ST. JOHN'S, NL, Jan. 21, 2014 /CNW/ - The Research & Development Corporation (RDC) is pleased to announce an investment of $112,500 to assist Search Minerals Inc. in its development of innovative technologies for the recovery and refining of rare earth elements from Labrador.
"This is a collaborative research and development project with tremendous potential for Labrador, and Search Minerals. By investing $112,500 in this technology we are supporting the opportunity for new mineral production in Labrador, and the development of innovative technologies to benefit industry."
- The Honourable Charlene Johnson, Minister of Innovation, Business and Rural Development and Minister Responsible for the Research & Development Corporation
The project will evaluate and compare the commercial feasibility to separate and refine rare earth elements from ore with the specific characteristics from Search Mineral's Foxtrot Project in the Port Hope Simpson Rare Earth Element District in Southeast Labrador. Additional information on Search Minerals Inc. can be found in the attached backgrounder.
"Labrador's rare-earth-element and rare-metal prospects and deposits have great potential. We are pleased to invest in research that supports the opportunity to solve technical challenges and generate increased economic activity."
- Glenn Janes, Chief Executive Officer of RDC
RDC's $112,500 investment is being matched by an equal contribution from the Atlantic Canada Opportunities Agency (ACOA), and an additional $75,000 in working capital from Search Minerals. It is expected that the project will start in January 2014.
"Search is pleased to participate in this research and development initiative with RDC and ACOA. Search's new corporate strategy centers on creating value through finding and developing metal assets with strong, growing demand and constrained or restricted supply, which includes rare earth elements. We believe that this project will underline the attributes of the Foxtrot Project, and we look forward to developing in Labrador."
- Stephen Keith, President & Chief Executive Officer, Search Minerals Inc.
The Research & Development Corporation is a provincial Crown corporation responsible for improving Newfoundland and Labrador's research and development performance. RDC works with research and development stakeholders including business, academia and government agencies and departments to make strategic investments in highly qualified people, innovative research and world-class infrastructure.
Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries and building a vibrant economy.
- RDC funding of $112,500 will support Search Minerals Inc. in its development of innovative technologies for the recovery and refining of rare earth elements from Labrador.
- Rare earth elements and associated metals are important to the petroleum industry and are vital in the high-tech manufacturing sector, where they are used in high-strength magnets, flat-screen TVs, lasers, miniature batteries, superconductors, energy-efficient lighting, and nanotechnology applications.
- RDC funding is provided through its GeoEXPLORE program, which supports industry-led projects in the mining or petroleum sectors where geoscience R&D could reduce exploration risk, increase discovery success and support innovation through to resource development.
- The Research & Development Corporation is a provincial Crown corporation responsible for improving Newfoundland and Labrador's research and development performance. Additional information about RDC can be found at www.rdc.org.
Corporate Profile of Search Minerals Inc.
Search Minerals Inc. (TSXV: SMY) is the discoverer of the Port Hope Simpson Rare Earth Element District, a highly prospective light and heavy rare earth element belt located in southeast Labrador, where the company controls a dominant land position in a belt 135 km long and up to 12 km wide. In addition, Search holds a number of additional mineral prospects in Newfoundland and Labrador in its portfolio, including claims in the Strange Lake Complex (where Quest Rare Minerals has a joint venture with Search); and at the Red Wine Complex (where Great Western Minerals Group has a joint venture with Search).
SOURCE: Research & Development Corporation
For further information:
Director of Communications
Department of Innovation, Business
and Rural Development
Director, Marketing & Communications
Research & Development Corporation
President and Chief Executive Officer
Search Minerals Inc.