VANCOUVER, British Columbia, June 09, 2017 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV:SMY)
(“Search” or the “Company”) announces that further to its news releases of May 5, 2017 and May
31, 2017 announcing the closing of a first and second tranche, respectively, of its non-brokered unit private placement (the
“Offering”) announced on March 20, 2017, it has been granted a 30 day extension of time in which to close further
tranches of the Offering. To date the Company has issued an aggregate of 5,022,166 units at a price of $0.09 per unit (the
“Units”) under both tranches of the Offering for gross proceeds of $451,994. The Company may issue up to a
maximum of 34,000,000 Units pursuant to this Offering, for gross proceeds of up to $3,060,000.
The Company will use the proceeds from the Offering to complete a drilling program on the Deep Fox prospect
(formerly called Deepwater Fox), to complete the environmental assessment applications and for general working capital
requirements. The aggregate gross proceeds of the Offering will be allocated as 1) $1,000,000 for the environmental
application process and general working capital, and 2) up to $2,060,000 will be used for the Deep Fox drill program and other
exploration in the District.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and
regulatory approvals, including the approval of the TSX Venture Exchange.
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 South East Labrador (the
“District”). 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 “Deep 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 with the clearly demonstrated success of the
proprietary processing technology at the pilot plant level 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. The preliminary economic assessment is preliminary in nature and
includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to
them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic
assessment will be realized. The preliminary economic assessment includes the results of an economic analysis of mineral
resources. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
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 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 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.
Not for distribution to U.S. Newswire Services of for dissemination in the United States. Any failure to
comply with this restriction may constitute a violation of U.S. securities laws.
Cautionary Statement 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, completion of the Offering. 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, the
risk that the Company is not able to find suitable investors for the Offering or does not receive the approval of the TSX Venture
Exchange. Readers should not place undue reliance on the forward-looking statements and information contained in this news
release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors, should they change.
For further information, please contact: Greg Andrews President and CEO Tel: 604-998-3432 E-mail: info@searchminerals.ca Paul Snow Investor Relations Tel: 709-753-0794 E-mail: psnow@pilotcom.ca
