VANCOUVER, Oct. 14, 2016 /CNW/ - Search Minerals
Inc. (TSXV: SMY) ("Search" or the "Company") is
pleased to announce the engagement of
Allnorth ("Allnorth") to commence the preparation of
registration documents (the "Documents") for both the
provincial and federal regulators (together, the
"Regulators"). Preparation of the Documents for each of the
Regulators will occur concurrently. The Documents will be prepared
to meet the respective submission requirements as outlined in the
"Guide to Preparing a Description of a Designated Project under the
Canadian Environmental Assessment Act, 2012," published by
the Canadian Environmental Assessment Agency, and "Environmental
Assessment... A Guide to the Process," published by the Government
of Newfoundland and Labrador, Department of Environment and
Climate Change.
Greg Andrews, President and CEO
of the Company states: "Search is very pleased to initiate this
very important process as we continue to advance the FOXTROT
project. These applications are the stepping stones to engage all
stakeholders in the FOXTROT project towards the development and
permitting stage. I would like to thank our shareholders and other
stakeholders, who have continued to support Search. We expect to
submit these applications by February
2017."
The following are the next steps of the environmental
process:
- Once the project description is submitted, the Regulators have
a 10 day period to review the document in order to determine if
there is sufficient information to make a decision whether an
environment assessment ("Environmental Assessment") is
required. At this time the Regulators could request a revised
project description submission containing the additional
information if they deem that insufficient information has been
provided.
- After the Regulators accept the project description, they have
a period of 45 calendar days to make a decision of whether an
Environmental Assessment is required. There is a 20-day period for
public comment within the 45-day period.
- If the Regulators determine that an environmental assessment is
required, they will post the decision on the Internet site of the
Canadian Environmental Assessment Registry. This sets the
Environmental Process in motion and begins the 365 day timeline for
the Regulators.
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 SE
Labrador. 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
"Deepwater Fox" and "Fox Meadow" as significant new CREE prospects
very similar and in close proximity to the FOXTROT discovery. While
the Company has identified more than 20 other prospects in the
District, its primary objective remains development of FOXTROT by
confirming proprietary processing technology at the pilot plant
level (in progress) and delineation of prospects that will ensure
competitive-low cost production 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.
All material information on the Company may be found on its
website at www.searchminerals.ca and on SEDAR at
www.sedar.com
About Allnorth
Allnorth is a Canadian based company
providing diversified engineering, environmental and technical
services. Allnorth offers a range of services that encompass all
phases of a mine's life cycle, including prefeasibility and
feasibility studies, environmental assessment and permitting,
detailed engineering of onsite and offsite infrastructure,
construction management and site closure and reclamation. Allnorth
has a strategic alliance with Nunacor Development Corporation
("Nunacor"), the business development arm of the NunatuKavut
Community Council in Labrador.
Working collaboratively with the NunatuKavut Community Council and
Nunacor on the FOXTROT Project, we will provide business
opportunities and benefits to the Southern Inuit of
NunatuKavut.
About CREE's
Identified as
Neodymium (Nd), Europium (Eu), Terbium (Tb), Dysprosium (Dy) and
Yttrium (Y) this valuable subset of the complete series of
seventeen rare earth elements is considered critical due to high
demand and/or constrained domestic supply. Containing unique
properties which enhance the performance of a range of innovative
technologies, CREE's are essential components in the development of
permanent magnets and a variety of other components used in
renewable energy, green technology automobiles, medical devices,
electronics and agricultural production.
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 for the adequacy or
accuracy of this release.
Cautionary Statement Regarding "Forward-Looking"
Information.
This news release includes certain "forward-looking information"
and "forward-looking statements" (collectively "forward-looking
statements") within the meaning of applicable Canadian and
United States securities
legislation including the United States Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical fact, included herein, without limitation,
statements relating the future operating or financial performance
of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results
"will", "may", "could", or "should" occur or be achieved.
Forward-looking statements in this news release relate to, among
other things the acceptance of the Documents by the Regulators.
There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by the respective parties, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors.
Such factors include, without limitation, the risk that the Company
is not able to adequately complete the Documents and the Regulators
may order an Environmental Assessment. Readers should not
place undue reliance on the forward-looking statements and
information contained in this news release concerning these
times. Except as required by law, Search does not assume any
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change, except
as required by law.
SOURCE Search Minerals Inc.