Searchlight Minerals Corp. Receives Conditional Approval of Plan of Operations
16 December 2009 - 1:00AM
Marketwired
Searchlight Minerals Corp. (OTCBB: SRCH) ("Searchlight" or the
"Company"), an exploration stage minerals company focused on
precious metals projects in the southwestern United States, today
announced that the Company has received conditional approval of its
18 drill-hole Plan of Operations for the Searchlight Gold Project.
Plan of Operations
On December 3, 2009, the Company received notice from the Bureau
of Land Management (the "BLM") that the Company's Plan of
Operations, which includes an eighteen 100-ft drill hole program on
its Searchlight Gold Project, was approved subject to the following
conditions: (i) the Conditions for Approval being accepted by the
Company; (ii) confirmation that the tortoise mitigation fee has
been paid to Clark County, NV; and (iii) confirmation that the
reclamation bond, in the amount of $7,802, has been accepted by the
BLM.
The Company has met conditions (i) and (ii) above and has sent
the funds for the $7,802 bond to the BLM. The BLM has informed the
Company that acceptance of the bond generally takes approximately
30 days. Following the acceptance of the bond, it is expected that
the Company can proceed with operations as defined by the Plan of
Operations.
"We are very pleased to have received approval from the BLM,
upon the conditions being met, for the Plan of Operations on our
Searchlight Gold Project," said Ian McNeil, CEO and President of
Searchlight Minerals Corp. "Now that the permitting phase is nearly
complete with respect to this 18-hole drill program, we can plan
our drilling and metallurgical program for the coming 12 months.
While the Company's primary focus and resources continue to be on
the Clarkdale Slag Project operations, we are excited to begin
drilling on our Searchlight Gold Project in 2010."
About Searchlight Minerals Corp.
Searchlight Minerals Corp. is a minerals exploration company
focused on precious metals projects in the southwestern United
States. The Company is currently involved in two projects: (1) the
Clarkdale Slag Project, located in Clarkdale, Arizona, is a
reclamation project to recover precious and base metals from the
reprocessing of slag produced from the smelting of copper ores
mined at the United Verde Copper Mine in Jerome, Arizona; 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." Additional information is available on the
Company's website at www.searchlightminerals.com and in the
Company's filings with the U.S. Securities and Exchange
Commission.
Forward-Looking Statements
This Press Release may contain, in addition to historical
information, forward-looking statements. 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 or other
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" and elsewhere in the Company's
periodic filings with securities regulators in the United States.
Consequently, risk factors including, but not limited to the
aforementioned, may result in significant delays to the projected
or anticipated production target dates.
Contact Information: Carl Ager Vice President (702) 939-5247
Email Contact RJ Falkner & Company, Inc. Investor Relations
Counsel (800) 377-9893 Email Contact
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