VANCOUVER, March 29, 2016 /CNW/ - (TSXV: SMY) Search
Minerals Inc. ("Search" or the "Company"), is pleased to
announce that the Company has received the final instalment of
C$200,000 from InCoR Holdings Inc.
("InCoR") relating to the Patent Purchase Agreement between
Search and InCoR previously announced on September 30, 2015 (see – September 30, 2015 – Search Minerals Inc.
Announces Amendment to Patent Purchase of Salt Technology and
Raises $350,000 Private
Placement). InCoR has completed all terms and conditions
set forth in the Patent Purchase Agreement, and therefore Search
and InCoR will complete the closing documents to transfer all of
the Search's right, title and interest, including all legal and
beneficial interest, in and to the SALT assets, free and clear of
all encumbrances.
Greg Andrews, President and CEO
stated, "This final payment of $200,000 fully satisfies and discharges InCoR
from any further obligation under the Patent Purchase
Agreement. The total consideration of $650,000 received by Search during these
difficult market conditions is a testament to the commitment of the
Board and Management to minimize shareholder dilution with the sale
of this non-core asset. It has been a pleasure working with
InCoR during this process, and we are very fortunate to include
InCoR as a shareholder and a supporter of Search Minerals."
About Search:
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, Pr, 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 100% owned CREE
mineral prospects in Labrador in
its portfolio: the Red Wine Complex 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.
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 of the adequacy or
accuracy of this release.
Cautionary Statement:
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.