SearchGold Resources Inc. Announces Update on its Joint Venture in Burkina Faso

TORONTO, Nov. 1, 2012 - SearchGold Resources Inc. ("SearchGold" or the "Company") (TSX VENTURE:RSG) is pleased to announce that it has received notice from Concordia Resource Corp. ("Concordia") of its decision to retract its decision not to proceed with the joint venture with SearchGold on the Company's Guéguéré licenses in Burkina Faso (the "Joint Venture").

As previously disclosed by the Company on October 29, 2012, SearchGold received notice from Concordia of its decision not to proceed with the Joint Venture. SearchGold welcomes Concordia's renewed recognition of the merits of the Joint Venture project. SearchGold looks forward to strengthening its working relationship with Concordia and its management team in an effort to maximize the exploration and development potential on the Guéguéré licenses.

To learn more about SearchGold, please visit the Company's website at www.searchgold.ca


About SearchGold Resources

SearchGold is a Canadian-based mining exploration company whose primary mission is to target, explore and advance gold properties of merit. The Company currently has mineral Interests in Burkina Faso, Gabon and Guinea.


Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-looking statements", including statements concerning the Offering and the Company's African projects, such factors and/or events involve various known and unknown risk and uncertainties and other factors, such as market conditions. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned to not place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, SearchGold expressly disclaims any intent or obligation to update public forward-looking information, whether as a result of new information, future events or otherwise.

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.

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. WIRE SERVICES.



Contact

SearchGold Resources Inc.
Stanley Robinson, President and Chief Executive Officer
647 344 4222
stan.robinson@ca.inter.net
www.searchgold.ca