Each Unit A consists of: (i) 2,300 "flow-through" common shares at a price of $0.35 per share; and (ii) 700 common shares at a price of $0.30 per share. Each Unit B consists of: (i) 3,400 common shares at a price of $0.30 per share; and (ii) 3,400 common share purchase warrants with each warrant entitling the holder to acquire one additional common share of Golden Share at a price of $0.35 per share for a period of two years from the closing of the offering.

Canaccord Capital Corporation will act as lead agent in connection with the initial public offering. 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'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.

The purpose of the distribution is to make Golden Share a public company. Golden Share will focus on exploration for gold in Canada, while Searchgold will devote itself to the developments of its African projects. Proceeds from the IPO will be used by Golden Share to finance the exploration programs on the Forsan and Malartic Lakeshore properties and for working capital purposes.

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. 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. These forward-looking statements are subject to a variety of risks and uncertainties beyond the ability of Searchgold to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements, including risks disclosed in filings with the Canadian securities regulators made by Searchgold. Accordingly, readers should not place undue reliance on forward-looking statements.