Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES STAKES IN THE ATHABASCA BASIN

Searchlight Resources Inc. has staked two mineral claims in the Eastern Athabasca basin in Northern Saskatchewan, located approximately 45 kilometres north of the Cigar Lake uranium mine, and five kilometres west of Highway 905.

During a recent Saskatchewan claim reopening, Searchlight staked claims MC00019721 and MC00019725, covering 3,902.8 hectares within the Athabasca basin which hosts the highest-grade operating uranium mines in the world. The claims are less than five km west of Highway 905, and the Northern Saskatchewan hydro electrical line to Stony Rapids runs through the claims.

The new claims are bordered on the north, west and east by Denison Mines Corp. and several historical diamond drill holes with anomalous uranium and rare earth values are located on claims to the north. Searchlight will soon begin detailed geological evaluation of these new claims, and planning for future exploration.

"These claims align with Searchlight's exploration strategy of generating new critical element projects by staking," stated Stephen Wallace, PGeo, president and chief executive officer of Searchlight.

These claims are now part of the Searchlight's uranium project portfolio, which includes the Duddridge Lake uranium deposit with a historic National Instrument 43-101 inferred resource estimate of 227,880 tonnes, and a grade of 2.14 pounds/tonne U3O8 (triuranium octoxide) (Fission Energy Corp, 2007). Additionally, assays of 9.8 per cent U3O8, 1.6 per cent Cu (copper), 0.2 per cent V (vanadium), 0.2 ounce/ton Au (gold) and 7.0 oz/ton Ag (silver) have been reported in historic boulder samples (SMDI 0700a). The Duddridge project is accessible by an all-season gravel road, Highway 910, within 10 km of the deposit, and direct access by winter road and ATV trail in summer.

Director resignation

Bruce Fair has resigned as a director of the company. The company wishes Mr. Fair well in his future endeavours.

Data source

The 43-101 technical report completed by Fission Energy Corp, titled "Report on the Duddridge Lake Uranium Property, Northern Saskatchewan, NTS 73O/9," was submitted by Stuart C. Fraser, PGeol, on June 15, 2007.

The Duddridge Lake uranium deposit technical report was not commissioned or completed by Searchlight and therefore is being treated as a historical resource estimate under National Instrument 43-101 disclosure. The historical resource estimate used inferred mineral resource, which is a category of NI 43-101. As a result, Searchlight considers the historical resource estimate as reliable as well as relevant as it represents a key target for work to be done by Searchlight. Searchlight has not undertaken any independent investigation of the resource estimates, nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and the company is not treating the historical estimate as a current resource.

Qualified person

Stephen Wallace, PGeo.,is Searchlight's qualified person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About Searchlight Resources Inc.

Searchlight Resources is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. The company's exploration model of project generation coupled with targeted exploration, focuses on battery minerals and gold throughout the province.

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