Searchlight Minerals Corp. announces inventory of 20.2 million tons of slag in Clarkdale, Arizona

May 22, 2007, 01:00 ET from Searchlight Minerals Corp.

    HENDERSON, NV, May 22 /PRNewswire-FirstCall/ - Searchlight Minerals
 Corp. (OTC BB: SRCH) (the "Company"), today announced that it has received
 a report, prepared by Independent Mining Consultants ("IMC") of Tucson,
 Arizona, outlining the tonnage and grade estimate of the Company's slag
 pile in Clarkdale, Arizona.
     A summary of the estimates contained in the report are as follows:
 
     -------------------------------------------------------------------------
                    Tons in
     Slag C Pile   Millions   Au opt(x)  Ag opt(x)  Cu %(x)   Zn %(x)  Fe %(x)
     -------------------------------------------------------------------------
     East            19.86      0.50       0.10       0.34     2.47     33.18
     -------------------------------------------------------------------------
     West(xx)         0.34      0.39       0.07       0.22     1.70     31.30
     -------------------------------------------------------------------------
 
     -------------------------------------------------------------------------
     Combined        20.20      0.50       0.10       0.34     2.46     33.15
     -------------------------------------------------------------------------
 
     -------------------------------------------------------------------------
                              opt (ounces per ton)
     -------------------------------------------------------------------------
     (x)    IMC accepted the certified chain-of-custody data as presented by
            Mountain States R&D Inc ("MSRDI") and did not perform independent
            verification of this data.
     (xx)   Volume of the West Slag-C was calculated and supplied to IMC by
            Dr. Richard Hewlett, an independent mining consultant to the
            Company.
     IMC was presented with the drill hole and bulk density data as well as
 the topographic maps showing the present day surface of the slag pile. IMC
 used this information to develop the estimated volume and tonnage of the
 slag pile. MSRDI, utilizing 'Chain-of-Custody' parameters, certified the
 grade of the slag pile that was used to determine the volume and tonnage of
 the slag pile. All tonnage is reported in short tons (2,000 pounds).
     "We are pleased to have received this report from IMC, which we believe
 confirms that the Clarkdale property contains substantial volume and
 tonnage, translating into a significant precious and base metals inventory
 for the Company," stated Ian McNeil, Chief Executive Officer of Searchlight
 Minerals Corp. "We believe that the Company has made considerable progress
 towards proving the commercial viability of this exciting project.
 Construction is currently underway at the site of the first production
 module at the Clarkdale project in northwestern Arizona."
     Volume and Tonnage Estimate
     The slag pile was created when molten slag from the Clarkdale copper
 smelter was dumped and solidified during the years 1915-1952. As the
 dumping continued, the pile increased in size to its present dimensions.
 The slag pile is bisected by an active railroad line that splits the pile
 into two sections of slag, located on the east and west sides of the
 railroad track.
     The East-Slag-C pile is the larger of the two, and its volume and
 tonnage have been calculated by IMC. The volume of the West Slag-C pile has
 been calculated by Dr. Richard Hewlett, an independent mining consultant
 retained by the Company, and will be confirmed by IMC in the near future.
 The volume estimates are as follows:
                    ----------------------------------------
                                           Volume Estimate
                    Slag C Pile         (million cubic feet)
                    ----------------------------------------
                        East                    198.0
                    ----------------------------------------
                        West                      3.4
                    ----------------------------------------
                    Total Volume                201.4
                    ----------------------------------------
     During the Company's drilling program, drill hole samples were
 collected at 2.5-foot intervals, weighed and bagged. The average bulk
 density of the drill hole cuttings was calculated to be 200.6 pounds per
 cubic foot. This equates to an average tonnage factor of 9.97 cubic feet
 per ton and therefore, the estimate of the in-place tonnage of the Slag-C
 pile is as follows:
                    ----------------------------------------
                                          Tonnage Estimate
                    Slag C Pile             (million tons)
                    ----------------------------------------
                        East                    19.86
                    ----------------------------------------
                        West                     0.34
                    ----------------------------------------
                    Total Volume                20.20
                    ----------------------------------------
     Other slag has been recently identified on the property and will be
 further delineated in the future.
     Grade Estimate
     Mountain States R & D Inc. (MSRDI) was retained by the Company to
 collect and analyze samples of the slag pile under 'Chain-of-Custody'
 protocol. The slag grades from the 18-hole sonic drilling program were
 reported under MSRDI's certification.
     A computer block model of the East Slag-C pile was developed and the
 grade of the five metals assayed (gold, silver, copper, zinc and iron) were
 estimated into the block model from the drill data using an inverse
 distance squared method. The following data was used to compile the
 estimated grades from the East and West Slag-C piles:
     -------------------------------------------------------------------------
                    Composite     Gold      Silver    Copper    Zinc     Iron
     Drill Hole      Footage    Au (opt)   Ag (opt)   Cu (%)   Zn (%)   Fe (%)
     -------------------------------------------------------------------------
 
     -------------------------------------------------------------------------
     SD1           0.0 - 55.0    0.210        -        0.70     2.10     32.1
     -------------------------------------------------------------------------
     SD2           0.0 - 60.0    0.213        -        0.73     2.13     34.6
     -------------------------------------------------------------------------
     SD3           0.0 - 109.0   0.228        -        0.37     2.99     33.4
     -------------------------------------------------------------------------
     SD4           0.0 - 80.0    0.190        -        0.39     3.29     32.3
     -------------------------------------------------------------------------
     SD5           0.0 - 89.0    0.229        -        0.39     2.29     30.2
     -------------------------------------------------------------------------
     SD6           0.0 - 50.0    0.216        -        0.36     3.04     32.5
     -------------------------------------------------------------------------
     SD7           0.0 - 111.5   0.667      0.249      0.26     3.10     36.2
     -------------------------------------------------------------------------
     SD8           0.0 - 117.5   0.716      0.140      0.29     2.79     33.3
     -------------------------------------------------------------------------
     SD9           0.0 - 114.0   0.633      0.153      0.34     2.43     32.7
     -------------------------------------------------------------------------
     SD10          0.0 - 112.5   0.669      0.110      0.32     2.57     33.5
     -------------------------------------------------------------------------
     SD11          0.0 - 131.0   0.571      0.127      0.32     2.18     33.4
     -------------------------------------------------------------------------
     SD12          0.0 - 89.0    0.428      0.109      0.31     1.99     32.1
     -------------------------------------------------------------------------
     SD13          0.0 - 127.5   0.590      0.114      0.39     2.86     33.3
     -------------------------------------------------------------------------
     SD14          0.0 - 107.5   0.538      0.139      0.36     2.14     33.0
     -------------------------------------------------------------------------
     SD15          0.0 - 89.0    0.483      0.143      0.33     1.96     32.8
     -------------------------------------------------------------------------
     SD16          0.0 - 118.0   0.633      0.125      0.31     2.49     34.8
     -------------------------------------------------------------------------
     SD17          0.0 - 116.0   0.657      0.116      0.30     2.36     35.0
     -------------------------------------------------------------------------
     SD18          0.0 - 36.0    0.390      0.070      0.22     1.70     31.3
     -------------------------------------------------------------------------
 
     About Searchlight Minerals Corp.
     Searchlight Minerals Corp. is a dynamic minerals exploration company
 focused on the acquisition and development of projects in the southwestern
 United States. The Company is currently involved in two projects: (1) the
 Clarkdale Slag Project, located in Clarkdale, AZ, which seeks to recover
 precious and base metals from the reprocessing of slag material produced
 from the smelting of copper ores from former mines in the Jerome, Arizona
 area; 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". For further details,
     Forward-Looking Statements
     This Press Release may contain, in addition to historical information,
 forward-looking statements within the meaning of Section 27A of the
 Securities Act of 1933, as amended, and Section 21E of the Securities
 Exchange Act of 1934, as amended. 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 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" in the Company's Annual Report
 on Form 10-KSB filing with the SEC and elsewhere in the Company's periodic
 filings with securities regulators in the United States. Copies of the
 Company's periodic reports are available on the SEC's website at
 www.sec.gov.
     CONTACT: please visit the Company's website at
 www.searchlightminerals.com or contact the Investors Relations Department
 at: Ph: (702) 939-5247, Fax: (702) 939-5249, email:
 ir@searchlightminerals.com
 
 

SOURCE Searchlight Minerals Corp.
    HENDERSON, NV, May 22 /PRNewswire-FirstCall/ - Searchlight Minerals
 Corp. (OTC BB: SRCH) (the "Company"), today announced that it has received
 a report, prepared by Independent Mining Consultants ("IMC") of Tucson,
 Arizona, outlining the tonnage and grade estimate of the Company's slag
 pile in Clarkdale, Arizona.
     A summary of the estimates contained in the report are as follows:
 
     -------------------------------------------------------------------------
                    Tons in
     Slag C Pile   Millions   Au opt(x)  Ag opt(x)  Cu %(x)   Zn %(x)  Fe %(x)
     -------------------------------------------------------------------------
     East            19.86      0.50       0.10       0.34     2.47     33.18
     -------------------------------------------------------------------------
     West(xx)         0.34      0.39       0.07       0.22     1.70     31.30
     -------------------------------------------------------------------------
 
     -------------------------------------------------------------------------
     Combined        20.20      0.50       0.10       0.34     2.46     33.15
     -------------------------------------------------------------------------
 
     -------------------------------------------------------------------------
                              opt (ounces per ton)
     -------------------------------------------------------------------------
     (x)    IMC accepted the certified chain-of-custody data as presented by
            Mountain States R&D Inc ("MSRDI") and did not perform independent
            verification of this data.
     (xx)   Volume of the West Slag-C was calculated and supplied to IMC by
            Dr. Richard Hewlett, an independent mining consultant to the
            Company.
     IMC was presented with the drill hole and bulk density data as well as
 the topographic maps showing the present day surface of the slag pile. IMC
 used this information to develop the estimated volume and tonnage of the
 slag pile. MSRDI, utilizing 'Chain-of-Custody' parameters, certified the
 grade of the slag pile that was used to determine the volume and tonnage of
 the slag pile. All tonnage is reported in short tons (2,000 pounds).
     "We are pleased to have received this report from IMC, which we believe
 confirms that the Clarkdale property contains substantial volume and
 tonnage, translating into a significant precious and base metals inventory
 for the Company," stated Ian McNeil, Chief Executive Officer of Searchlight
 Minerals Corp. "We believe that the Company has made considerable progress
 towards proving the commercial viability of this exciting project.
 Construction is currently underway at the site of the first production
 module at the Clarkdale project in northwestern Arizona."
     Volume and Tonnage Estimate
     The slag pile was created when molten slag from the Clarkdale copper
 smelter was dumped and solidified during the years 1915-1952. As the
 dumping continued, the pile increased in size to its present dimensions.
 The slag pile is bisected by an active railroad line that splits the pile
 into two sections of slag, located on the east and west sides of the
 railroad track.
     The East-Slag-C pile is the larger of the two, and its volume and
 tonnage have been calculated by IMC. The volume of the West Slag-C pile has
 been calculated by Dr. Richard Hewlett, an independent mining consultant
 retained by the Company, and will be confirmed by IMC in the near future.
 The volume estimates are as follows:
                    ----------------------------------------
                                           Volume Estimate
                    Slag C Pile         (million cubic feet)
                    ----------------------------------------
                        East                    198.0
                    ----------------------------------------
                        West                      3.4
                    ----------------------------------------
                    Total Volume                201.4
                    ----------------------------------------
     During the Company's drilling program, drill hole samples were
 collected at 2.5-foot intervals, weighed and bagged. The average bulk
 density of the drill hole cuttings was calculated to be 200.6 pounds per
 cubic foot. This equates to an average tonnage factor of 9.97 cubic feet
 per ton and therefore, the estimate of the in-place tonnage of the Slag-C
 pile is as follows:
                    ----------------------------------------
                                          Tonnage Estimate
                    Slag C Pile             (million tons)
                    ----------------------------------------
                        East                    19.86
                    ----------------------------------------
                        West                     0.34
                    ----------------------------------------
                    Total Volume                20.20
                    ----------------------------------------
     Other slag has been recently identified on the property and will be
 further delineated in the future.
     Grade Estimate
     Mountain States R & D Inc. (MSRDI) was retained by the Company to
 collect and analyze samples of the slag pile under 'Chain-of-Custody'
 protocol. The slag grades from the 18-hole sonic drilling program were
 reported under MSRDI's certification.
     A computer block model of the East Slag-C pile was developed and the
 grade of the five metals assayed (gold, silver, copper, zinc and iron) were
 estimated into the block model from the drill data using an inverse
 distance squared method. The following data was used to compile the
 estimated grades from the East and West Slag-C piles:
     -------------------------------------------------------------------------
                    Composite     Gold      Silver    Copper    Zinc     Iron
     Drill Hole      Footage    Au (opt)   Ag (opt)   Cu (%)   Zn (%)   Fe (%)
     -------------------------------------------------------------------------
 
     -------------------------------------------------------------------------
     SD1           0.0 - 55.0    0.210        -        0.70     2.10     32.1
     -------------------------------------------------------------------------
     SD2           0.0 - 60.0    0.213        -        0.73     2.13     34.6
     -------------------------------------------------------------------------
     SD3           0.0 - 109.0   0.228        -        0.37     2.99     33.4
     -------------------------------------------------------------------------
     SD4           0.0 - 80.0    0.190        -        0.39     3.29     32.3
     -------------------------------------------------------------------------
     SD5           0.0 - 89.0    0.229        -        0.39     2.29     30.2
     -------------------------------------------------------------------------
     SD6           0.0 - 50.0    0.216        -        0.36     3.04     32.5
     -------------------------------------------------------------------------
     SD7           0.0 - 111.5   0.667      0.249      0.26     3.10     36.2
     -------------------------------------------------------------------------
     SD8           0.0 - 117.5   0.716      0.140      0.29     2.79     33.3
     -------------------------------------------------------------------------
     SD9           0.0 - 114.0   0.633      0.153      0.34     2.43     32.7
     -------------------------------------------------------------------------
     SD10          0.0 - 112.5   0.669      0.110      0.32     2.57     33.5
     -------------------------------------------------------------------------
     SD11          0.0 - 131.0   0.571      0.127      0.32     2.18     33.4
     -------------------------------------------------------------------------
     SD12          0.0 - 89.0    0.428      0.109      0.31     1.99     32.1
     -------------------------------------------------------------------------
     SD13          0.0 - 127.5   0.590      0.114      0.39     2.86     33.3
     -------------------------------------------------------------------------
     SD14          0.0 - 107.5   0.538      0.139      0.36     2.14     33.0
     -------------------------------------------------------------------------
     SD15          0.0 - 89.0    0.483      0.143      0.33     1.96     32.8
     -------------------------------------------------------------------------
     SD16          0.0 - 118.0   0.633      0.125      0.31     2.49     34.8
     -------------------------------------------------------------------------
     SD17          0.0 - 116.0   0.657      0.116      0.30     2.36     35.0
     -------------------------------------------------------------------------
     SD18          0.0 - 36.0    0.390      0.070      0.22     1.70     31.3
     -------------------------------------------------------------------------
 
     About Searchlight Minerals Corp.
     Searchlight Minerals Corp. is a dynamic minerals exploration company
 focused on the acquisition and development of projects in the southwestern
 United States. The Company is currently involved in two projects: (1) the
 Clarkdale Slag Project, located in Clarkdale, AZ, which seeks to recover
 precious and base metals from the reprocessing of slag material produced
 from the smelting of copper ores from former mines in the Jerome, Arizona
 area; 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". For further details,
     Forward-Looking Statements
     This Press Release may contain, in addition to historical information,
 forward-looking statements within the meaning of Section 27A of the
 Securities Act of 1933, as amended, and Section 21E of the Securities
 Exchange Act of 1934, as amended. 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 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" in the Company's Annual Report
 on Form 10-KSB filing with the SEC and elsewhere in the Company's periodic
 filings with securities regulators in the United States. Copies of the
 Company's periodic reports are available on the SEC's website at
 www.sec.gov.
     CONTACT: please visit the Company's website at
 www.searchlightminerals.com or contact the Investors Relations Department
 at: Ph: (702) 939-5247, Fax: (702) 939-5249, email:
 ir@searchlightminerals.com
 
 SOURCE Searchlight Minerals Corp.