VANCOUVER, June 29, 2015 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY), and its wholly-owned subsidiary, Alterra Resources Inc., are pleased to announce that the Company has purchased from Great Western Minerals Group Ltd. ("GWMG") its interest in the Red Wine Complex Property (the "Property"). GWMG had acquired its interest in the Property pursuant to an option agreement between the Company and GWMG dated July 23, 2010. Following this acquisition, Search now owns 100% of the Property. The acquisition was completed pursuant to a Sale and Purchase Agreement whereby Search acquired GWMG's interest for payment of $20,000, which amount has been paid.
Greg Andrews, President states "This purchase returns control of this property to the Company. The exploration work during 2010 and 2011 by Search and GWMG of over $ 4M, enables Search to maintain the key licenses with minimal work commitments until 2022. The Company will continue to direct its focus on the development of the FOXTROT project and Deepwater Fox prospect, but is pleased to regain full control of the Red Wine Property."
The Red Wine REE Project currently consists of 8 licenses (297 claims) in central Labrador, about 110 km NE of Churchill Falls. The exploration work completed in 2010 and 2011 consisted of a comprehensive drilling, channeling and mapping program – nine CREE (Critical Rare Earth Element – Dy, Nd, Y, Tb) prospects were discovered on the Property. The best results consisted of 13.07 m of channel from the Merlot Prospect averaging 504 ppm Dy, 71.5 ppm Tb, 3116 ppm Y and 2047 ppm Nd.
Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and is the Qualified Person (as defined by National Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein. The company will endeavour to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.
Search Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company focused on creating value through finding and developing "critical rare earth element (CREE)" mineral assets in Labrador – CREEs (Nd, Eu, Tb, Dy, Y) have growing demand, constrained or restricted supply and are commonly used in innovative technologies.
Search is the discoverer of the Port Hope Simpson CREE District, a highly prospective CREE belt located in southeast Labrador, where the Company controls a belt 70 km long and up to 8 km wide. Search owns 100% of the advanced CREE resource called the Foxtrot Project (FOXTROT), and a recently announced Foxtrot-like prospect called "Deepwater Fox". In addition, the Company has identified more than 20 other Foxtrot-like prospects in the District. The primary focus of Search is to continue to advance the Foxtrot resource, while evaluating other Foxtrot-like prospects. Several of the Foxtrot-like prospects require exploration drilling programs and may provide additional resources to a central processing facility that would be situated within the District.
In addition, Search holds a number of other CREE mineral prospects in Labrador in its portfolio, including claims: in the Red Wine Complex; and in the Henley Harbour area. in the Strange Lake Complex (where Quest Rare Minerals has a Joint Venture with Search);
Search Minerals is led by a Management Team and Board of Directors with proven track records in the mining industry. The Company also has experienced geological and metallurgical teams led by Dr. Randy Miller and Dr. David Dreisinger respectively.
All material information on the Company may be found on its website at searchminerals.ca and on SEDAR at sedar.com.
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.
Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.
This news release contains forward-looking statements 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. Factors that could cause actual results to differ materially from these forward- looking statements include those 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 of 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 disclaims 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: Greg Andrews, President, T: 604-998-3432; F: 604-608-5717, E: [email protected]