VANCOUVER, June 16, 2015 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY), and its wholly-owned subsidiary, Alterra Resources Inc., are pleased to announce that, further to its press release dated May 12, 2015, it has now received the independent engineering study (the "Study") from SNC-Lavalin Australia Pty Ltd. The Study reports the estimated construction and operating costs for a REE mineralization treatment facility in SE Labrador which would apply Search's proprietary process for treatment of REE mineralization from the Company's Foxtrot Deposit and was partially funded by a $50,000 grant from the Atlantic Canada Opportunities Agency. The proprietary process is a direct leach on the crushed material, which thereby, eliminates grinding, flotation, gravity and magnetic separation. The Study will be used by Search in the preparation of an updated and revised Preliminary Economic Assessment ("PEA") for Search's Foxtrot Deposit.
Greg Andrews, the Company's President, comments: "We are very pleased to complete this important step towards preparing an updated PEA for the Foxtrot Deposit. This is a very comprehensive engineering study and supports our business model to build a scalable central processing facility, which will obtain material from shallow open pits within the Port Hope Simpson district. The next steps in the development of the District will be to produce an updated PEA incorporating the SNC-Lavalin engineering study results, funding and operating an integrated metallurgical pilot plant in support of further engineering studies, and a small drill program on the Deepwater Fox prospect. In conjunction with the ongoing metallurgical and engineering studies, Search will continue to seek a strategic partner for further development of the Foxtrot Deposit and exploration of the Port Hope Simpson district."
Search Minerals would like to thank Research and Development Corporation of Newfoundland and Labrador ("RDC") and the Atlantic Canada Opportunities Agency ("ACOA") for funding the metallurgical studies leading to Search's simplified process for treatment of Foxtrot material and ACOA for providing partial funding for the SNC Lavalin engineering study.
Dr. David Dreisinger, Ph.D., P.Eng., is the Company's Vice President, Metallurgy and Qualified Person for the purposes of NI 43-101. Dr. Dreisinger has reviewed and approved the technical disclosure contained in this news release as applicable. 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 Strange Lake Complex (where Quest Rare Minerals has a Joint Venture with Search); in the Red Wine Complex (where Great Western Minerals Group has a Joint Venture with Search); and in the Henley Harbour area.
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.
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]