VANCOUVER, Oct. 14, 2016 /CNW/ - Search Minerals Inc. (TSXV: SMY) ("Search" or the "Company") is pleased to announce the engagement of Allnorth ("Allnorth") to commence the preparation of registration documents (the "Documents") for both the provincial and federal regulators (together, the "Regulators"). Preparation of the Documents for each of the Regulators will occur concurrently. The Documents will be prepared to meet the respective submission requirements as outlined in the "Guide to Preparing a Description of a Designated Project under the Canadian Environmental Assessment Act, 2012," published by the Canadian Environmental Assessment Agency, and "Environmental Assessment... A Guide to the Process," published by the Government of Newfoundland and Labrador, Department of Environment and Climate Change.
Greg Andrews, President and CEO of the Company states: "Search is very pleased to initiate this very important process as we continue to advance the FOXTROT project. These applications are the stepping stones to engage all stakeholders in the FOXTROT project towards the development and permitting stage. I would like to thank our shareholders and other stakeholders, who have continued to support Search. We expect to submit these applications by February 2017."
The following are the next steps of the environmental process:
- Once the project description is submitted, the Regulators have a 10 day period to review the document in order to determine if there is sufficient information to make a decision whether an environment assessment ("Environmental Assessment") is required. At this time the Regulators could request a revised project description submission containing the additional information if they deem that insufficient information has been provided.
- After the Regulators accept the project description, they have a period of 45 calendar days to make a decision of whether an Environmental Assessment is required. There is a 20-day period for public comment within the 45-day period.
- If the Regulators determine that an environmental assessment is required, they will post the decision on the Internet site of the Canadian Environmental Assessment Registry. This sets the Environmental Process in motion and begins the 365 day timeline for the Regulators.
About Search Minerals Inc.
Led by a proven management team and board of directors, Search is focused on finding and developing resources within the emerging Port Hope Simpson Critical Rare Earth Element (CREE) District of SE Labrador. The Company controls a belt 70 km long and 8 km wide including its 100% interest in the FOXTROT Project which is road accessible and at tidewater. Exploration efforts have advanced "Deepwater Fox" and "Fox Meadow" as significant new CREE prospects very similar and in close proximity to the FOXTROT discovery. While the Company has identified more than 20 other prospects in the District, its primary objective remains development of FOXTROT by confirming proprietary processing technology at the pilot plant level (in progress) and delineation of prospects that will ensure competitive-low cost production beyond the 14-year mine life contemplated in the preliminary economic assessment of FOXTROT completed in April 2016. The FOXTROT Project has a low capital cost to bring the initial project into production ($152 M), a short payback period, and is scalable due to Search's proprietary processing technology.
Allnorth is a Canadian based company providing diversified engineering, environmental and technical services. Allnorth offers a range of services that encompass all phases of a mine's life cycle, including prefeasibility and feasibility studies, environmental assessment and permitting, detailed engineering of onsite and offsite infrastructure, construction management and site closure and reclamation. Allnorth has a strategic alliance with Nunacor Development Corporation ("Nunacor"), the business development arm of the NunatuKavut Community Council in Labrador. Working collaboratively with the NunatuKavut Community Council and Nunacor on the FOXTROT Project, we will provide business opportunities and benefits to the Southern Inuit of NunatuKavut.
Identified as Neodymium (Nd), Europium (Eu), Terbium (Tb), Dysprosium (Dy) and Yttrium (Y) this valuable subset of the complete series of seventeen rare earth elements is considered critical due to high demand and/or constrained domestic supply. Containing unique properties which enhance the performance of a range of innovative technologies, CREE's are essential components in the development of permanent magnets and a variety of other components used in renewable energy, green technology automobiles, medical devices, electronics and agricultural production.
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 for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things the acceptance of the Documents by the Regulators. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the risk that the Company is not able to adequately complete the Documents and the Regulators may order an Environmental Assessment. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Search does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Search Minerals Inc.