HENDERSON, NV, Nov. 7 /CNW/ - Searchlight Minerals Corp. (OTC BB: SRCH)
(the "Company"), today provided an update on the construction status of its
initial production module at the Clarkdale Slag Project scheduled for start-up
in the first quarter of 2008.
The Company is currently building one production module capable of
processing 100-250 tons of slag per day (tpd). The performance of this
production module will serve to determine the feasibility of extraction of
precious and base metals from the slag and set the capital and operating costs
of the 2,000 tpd operation currently envisioned.
"Our goal is to have the buildings at Clarkdale ready and major equipment
installed by the end of this year," stated Ian McNeil, Chief Executive Officer
of Searchlight Minerals Corp. "This will allow the Company to start-up and
operate the initial production module and begin the Feasibility Study during
the first quarter of 2008. Progress at the Clarkdale Slag Project continues at
a pace consistent with these expectations and capital expenditures are
tracking to budget. We have an incredibly skillful team working on the
project, permits are in place, building construction is nearing completion and
most of the critical pieces of equipment are on site. We are pleased with the
forward momentum on the project and remain confident in the feasibility of the
first production module."
Over the past nine months, significant progress has been made at the
Clarkdale Slag Project. In particular, advancements in the building/foundation
construction and site remediation program are continuing without interruption.
As of November 2, 2007, rehabilitation of the lab building to house the first
production module is over 70% complete.
Equipment requiring the longest lead times, including the grinding and
filtration circuits, has arrived on site in Clarkdale. The last major piece of
equipment, the Ion Exchange system, is scheduled to arrive later in November.
The Company has hired a number of employees, including a full-time
Operations Manager with over 25 years of mining industry experience.
About Searchlight Minerals Corp.
Searchlight Minerals Corp. is a dynamic minerals exploration company
focused on the acquisition and development of projects in the southwestern
United States. The Company is currently involved in two projects: (1) the
Clarkdale Slag Project, located in Clarkdale, AZ, which seeks to recover
precious and base metals from the reprocessing of slag material produced from
the smelting of copper ores from former mines in the Jerome, Arizona area; and
(2) the Searchlight Gold Project, which involves exploration for precious
metals on mining claims near Searchlight, Nevada. The Clarkdale Project is the
more advanced of two ongoing projects that the Company is pursuing. The
Searchlight Gold Project is an early-stage gold exploration endeavor on 3,200
acres located approximately 50 miles south of Las Vegas, Nevada.
Searchlight Minerals Corp. is headquartered in Henderson, Nevada, and its
common stock is listed on the OTC Bulletin Board under the symbol "SRCH".
This Press Release may contain, in addition to historical information,
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Statements in this news release that are forward-looking
statements are subject to various risks and uncertainties concerning the
specific factors disclosed under the heading "Risk Factors" and elsewhere in
the Company's periodic filings with the U.S. Securities and Exchange
Commission. When used in this news release, the words such as "could," "plan",
"estimate", "expect", "intend", "may", "potential", "should", and similar
expressions, are forward-looking statements. The risk factors that could cause
actual results to differ from these forward-looking statements include, but
are not restricted to the Company's limited operating history, uncertainties
about the availability of additional financing, geological or mechanical
difficulties affecting the Company's planned geological work programs,
uncertainty of estimates of mineralized material, operational risk,
environmental risk, financial risk, currency risk, and other statements that
are not historical facts as disclosed under the heading "Risk Factors" in the
Company's Annual Report on Form 10-KSB filing with the SEC and elsewhere in
the Company's periodic filings with securities regulators in the United
States. Copies of the Company's periodic reports are available on the SEC's
website at www.sec.gov.
For further information:
For further information: please visit the Company's website at
www.searchlightminerals.com or contact the Investors Relations Department at:
Ph: (702) 939-5247, Fax: (702) 939-5249, email: email@example.com