VANCOUVER, Sept. 17, 2015 /CNW/ - (TSXV: SMY)
Search Minerals Inc. ("Search" or the
"Company") and its wholly-owned subsidiary, Alterra
Resources Inc. ("Alterra"), are pleased to announce that
Search has sold its 50% ownership interest in the 30 mining claims
comprising the Alterra-Strange Lake Property ("the
Property") to Quest Rare Minerals Ltd. (TSXV:
QRM) ("Quest"). Quest has already held a 50%
ownership therein, and is now the sole owner of the Property.
Quest acquired the remaining 50% in the Property pursuant to a
Purchase and Sale Agreement (the "Agreement") dated
September 17, 2015. As set out
in the Agreement, Quest will issue to Search, 1,500,000 common
shares ("Shares") of Quest in consideration for the
acquisition of Search's 50% ownership in the
Property.
Greg Andrews, President, states
"Our strategy to divest this non-core asset, allows Search to focus
on our 100% owned "critical rare earth element ("CREE")"
mineral assets in Labrador: the
Port Hope Simpson CREE District which contains the flagship FOXTROT
Project and Deepwater Fox prospect, Henley Harbour District, and
the recently acquired Red Wine Complex."
About Search
Search 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, in the Henley
Harbour area.
Search 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 www.searchminerals.ca and on SEDAR at www.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 for 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 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.