VANCOUVER, BRITISH COLUMBIA--(May 27, 2011) - Search Minerals Inc. ("Search" or the "Company") (TSX VENTURE:SMY) is pleased to announce that it has appointed Investor Relations Services Inc. ("IR.INC") and its Principal, Joanne C. Jobin, to provide investor relations services to the Company pursuant to a consulting agreement (the "Agreement") effective May 26, 2011. The Agreement is subject to the approval of the TSX Venture Exchange.
IR.INC. is a Toronto based firm and its Principal has over 20 years of experience in the industry. Both IR.INC. and Ms. Jobin are arm's length to the Company. Ms. Jobin has worked in the natural resources sector and managed the investor relations, corporate affairs and communications programs for a number of publicly trading companies including J.P. Morgan & Co. (Canada), Canadian Tire Corporation, and HEPCOE Credit Union. From 1996 to 2002, Ms. Jobin was Director of Investor Relations for IAMGOLD Corporation. Most recently, Ms. Jobin was Vice President of Corporate Communications for Noront Resources Ltd.
Pursuant to the Agreement, IR.INC will, among other things, attend weekly meetings with key executives and/or directors in order to develop a marketing and investor relations plan; introduce key executives and directors to a broad spectrum of investors across Canada and the US; and arrange road shows and conference participation, and conduct site visits.
The Agreement between the Company and IR.INC is for a term of one year. The Agreement may be terminated by either party upon 60 days notice. IR.INC will be paid a monthly fee of $4,000 plus taxes for providing its services to the Company, which is payable on the first day of each month, and the Company will grant to IR.INC. 50,000 stock options (the "Stock Options") exercisable at $0.48 on or before May 26, 2016, subject to the terms and conditions of the Company's stock option plan. The Company will also pay IR.INC a flat fee of $2,500 to $3,000 plus expenses for attending conferences and $850 per day plus expenses for attending road shows, annual meetings, site visits and analyst/investor days. The Company will pay IR.INC its compensation from working capital.
IR.INC does not currently have any interest, directly or indirectly, in the Company or its securities. Other than pursuant to the Stock Options, neither IR.INC. nor its Principal has any right or intent to acquire any interest, directly or indirectly, in the Company or its securities. IR.INC does not intend to undertake any market-making activities.
About Search Minerals Inc.
Search Minerals Inc. (TSX VENTURE:SMY) is a TSX Venture Exchange listed company, headquartered in Vancouver, BC. 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 135km long and up to 12km wide. In addition, Search has a number of other mineral prospects in its portfolio located in Newfoundland and Labrador, including a number of claims in the Strange Lake Complex, where Quest Rare Minerals has an earn-in agreement with the Company; and at the Red Wine Complex, where Great Western Minerals Group has an earn-in agreement with the Company.
Furthermore, Search Minerals is the owner of patents relating to the Starved Acid Leaching Technology ("SALT"), a process with the potential to aid in the recovery of certain metals.
Search Minerals is lead by a management team and board with a proven track record in the mining industry. The Company has a team with deep geological and metallurgical expertise lead by Dr. Randy Miller and Dr. David Dreisinger. The Company is well-funded and has an aggressive exploration program planned for the reminder of 2011.
All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at www.sedar.com.
This news release contains forward-looking statements 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. Factors that could cause actual results to differ materially from these forward-looking statements include those 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 disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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.
Search Minerals Inc.
President and CEO