TORONTO, July 28, 2014 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) announced today that its Board of Directors (the "Board") has accepted the resignations of its President and Chief Executive
Officer ("CEO"), Mr. Stephen Keith, and Executive Vice President, Corporate
Development, Mr. Alex Penha, effective July 28, 2014. Mr. Keith's and
Mr. Penha's resignations follow the Company's decision to restructure
its corporate strategy to focus on its world class Foxtrot Project ("Foxtrot" or the "Project"), located in the Port Hope Simpson Rare Earth Element District in SE
Labrador. The Board has also accepted Mr. Keith's and Mr. Penha's
resignations as Directors of the Company.
The Board has appointed the Chairman of Search Minerals, Mr. James (Jim)
Clucas, to replace Mr. Keith as interim President & CEO. Mr. Clucas
will retain his position as Chairman and a Director of the Company. Mr.
Clucas was the President and Chief Executive Officer of Search from
September 2009 until April 2013. He has over 30 years of experience and
expertise in mining exploration and has been involved in the
development of several mineral deposits, including the Snow Lake Mine
(High River Gold Mines), Montana Tunnels (Pegasus Mining), and the
Fenix Project (HudBay Minerals Inc.). Mr. Clucas was the founder of
International Nickel Ventures Inc. which acquired and developed the
Santa Fe/Ipora Nickel Laterite deposit in Brazil.
On his appointment, Mr. Clucas stated, "The entire Board joins me in
thanking Stephen and Alex for their tireless efforts and wishes them
the best for the future. I am pleased to be returning to my role as
interim President & CEO of Search and to continue to bring Foxtrot, our
flagship project with a positive and robust PEA and a relatively low
capex, into development".
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
All material information on the Company may be found on its website at
www.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.
Cautionary Statement Regarding Forward-Looking Information:
This news release includes certain "forward-looking statements" under
applicable Canadian securities legislation that are not historical
facts. Forward-looking statements involve risks, uncertainties, and
other factors that could cause actual results, performance, prospects,
and opportunities to differ materially from those expressed or implied
by such forward-looking statements Forward-looking statements are
necessarily based on a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties and other factors which may cause actual results and
future events to differ materially from those expressed or implied by
such forward-looking statements. Such factors include, but are not
limited to: general business, economic and social uncertainties;
litigation, legislative, environmental and other judicial, regulatory,
political and competitive developments; and those additional risks set
out in Search's public documents filed on SEDAR at www.sedar.com. Although Search believes that the assumptions and factors used in
preparing the forward-looking statements are reasonable, undue reliance
should not be placed on these statements, which only apply as of the
date this news release and no assurance can be given that such events
will occur in the disclosed time frames or at all. Except where
required by law, Search disclaim any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
SOURCE Search Minerals Inc.