Michael Conboy, Representative of Luxor Capital, Joins Searchlight Minerals Corp. Board of Directors
26 October 2010 - 9:00PM
Marketwired
Searchlight Minerals Corp. (OTCBB: SRCH) ("Searchlight," "SMC" or
the "Company"), an exploration stage minerals company focused on
precious metals projects in the southwestern United States, today
announced that Michael Conboy has joined the Company's Board as an
Independent Director.
Since 2003, Mr. Conboy has worked at Luxor Capital Group, LP, an
investment management firm based in New York, New York, and
currently serves as its Director of Research. Luxor Capital Group,
LLC is one of the Company's principal stockholders. From 2000-2003,
Mr. Conboy worked as a distressed investments analyst at ING, where
he was actively involved in numerous restructurings. Since 2010, he
also has served as the Chairman of the Board of Directors of CML
Metals Corp., which is focused on redeveloping the
Comstock/Mountain Lion iron ore mine in southwestern Utah. Mr.
Conboy also serves as a director of Innovate Loan Servicing
Corporation, a finance company focused on the subprime auto loan
sector. Mr. Conboy earned his B.S. in Business Administration from
Georgetown University.
"Our Board of Directors, following the addition of Mike Conboy,
the resignation of Ian McNeil, and the recent untimely death of
Harry Crockett, is now comprised of three independent directors out
of our six Board members," stated Martin Oring, Interim Chief
Executive Officer of Searchlight Minerals Corp. "This moves the
Company closer towards its goal of largely independent governance
at the Board level."
About Searchlight Minerals Corp.
Searchlight Minerals Corp. is an exploration stage company engaged
in the acquisition and exploration of mineral properties and slag
reprocessing projects. The Company holds interests in two mineral
projects: (i) the Clarkdale Slag Project, located in Clarkdale,
Arizona, which is a reclamation project to recover precious and
base metals from the reprocessing of slag produced from the
smelting of copper ore mined at the United Verde Copper Mine in
Jerome, Arizona; and (ii) the Searchlight Gold Project, which
involves exploration for precious metals on mining claims near
Searchlight, Nevada. The Clarkdale Slag 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 Press Release that
are forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" in the Company's periodic filings with the
Commission. When used in this Press Release in discussing the
recent developments on the Project, including, without limitation,
the resolution of certain issues relating to the operation of the
production module, the words such as "believe," "could," "may,"
"expect" 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
technical issues on the Project that may affect the production
module and its primary process components, challenges in moving
from pilot plant scale to production scale, the risk that actual
recoveries of base and precious metals or other minerals
re-processed from the slag material at the Clarkdale site will not
be economically feasible, uncertainty of estimates of mineralized
material, operational risk, the Company's limited operating
history, uncertainties about the availability of additional
financing, geological or mechanical difficulties affecting the
Company's planned mineral recovery programs, the risk that actual
capital costs, operating costs and economic returns may differ
significantly from the Company's estimates, uncertainty whether the
results from the Company's feasibility studies and the results from
the operation of the production module are not sufficiently
positive for the Company to proceed with the construction of its
processing facility, operational risk, the impact of governmental
and environmental regulation, financial risk, currency risk
volatility in the prices of precious metals and other statements
that are not historical facts as disclosed under the heading "Risk
Factors" 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: RJ Falkner & Company, Inc. Investor
Relations Counsel (800) 377-9893 via email at Email Contact
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