December 17, 2020 (Source) — Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”), is pleased to announce that the Company has purchased property in St. Lewis, Labrador, for a purchase price of $ 210,000. The property is approximately 9180 square meters, which contains our 848 square meter building which is used for our accommodations, kitchen, office, material handling, core sorting and core shack. Search has been leasing this property since 2016 and we would like to thank the estate of Raymond Saunders for completing this transaction with Search Minerals. Search will make this our Newfoundland and Labrador office, as we continue to develop our Critical Rare Earth Element (“CREE”) District in SE Labrador.
Greg Andrews, President/CEO stated: “We are extremely happy to call this our home, as it was renovated with the hard work by the late Ray Saunders, and we are proud to continue his legacy with this property.”
The building was financed by way of a one year short term loan which carries a 2% monthly interest charge and repayable at anytime. There is a minimum of 6 months interest payable and the lenders are arm’s length to the Company.
About Search Minerals Inc.
Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT, and a resource estimate for DEEP FOX. Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX.
Search has continued to optimize our patented Direct Extraction Process technology with the generous support from the Department of Tourism, Culture, Industry and Innovation, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining.
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President and CEO
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