VANCOUVER, British Columbia, May 09, 2017 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV:SMY)
(“Search” or the “Company”) is pleased to acknowledge receipt of a grant of $47,245.78 from the
Province of Newfoundland and Labrador towards exploration work completed in 2016 on the Company’s Critical Rare Earth Element
claims located near the communities of Port Hope Simpson and St. Lewis in Southeastern Labrador.
“Search is very appreciative of the non-repayable Junior Exploration Assistance Program offered by the Province
of Newfoundland and Labrador which enabled us to hire local personnel and continue to explore and advance the Port Hope Simpson
Critical Rare Earth Element District (“the “District”) in 2016. The Company controls a belt 70 km long and 8 km wide and
there are still 20 showings within this belt to be further assessed. During the 2016 field season, our geologists we able to
define ‘Fox Meadow’ as the third significant discovery in the District, (Search Minerals news release dated August 30, 2016
- Search Minerals completes 2016 exploration program and Search Minerals news release dated November 3, 2016 - Search
Minerals Announces Fox Meadow Channel Assays) The JEA Program and the support of the Department of Natural Resources has
played an important role for Search and has enabled us to continue to explore our District in Newfoundland and Labrador and we
truly appreciate that support,” stated Greg Andrews, President and CEO of Search Minerals.
Search Minerals is planning to continue its systematic assessment of the District with a view to drill the Deep
Fox prospect (formerly Deepwater Fox) during the 2017 field season. The Company has submitted a letter of intent to the JEA
Program for 2017 regarding the Deep Fox Drilling Program. The proposed drill program could allow Search to receive the
maximum allowable assistance amount of $225,000 under the program.
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 original 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.
All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at www.sedar.com
About neo-CREOs ( Adamas Intelligence – December
2016)
We consider neodymium, praseodymium, and dysprosium to be neo-CREOs because there is a high probability they will be in short
supply by 2025, and they are vital to NdFeB magnets used widely in renewable power generation, electric mobility, and
energy-efficient technologies. We consider terbium to be a neo-CREO because upon experiencing shortages of dysprosium,
consumers in the magnet industry will rapidly consume available terbium supplies in its place for applications involving renewable
power generation, electric mobility and energy efficient technologies. Lanthanum is considered a neo-CREO because there is a
high probability it will be in short supply by 2025 and because it is widely used in catalytic converters and rechargeable
batteries, and will be increasingly used as a thermal stabilizer by producers of poly-vinyl chloride (PVC) to minimize lead
consumption and improve the energy efficiency of PVC and other processing equipment.
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.
For further information, please contact:
Greg Andrews
President and CEO
Tel: 604 998-3432 Ext 2
E-mail: info@searchminerals.ca
Paul Snow
Investor Relations
Tel: 709 753-0794
E-mail: psnow@pilotcom.ca
CAUTIONARY STATEMENTS
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 future events or the Company’s future performance, business prospects or opportunities.
Actual future results may differ materially. 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, 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.
