Searchlight Minerals Corp. raises $12.75 million through private placements and warrant exercises during January and February



Feb 11, 2008, 00:00 ET from Searchlight Minerals Corp.

    HENDERSON, NV, Feb. 11 /PRNewswire-FirstCall/ - Searchlight Minerals
 Corp. (OTC BB: SRCH) (the "Company"), announced today that it has closed
 two concurrent private placement offerings for aggregate gross proceeds of
 US$5,250,000 (the "Offerings"), details of which are described below. Along
 with the previously reported US$5,000,000 private placement and the
 approximately US$2,500,000 received from recent warrant exercises, the
 Company has received approximately US$12,750,000 during January and
 February, 2008.
     "We are delighted to announce the completion of these private
 placements and the warrant exercise, which will allow the Company to pursue
 its strategic objectives from a position of extraordinary financial
 strength," observed Ian McNeil, Chief Executive Officer of Searchlight
 Minerals Corp. "We now have approximately $18.5 million of cash and
 equivalents in the bank, with approximately $3.5 million allocated to the
 final capital expenditures required to complete our initial precious and
 base metals production module at the Clarkdale Slag Project. The remainder
 of the funds raised will be available as working capital and will provide
 us with significant financial flexibility in planning for additions to
 production capacity once the commercial feasibility of the first module has
 been confirmed. We also plan to allocate funds towards increasing our
 exploration efforts on the Searchlight Gold Project, including a planned
 drill program."
     The Offerings
     The first private placement (the "US Offering") raised gross proceeds
 of US$2,630,000 million through the sale of 1,643,750 Units at a price of
 $1.60 per Unit to accredited investors as defined in Regulation D of the
 Securities Act of 1933 (the "Securities Act"). Each Unit consisted of one
 share of the Company's common stock and one-half of one warrant, with each
 whole warrant entitling the holder to purchase one additional share of
 common stock at a price of $2.40 per share for a period of two years from
 the date of issuance. No commissions were paid to agents as part of the US
     The second private placement (the "Foreign Offering") raised gross
 proceeds of US$2,620,000 million through the sale of 1,637,500 Units at a
 price of $1.60 per Unit to non-US persons as contemplated under Regulation
 S of the Securities Act. The Foreign Offering was completed on the same
 terms as the US Offering. Commissions of 80,000 shares of the Company's
 stock were paid to three agents as part of the Foreign Offering.
     In addition to the US and Foreign Offerings, the Company had previously
 closed a US$5,000,000 private placement, as reported on Form 8-K on January
 3, 2008.
     Warrant Exercise
     The Company also announced that it has issued an aggregate of 3,890,000
 shares of common stock upon the exercise of 100% of the warrants that were
 issued by the Company in January 2006 and not previously exercised. The
 warrant exercise provided the Company with gross proceeds of approximately
 $2.5 million. Further details on the warrant exercise can be found in the
 Form 8-K filed by the Company with the SEC on February 5, 2008.
     Clarkdale Slag Project Update
     The most critical grinding equipment, along with the filtration and ion
 exchange units, have now been placed into the building that will house the
 first production module, which will consist of a full-scale production and
 processing circuit that is expected to be able to process between 100 and
 250 tons of slag material per day. Building construction/refurbishment is
 largely complete, and the majority of the remaining work involves the
 plumbing and electrical infrastructure required to connect all of the
 equipment that comprises the integrated production module. Based upon
 information currently available to management, it now appears that the
 production module will commence operating in mid-April 2008.
     "We are fast approaching an exciting juncture in the evolution of
 Searchlight Minerals Corp.," continued McNeil. "While start-up of the
 initial production module has been slightly delayed, relative to our
 initial schedule, by long lead times involved in the procurement of certain
 equipment, we anticipate a functioning module by the end of April. Our
 plans still call for independent engineers to be underway with their
 feasibility work this summer. Independent confirmation of feasibility will
 lay the groundwork for expansion to the currently permitted 2,000
 ton-per-day commercial production facility at Clarkdale, and our recent
 private placements and warrant exercise will expand our options regarding
 the financing of such expansion."
     About Searchlight Minerals Corp.
     Searchlight Minerals Corp. is a dynamic mineral 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, Arizona, 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". Additional information is available on the Company's website at
     This news release does not constitute an offer to sell or a
 solicitation of an offer to buy any of the Company's securities. The
 securities sold under the abovementioned Offerings have not been registered
 under the United States Securities Act of 1933, as amended and may not be
 offered or sold within the United States or to U.S. persons unless an
 exemption from such registration is available.
     Forward-Looking Statements
     This Press Release may contain, in addition to historical information,
 forward-looking statements. 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 or other 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" and elsewhere in the
 Company's periodic filings with securities regulators in the United States.
 Consequently, risk factors including, but not limited to the
 aforementioned, may result in significant delays to the projected or
 anticipated production target dates.
     CONTACT: Carl Ager, Vice President, at (702) 939-5247, or via email at

SOURCE Searchlight Minerals Corp.