Each SearchGold shareholder will receive approximately one common share of Golden Share for every twenty shares of SearchGold held. This distribution ratio could change as a function of eventual additional SearchGold share emissions between now and the Golden Share dividend distribution date. There are currently 125,850,171 common shares of SearchGold issued and outstanding.

Golden Share intends to file a prospectus with a number of Canadian provincial securities commissions in order to raise somewhere between 2.5 and 4.5 million dollars and to qualify the distribution of the shares to SearchGold's shareholders under securities laws. Canaccord Capital Corporation will be the agent for the initial public offering. The prospectus will provide a full description of Golden Share, including its management, properties and proposed exploration program. Golden Share also intends to raise funds through one or more private financings.

The distribution of the Golden Share shares to SearchGold's shareholders is subject to regulatory approval.

Golden Share will be an exploration mining company focused primarily on gold in Canada. As a spin-off of SearchGold, Golden Share will beneficiate from SearchGold's expertise at the corporate, technical and promotional level. The Company's initial property portfolio will comprise six properties as presented below.

Forsan Property

The Forsan property is located 45 km east of the town of Val d'Or, Quebec, Canada. It consists in 50 claims for a total property surface area of 800 hectares. As of October 5th 2007, Golden Share holds an option to acquire a 100% interest over 3 years by paying the Vendor a total of $125,000; issuing 1,200,000 shares and incurring a total of $500,000 in exploration expenditures. An additional 800,000 shares can be issued at any time in the event that measured and indicated resources representing a metal content of 500,000 ounces of gold or more can be defined; a first tranche of 400,000 shares would be issued when a first threshold of 250,000 ounces of gold is achieved.

The gold mineralization is directly associated with quartz veins and the principal showing is the Forsan mineralized occurrence which is hosted by the contact between a mafic agglomerate unit and a porphyry dyke in the vicinity of northeast trending diabase dyke.

The property has been the object of sufficient work to establish an historical resource estimate that stands at 282,605 metric tonnes at a grade of 4.42 g/t Au (Exploration Norwood Inc, Exploration Oz Inc., Exxeter Resources Corp., Rapport de travaux d'exploration 1987-88, Projet Exxeter #459., Perron. L, Morin R., 1988). This estimate dates from 1988, prior to the introduction of National Instrument 43-101, and should therefore be treated as historical data. Golden Share will perform additional drilling to establish a NI 43-101 compliant resource estimate. In addition, Golden Share will target sub-vertical auriferous shears zones and auriferous disseminated sulfides that have not been systematically evaluated as most of the historical work centered on low angle quartz veins. Finally, Golden Share will also target additional porphyry bodies elsewhere on the property that have not been properly investigated in the light of the specific relationship between the gold mineralization and this particular lithology.

Elwood Property

The Elwood property is located 70 km west of the city of Thunder Bay, Ontario, Canada. It consists in 21 mining titles covering 2,208 hectares. As of October 5th 2007, Golden Share holds an option to acquire a 100% interest over 4 years by paying the Vendors a total of $230,000; issuing a number of shares representing an equivalent value of $210,000 according to market price at the time of each of the three installments and by incurring a total of $150,000 in exploration expenditures before December 31st 2008. In addition Golden Share will issue 1,440,000 shares to a private company that initially secured the Elwood option.

The Elwood property shows several important, undeveloped gold showings associated with granodiorite dykes and/or sills hosted in a typical volcanic sequence. A rock competency contrast resulted in the brittle behavior of the granodiorite and the development of important quartz stockwork and veins arrays where important surface gold grades of up to 180.62 g/t Au were obtained from punctual surface rock sampling (AFRI 52B09SE0031, Fournier E., 1995).

The main previous operator was INCO which followed upon previous gold discoveries (Penziwol Af-U area) and discovered additional auriferous occurrences. Limited exploration has been performed and a thorough systematic approach will be implemented by Golden Share with the two foremost objectives being to fully delineate the high grade gold stockwork zones as well as assess the bulk tonnage potential of the granodiorite.

Malartic Lakeshore Property

The Malartic Lakeshore property is located 20 km west of the town of Val d'Or, Quebec, Canada. It consists in 22 claims for a total property surface area of 962 hectares. As of October 5th 2007, Golden Share holds an option to acquire a 100% interest over 3 years by paying the Vendors a total of $30,000; issuing 450,000 shares and incurring a total of $250,000 in exploration expenditures. An additional 300,000 shares can be issued at any time in the event that measured and indicated resources representing a metal content of 500,000 ounces of gold or more can be defined; a first tranche of 150,000 shares would be issued when a first threshold of 250,000 ounces of gold is achieved.

The property is strategically located between Agnico Eagle's new Lapa mine, located 5 km to the west, and the past producing Norlartic and Marban mines located 6 km to the east. The Lapa mine is now under construction with initial production expected in late 2008. Osisko's Canadian Malartic project is located 6 km due south of the Malartic Lakeshore property.

The gold mineralization is found in quartz-carbonate veins associated with a major shear zone hosted in the mafic and ultramafic units of the Dubuisson Formation. Two of the numerous veins present on the property were the object of more intense work and intersections of 9.60 g/t Au over 4.57 m and 8.10 g/t Au over 2.13 m were obtained in previous drilling programs (Rapport de travaux 2003, Propriete Malartic, Geologica Inc., Beauregard A.J., Gaudreault D., 2003). Given the number of recorded shear zones and veins, a thorough systematic approach will be implemented to fully develop the potential of the property.

Lac Fortune West and Belleterre Project properties

The Lac Fortune West and Belleterre Project properties (Lac Chevrier and Blondeau-Guillet) will be acquired by Golden Share from SearchGold as part of the spin-off business plan.

Source of information and verification

Each of the three properties recently acquired by Golden Share (Forsan, Elwood and Malartic Lakeshore) were visited and evaluated by Philippe Giaro, P. Geol., President of Golden Share. Recent 43-101 technical reports dated October 6 and 8, 2007 have been executed for Golden Share on all three properties by Jeannot Theberge, P. Geol. and qualified person with respect to each of the properties in accordance with NI 43-101. All technical information contained in the present release was obtained form such NI 43-101 technical reports and was verified by either Jeannot Theberge (Forsan and Elwood properties) or Philippe Giaro (Malartic Lakeshore property).

Philippe Giaro, P.Geol., President of Golden Share and qualified person for Golden Share, has reviewed and approved the content of this release.

About SearchGold Resources Inc.

SearchGold Resources is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Africa and in Canada. The expansion strategy executed in 2006 set the stage for the Company's development in 2007 that involves increasing activity on the new blue-sky properties and the advanced projects as well as some potential acquisitions.

Forward-looking Statements

This news release contains certain forward-looking statements, including statements about the distribution by SearchGold of the shares of Golden Share. These forward-looking statements are subject to a variety of risks and uncertainties beyond the ability of SearchGold and Golden Share to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements, including risks relating to the parties' ability to complete the transaction and to obtain the necessary approvals, and other risks disclosed in filings with the Canadian securities regulators made by SearchGold. Accordingly, readers should not place undue reliance on forward-looking statements.

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