Searchlight Minerals Corp. provides construction update on Clarkdale Slag Project

Nov 07, 2007, 00:00 ET from Searchlight Minerals Corp.

    HENDERSON, NV, Nov. 7 /PRNewswire-FirstCall/ - Searchlight Minerals
 Corp. (OTC BB: SRCH) (the "Company"), today provided an update on the
 construction status of its initial production module at the Clarkdale Slag
 Project scheduled for start-up in the first quarter of 2008.
     The Company is currently building one production module capable of
 processing 100-250 tons of slag per day (tpd). The performance of this
 production module will serve to determine the feasibility of extraction of
 precious and base metals from the slag and set the capital and operating
 costs of the 2,000 tpd operation currently envisioned.
     "Our goal is to have the buildings at Clarkdale ready and major
 equipment installed by the end of this year," stated Ian McNeil, Chief
 Executive Officer of Searchlight Minerals Corp. "This will allow the
 Company to start-up and operate the initial production module and begin the
 Feasibility Study during the first quarter of 2008. Progress at the
 Clarkdale Slag Project continues at a pace consistent with these
 expectations and capital expenditures are tracking to budget. We have an
 incredibly skillful team working on the project, permits are in place,
 building construction is nearing completion and most of the critical pieces
 of equipment are on site. We are pleased with the forward momentum on the
 project and remain confident in the feasibility of the first production
 module."
     Construction
     Over the past nine months, significant progress has been made at the
 Clarkdale Slag Project. In particular, advancements in the
 building/foundation construction and site remediation program are
 continuing without interruption. As of November 2, 2007, rehabilitation of
 the lab building to house the first production module is over 70% complete.
     Equipment
     Equipment requiring the longest lead times, including the grinding and
 filtration circuits, has arrived on site in Clarkdale. The last major piece
 of equipment, the Ion Exchange system, is scheduled to arrive later in
 November.
     Operations
     The Company has hired a number of employees, including a full-time
 Operations Manager with over 25 years of mining industry experience.
     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".
     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.