HENDERSON, NV, Aug. 20 /CNW/ - Searchlight Minerals Corp. (OTC BB: SRCH)
(the "Company"), today announced that it has received metallurgical testing
results conducted by its independent mining consultants, Arrakis, Inc
("Arrakis"), on chain-of-custody samples collected from the Company's
Searchlight Gold Project in southern Nevada. Also, the Company is providing a
status report on its Clarkdale Slag Project.
Searchlight Gold Project
The Company has received a report from Arrakis outlining the results and
analysis of the metallurgical testing it has completed on behalf of the
Company over the past six months. Following the results reported by the
Company on January 29, 2007, indicating a significant presence of gold based
on surface sampling, the Company engaged Arrakis to perform additional
metallurgical testing on chain-of-custody samples taken from the Company's
3200 acre project site near Searchlight, Nevada. In particular, the Company
was looking to identify a repeatable analytical protocol for precious metal
content in small samples and a commercial-scale protocol appropriate for large
bulk samples that could be scaled to mine-sized production.
Results from Arrakis indicate that although the material on the project
site appears to be refractory, "microwave digestion" has provided consistent
results on small size samples, indicating that this would be a reliable
analytical protocol. On large bulk samples, "autoclave" technology appears to
be the most consistent and reliable extraction protocol to leach gold into
solution and could be scaled to commercial-sized production. Optimizing the
recovery of gold from solution in the autoclave process, however, has yet to
be completed. While other analytical and extraction methods were evaluated,
they did not appear to be as consistent and reliable as the aforementioned
"Initial and subsequent surface sampling of the Searchlight property have
consistently revealed in-situ grades of 0.3 to 0.4 opt (ounces per ton) over a
very wide surface area," observed James Murray, President of Arrakis, Inc.
"While these are surface samples only and therefore cannot be used to
extrapolate the depth or areal extent of the resource, it would be a very
unusual deposit that did not also have significant mineralization at depth."
"We are very pleased with the advancements made on the metallurgical
program at our Searchlight Gold Project," stated Ian McNeil, Chief Executive
Officer and President of Searchlight Minerals Corp. "While metallurgical
optimization testing will continue, we believe our progress is sufficient to
begin an 18-hole drilling program this fall. This drilling program will be the
next major milestone in analyzing the project's feasibility."
Clarkdale Slag Project
As previously reported by the Company on May 22, 2007, tonnage and grade
estimates of the slag pile were reported as approximately 20 million tons of
slag and 0.50 opt gold, 0.10 opt silver, 0.34% copper, 2.46% zinc and 33.15%
Over the past six months, significant progress has been made on the
development of the Clarkdale Slag Project. In particular, advancements in the
building construction and the site remediation program are continuing without
interruption. The Company has also hired a number of employees, including a
full-time Operations Manager with over 25 years of mining industry experience.
Also, many of the purchase orders have been issued for the processing
equipment to be utilized in the first module of production.
"Progress at the Clarkdale Slag Project continues at a pace consistent
with management's expectations. We have an incredibly skillful team of
employees, consultants and contractors working on our Clarkdale Project"
reported Mr. McNeil. "We look to continue the forward momentum on the project
including completion of the building construction, implementation of the
processing equipment and ultimately the feasibility of the first module of
About Searchlight Minerals Corp.
Searchlight Minerals Corp. is a dynamic minerals exploration company
focused on the acquisition and development of projects in the southwestern
United States. The Company is currently involved in two projects: (1) the
Clarkdale Slag Project, located in Clarkdale, AZ, which seeks to recover
precious and base metals from the reprocessing of slag material produced from
the smelting of copper ores from former mines in the Jerome, Arizona area; and
(2) the Searchlight Gold Project, which involves exploration for precious
metals on mining claims near Searchlight, Nevada. The Clarkdale Project is the
more advanced of two ongoing projects that the Company is pursuing. The
Searchlight Gold Project is an early-stage gold exploration endeavor on 3,200
acres located approximately 50 miles south of Las Vegas, Nevada.
Searchlight Minerals Corp. is headquartered in Henderson, Nevada, and its
common stock is listed on the OTC Bulletin Board under the symbol "SRCH".
This Press Release may contain, in addition to historical information,
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Statements in this news release that are forward-looking
statements are subject to various risks and uncertainties concerning the
specific factors disclosed under the heading "Risk Factors" and elsewhere in
the Company's periodic filings with the U.S. Securities and Exchange
Commission. When used in this news release, the words such as "could," "plan",
"estimate", "expect", "intend", "may", "potential", "should", and similar
expressions, are forward-looking statements. The risk factors that could cause
actual results to differ from these forward-looking statements include, but
are not restricted to the Company's limited operating history, uncertainties
about the availability of additional financing, geological or mechanical
difficulties affecting the Company's planned geological work programs,
uncertainty of estimates of mineralized material, operational risk,
environmental risk, financial risk, currency risk, and other statements that
are not historical facts as disclosed under the heading "Risk Factors" in the
Company's Annual Report on Form 10-KSB filing with the SEC and elsewhere in
the Company's periodic filings with securities regulators in the United
States. Copies of the Company's periodic reports are available on the SEC's
website at www.sec.gov.
For further information:
For further information: please visit the Company's website at
www.searchlightminerals.com or contact the Investors Relations Department at:
Ph: (702) 939-5247, Fax: (702) 939-5249, email: email@example.com