Searchgold Resources Inc.
Searchgold Resources Inc.: SEARCHGOLD REORGANIZES DIAMOND ASSETS AND OBTAINS A 11.8% STAKE IN STELLAR DIAMONDS LIMITED

Searchgold Resources Inc. / Miscellaneous

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Montreal, June 20th 2007 – SearchGold Resources Inc. (TSXV:RSG, FSE:S1O) is
pleased to announce the reorganization of its diamond assets, namely the
Mandala-Ouria Diamond Project located in Guinea, Africa.

In order to segment its activities and unlock value for its shareholders,
SearchGold has re-organized its diamond assets along with its AIM (MANA)
and TSX-V (MNO) listed partner, Mano River Resources ('Mano'), to create an
integrated diamond company. The new company called Stellar Diamonds Limited
('Stellar') has acquired a 100% interest in Mano’s diamond assets in
Liberia, Sierra Leone and Guinea.  Stellar has also acquired from
SearchGold its 50% interest in the Guinean joint venture company, Guinean
Diamond Corporation Limited, which holds the Bouro/Mandala alluvial
project. In consideration for these acquisitions, Stellar has issued 22
million shares at a price of £0.87. As a result of the transaction
SearchGold holds 2.7 million shares of Stellar, or 11.8% of the company
while Mano, as majority shareholder, holds 19.3 million shares of Stellar,
or 83% of the company. A local minority shareholder holds 137,000 shares of
Stellar. Seed investors in Stellar hold the balance of the shares of
Stellar. The directors of Stellar valued the assets at £23.9 million, which
was supported by a private, independent report by MPH Consulting Limited,
completed on 1st March 2007.

Philippe Giaro, President and CEO, stated 'We are very pleased with this
transaction which allows us to develop Mandala-Ouria while giving
SearchGold an opportunity to take part in the creation of a new company
with an exclusive focus on diamonds and which holds outstanding properties
in one of the world’s richest diamond province. Stellar’s management, a
team of well recognized diamond experts, is exceptionally well suited to
aggressively develop the Company. Moreover, this transaction allows the
original partners to significantly fund all diamond projects without
further diluting either SearchGold or Mano'.

Financing
Stellar has completed a private placement of £800,000. The funds were
raised to maintain Stellar’s equity interests in its various on-going JV
projects in 2007. A further pre-IPO financing is currently being
undertaken, the proceeds of which will be used to advance Stellar’s
exploration and development programmes. Stellar is planning to be listed on
London's alternative investment market (AIM).

Appointment of VP Exploration, Stellar
Mr. Rowan Carr has joined Stellar as Vice President of Exploration. Rowan
brings with him over 20 years of African diamond exploration and management
experience gained with the De Beers group of companies, having managed
diamond projects in Botswana, South Africa, Angola, Guinea, Central African
Republic and the Democratic Republic of Congo.  In addition Rowan was also
the technical manager of the De Beers’ largest mineral processing
laboratory in Kimberley.

About Stellar Diamonds Limited
Stellar Diamonds will be an integrated diamond miner and explorer with a
focus on West and Central Africa. The Company’s portfolio of diamond
properties and joint ventures in West Africa is summarized as follows:

• A 49% interest in a JV with Petra Diamonds on the Lion Kimberlite Dykes
project in the Kono diamond fields of Sierra Leone, with underground
diamond production planned to commence in late 2007. A 75-tonne per hour
processing plant is already built and exploration shaft sinking is being
conducted on numerous diamond bearing kimberlite dykes.

• A 50% interest in a JV with Trans Hex Group in the Weasua cluster of
diamondiferous kimberlite pipes in Liberia, where bulk sampling to
determine diamond grades and value is currently underway.

• A 100% interest in the Mandala alluvial and Bouro kimberlite dyke project
in Guinea, where a non-43-101 indicated alluvial diamond resource of
550,000 carats has been established and where high grade kimberlite dykes
are present.

• A 15,000km2 reconnaissance licence in western Liberia where diamond
bearing kimberlites and numerous high interest mineral indicator anomalies
have been discovered.

• A JV with BHP Billiton, who are earning into an initial 51% interest in
the south-eastern Sierra Leone tenements. The joint venture has located a
high-grade diamond bearing extension of the high grade Tongo dyke field.

• Two licences in south east Sierra Leone where kimberlite has been
discovered and indicator mineral anomalies require further follow up work.

• A JV with African Aura in Liberia where exploration is ongoing to earn
into a 78% interest in the diamond rights of the 400km2 north Bea
exploration project.

• A 100% held interest in the diamond rights of the 1,000km2 Bea MDA
licence in Liberia where indicator mineral anomalies have been generated
and require further follow up work.

• An agreement with De Beers to access their regional Guinea database,
where an independent consultant has reviewed the data and target selection
is now ongoing.

About SearchGold Resources Inc. 
SearchGold Resources is a Canadian-based mining exploration company whose
primary mission is to target, explore and develop gold and diamond deposits
in Africa and in Canada. The expansion strategy executed in 2006 has set
the stage for the Company’s development in 2007 as this new year will see
increased activity on the new blue-sky properties and the advanced projects
as well as some potential acquisitions.

If you would like to receive press releases via e-mail please contact:
info@searchgold.ca


FOR FURTHER INFORMATION PLEASE VISIT http://www.searchgold.ca 

Philippe Giaro, President & CEO
SearchGold Resources Inc.                                    

Contact Germany
Value Relations GmbH
Gartenstrasse 46
60596 Frankfurt
Mail: S1O@ir-services.de
Tel.: 069/959246-11


DGAP 20.06.2007 
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