TORONTO, Jan. 21, 2014 /PRNewswire/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) is pleased to announce that it will receive research and development investments totalling C$225,000 from the Research & Development Corporation ("RDC") and from the Atlantic Canada Opportunities Agency ("ACOA") to assist in the Development of Innovative Technologies for the Recovery and Refining of Rare Earth Elements ("REE") from Ore Mined in Labrador (the "Project"). Search will receive C$112,500 towards the project from each of RDC and ACOA, and the Company will contribute an additional C$75,000 in working capital.
The Project will evaluate the effectiveness and compare the commercial feasibility of a variety of innovative metallurgical processes to separate and refine rare earth elements ("REE") from ore with the specific characteristics of that identified at the Company's Foxtrot Project ("Foxtrot") in the Port Hope Simpson Rare Earth Element District in SE Labrador. Search intends to maximize refining and processing in Labrador with minimal environmental impact.
SGS Canada Inc. ("SGS") will be engaged to perform testing on ore samples containing REE taken from the Company's Foxtrot Project located near Port Hope Simpson, Labrador. SGS will examine innovative methods to isolate REE from the specific matrix of ore. The current separation process involves crushing and grinding of ore, followed by gravity separation, flotation and magnetic separation to produce a concentrate containing the REE materials. The concentrate is then subjected to acid baking at 200 degrees Celsius, water leaching, purification of the leachate, and precipitation of REE oxalate. The process options to be investigated with SGS Canada would be designed to reduce complexity and cost of REE recovery from Foxtrot ores.
The estimated Project commencement date is January 2014, and the estimated project completion date is June 2014.
Stephen Keith, President & Chief Executive Officer, stated "Search is pleased to participate in this research and development initiative with RDC and ACOA. Search's new corporate strategy centers on creating value through finding and developing metal assets with strong, growing demand and constrained or restricted supply, which includes REE. We believe that this Project will underline the attributes of the Foxtrot Project, and we look forward to developing this Project in Labrador."
About Search Minerals:
Search Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company focused on creating value through finding and developing mineral assets with growing demand and constrained or restricted supply, and with increasing use in innovative technologies. The Company is actively pursuing opportunities and partnerships in critical metals, including, but not limited to, tin, tungsten, dysprosium and neodymium, prioritizing projects that can be partnered, funded and developed in a relatively short period of time, in strategic, friendly jurisdictions.
Search is the discoverer of the Port Hope Simpson REE District, a highly prospective light and heavy REE belt located in southeast Labrador, where the Company controls a dominant land position in a belt 135 km long and up to 12 km wide. In addition, Search holds a number of additional mineral prospects in Newfoundland and Labrador in its portfolio, including claims in the Strange Lake Complex (where Quest Rare Minerals has a Joint Venture with Search); and at the Red Wine Complex (where Great Western Minerals Group has a Joint Venture with Search).
About the Atlantic Canada Opportunities Agency:
The Atlantic Canada Opportunities Agency (ACOA) works to create opportunities for economic growth in Atlantic Canada by helping businesses become more competitive, innovative and productive, by working with diverse communities to develop and diversify local economies, and by championing the strengths of Atlantic Canada. Together, with Atlantic Canadians, ACOA is building a stronger economy.
About the Research & Development Corporation, Newfoundland & Labrador:
The Research & Development Corporation (RDC) provides leadership, strategic focus and investments in order to drive research and development for the long term economic benefit of Newfoundland and Labrador. RDC's directed research investment programs are designed to accelerate R&D in priority areas by supporting innovation, problem solving, capacity building and collaboration.
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.
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 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.