Vancouver, B.C. January 11, 2017 – Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”) is pleased to announce the appointment of Mr. Leo Power, to the board of directors of the Company (the “Board”) as an independent director.
“As we complete pilot plant testing and move forward with the next phase of development of our FOXTROT critical rare earth element deposit in SE Labrador, we are excited to welcome Leo to the Board. Mr. Power has demonstrated leadership at board and senior executive levels within the mining and oil and gas sectors and a solid grasp of the complexities of the markets for minor metals and industrial minerals. Not only does he bring a wealth of development and international project finance experience to our team, but years of experience in dealing with governments and regulatory agencies within Newfoundland and Labrador and Ottawa. The latter will be extremely important as we move forward with the environmental impact assessment process for FOXTROT and ramp up the drilling program for our Deepwater Fox discovery in the same district,” stated Jim Clucas, Executive Chairman of Search.
Leo Power is a graduate of the Kellogg-Schulich Joint MBA program at York University, Toronto and Northwestern University, Evanston, Illinois and holds a Masters Degree in Oil and Gas Studies (MOGS) from Memorial University of Newfoundland and Labrador. He is also a graduate of the Directors Education Program of the Rotman School of Management, University of Toronto.
Mr. Power is an active member of the Atlantic Canadian business and volunteer community and his work includes:
- Executive Chairman - Barite Mud Services Inc.
- CEO and Director- Ptarmigan Energy Inc.
- Director - Canada Fluorspar Inc
- Board Member - Institute of Corporate Directors, Newfoundland and Labrador Chapter
- Board Member - Atlantic Cabinet, Nature Conservancy of Canada
- Newfoundland and Labrador Vice Chair - Atlantic Institute of Market Studies (AIMS)
This appointment is subject to TSX Venture Exchange approval.
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.
Identified as Neodymium (Nd), Europium (Eu), Terbium (Tb), Dysprosium (Dy) and Yttrium (Y) this valuable subset of the complete series of 17 rare earth elements is considered critical due to high demand and/or constrained domestic supply. Containing unique properties which enhance the performance of a range of innovative technologies, CREEs are essential components in the development of permanent magnets and a variety of other components used in renewable energy, green technology automobiles, medical devices, electronics and agricultural production.
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:
President and CEO
Tel: 604 998-3432
Tel: 709 753-0794
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 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.