– CANADA, Vancouver – Search Minerals Inc. (TSXV:SMY) is pleased to announce the recent changes to its board of directors, officers and committees, the agreement for market-making services, and expiration of marketing and consulting agreement.
Board of Director and Officer changes
At the Annual General Meeting, Greg Andrews, President and Chief Executive Officer was newly elected as a Director, along with the existing directors, Jim Clucas, James Patterson, David Dreisinger, Roberto Giannetti da Fonseca and Leo Power. Search also appointed the following officers for the ensuing year. Jim Clucas, Executive Chairman, Greg Andrews, President and Chief Executive Officer, Matthew Anderson, Chief Financial Officer, Dr. Randy Miller, VP of Exploration, and Dr. David Dreisinger, VP of Metallurgy. Barry Girling has resigned as Corporate Secretary, due to time constraints, but was appointed to the Search advisory board.
Committee Appointments
The Audit committee for the ensuring year will consist of the following board members: Leo Power, Jim Clucas, and James Patterson.
The Compensation and Nominating Committee will consist of the following board members: Leo Power, James Patterson, and Roberto Giannetti da Fonseca.
Retains Market-Making Services
Search Minerals has, subject to regulatory approval, retained Venture Liquidity Providers Inc. (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the Company has agreed to pay $ 5,000.00 per month for a period of 12 months. The agreement may be terminated at any time by Search or VLP. The Company and VLP act at arm’s length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the Company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
Expiry of Marketing and Consulting Agreement
The marketing and consulting agreement between the Company and NAI Interactive expired on March 31, 2017.
About Search Minerals Inc.
Led by a proven management team and board of directors, Search is focused on finding and developing resources within the emerging Port Hope Simpson Critical Rare Earth Element (“CREE”) District of South East Labrador (the “District”). The Company controls a belt 70 km long and 8 km wide including its 100% interest in the FOXTROT Project which is road accessible and at tidewater. Exploration efforts have advanced “Deep Fox” and “Fox Meadow” as significant new CREE prospects very similar and in close proximity to the original FOXTROT discovery. While the Company has identified more than 20 other prospects in the District, its primary near-term objective remains development of the FOXTROT deposit. With proprietary processing technology now demonstrated at the pilot plant level and ongoing delineation of additional prospects, the Company’s long-term goal is to ensure competitive-low cost production well beyond the 14-year mine life contemplated in the preliminary economic assessment of FOXTROT completed in April 2016. The FOXTROT Project has a low capital cost to bring the initial project into production ($152 M), a short payback period and is scalable due to Search’s proprietary processing technology. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment includes the results of an economic analysis of mineral resources. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
For more information : http://www.searchminerals.ca
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