VANCOUVER, Jan. 9, 2015 /PRNewswire/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc. ("Alterra"), announce that Search has made the final payment under the option agreement with the Quinlans (see Search's News Release January 17, 2011) and acquired an undivided 100% interest in the Fox Harbour Claims.
The Vendors have retained a 1.5% NSR, of which the Company may purchase 1% at any time for $1,000,000.
The Fox Harbour property consist of three licences (016480M, 016620M & 017646M) totalling 48 claims (12 square kilometers or 1200 ha) and is located just east of the coastal community of St. Lewis (Fox Harbour). These licenses contain the most easterly portion of the Fox Harbour Volcanic Belt, which is the host of the Foxtrot REE Deposit. They are contiguous with claims held by Alterra, which occur west of St Lewis.
The final payment was comprised of $15,000 cash and 50,000 common shares of the Company. All shares issued are subject to a four month hold period which will expire on May 10, 2015.
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.
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 70 km long and up to 8 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).
All material information on the Company may be found on its website at 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.
SOURCE Search Minerals Inc.