Search Minerals commissions Preliminary Economic Assessment for the Foxtrot Project

VANCOUVER, Feb. 29, 2012 /PRNewswire/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc., have commissioned Roscoe Postle & Associates ("RPA") to proceed with their recommendation to complete a Preliminary Economic Assessment ("PEA"), as described in the NI 43-101 Technical Report on the Foxtrot Project, filed on February 8, 2012.  The NI 43-101 provided Search with the following resource estimate which was outlined in the table:

This resource estimate is based on a cut-off grade of 130 ppm Dy; see the Search news release (Feb. 12, 2012) for additional details

  Tonnes Dy (ppm) Nd (ppm) Y(ppm) HREE+Y (%) TREE+Y(%)
Indicated 3,410,000 189 1442 1059 0.18 0.89
Inferred 5,850,000 181 1277 1016 0.17 0.80
             
  Tonnes Dy2O3
(ppm)
Nd2O3
(ppm)
Y2O3 (ppm) HREO+Y
(%)
TREO+Y(%)
Indicated 3,410,000 218 1687 1345 0.21 1.07
Inferred 5,850,000 208 1494 1290 0.21 0.96

Jim Clucas, President and CEO of Search, states, "We look forward to receiving the PEA which should enable third parties to compare Search with others in the REE space. It will also provide management with a blueprint for the development of the FOXTROT project. The summary report will be available  mid March  with a detailed report to follow."

Qualified Person:
Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President Exploration and Qualified Person for the purposes of NI 43-101. The company will endeavour to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.

About Search:
Search Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company, headquartered in Vancouver, B.C. 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 135km long and up to 12km wide.  In addition, Search has a number of other mineral prospects in its portfolio located in Newfoundland and Labrador, including a number of claims in the Strange Lake Complex, where Quest Rare Minerals has an earn-in agreement with the Company; and at the Red Wine Complex, where Great Western Minerals Group has a Joint Venture with the Company. 

Furthermore, Search Minerals is the owner of patents relating to the Starved Acid Leaching Technology ("SALT"), a process with the potential to economically recover nickel and cobalt from known deposits currently considered sub economic.

Search Minerals is led by a management team and Board of Directors with a proven track record in the mining industry. The Company 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 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.



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