TORONTO, July 28, 2014 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) announced today that its Board of Directors (the "Board") has accepted the resignations of its President and Chief Executive Officer ("CEO"), Mr. Stephen Keith, and Executive Vice President, Corporate Development, Mr. Alex Penha, effective July 28, 2014. Mr. Keith's and Mr. Penha's resignations follow the Company's decision to restructure its corporate strategy to focus on its world class Foxtrot Project ("Foxtrot" or the "Project"), located in the Port Hope Simpson Rare Earth Element District in SE Labrador. The Board has also accepted Mr. Keith's and Mr. Penha's resignations as Directors of the Company.
The Board has appointed the Chairman of Search Minerals, Mr. James (Jim) Clucas, to replace Mr. Keith as interim President & CEO. Mr. Clucas will retain his position as Chairman and a Director of the Company. Mr. Clucas was the President and Chief Executive Officer of Search from September 2009 until April 2013. He has over 30 years of experience and expertise in mining exploration and has been involved in the development of several mineral deposits, including the Snow Lake Mine (High River Gold Mines), Montana Tunnels (Pegasus Mining), and the Fenix Project (HudBay Minerals Inc.). Mr. Clucas was the founder of International Nickel Ventures Inc. which acquired and developed the Santa Fe/Ipora Nickel Laterite deposit in Brazil.
On his appointment, Mr. Clucas stated, "The entire Board joins me in thanking Stephen and Alex for their tireless efforts and wishes them the best for the future. I am pleased to be returning to my role as interim President & CEO of Search and to continue to bring Foxtrot, our flagship project with a positive and robust PEA and a relatively low capex, into development".
About Search Minerals
Search Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company focused on creating value through finding and developing mineral assets with growing demand and constrained or restricted supply, and with increasing use in innovative technologies.
Search is the discoverer of the Port Hope Simpson REE District, a highly prospective light and heavy REE belt located in southeast Labrador, where the Company controls a dominant land position in a belt 70 km long and up to 8 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).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information:
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and those additional risks set out in Search's public documents filed on SEDAR at www.sedar.com. Although Search believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Search disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: Search Minerals Inc.
For further information:
James (Jim) Clucas T: 604-986-2020 | M: 604-671-5450
Interim President & Chief Executive Officer E: [email protected]