Current Report Filing (8-k)
March 10 2015 - 2:27PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
March 10, 2015
SEARCHLIGHT
MINERALS CORP.
(Exact Name of Registrant as Specified in
Its Charter)
Nevada
(State or Other Jurisdiction of Incorporation)
000-30995 |
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98-0232244 |
(Commission File Number) |
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(IRS Employer Identification No.) |
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2360 W. Horizon Ridge Pkwy, Suite #100, Henderson, Nevada |
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89052 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(702) 939-5247 |
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(Registrant's Telephone Number, Including Area Code) |
|
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 Regulation FD Disclosure.
Press Release
On March 10, 2015, the Company issued a
press release, which is attached hereto as Exhibit 99.1. The information contained in the press release attached hereto is being
furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any registration
statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly
set forth by specific reference in such filing. By filing this report on Form 8-K and furnishing this information, the Company
makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of
Regulation FD.
Item 9.01 Financial
Statements and Exhibits.
Exhibit 99.1
Press Release, dated March 10, 2015, issued by Searchlight Minerals Corp.
SIGNATURE
Pursuant to the requirements of the Exchange
Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: March 10, 2015
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SEARCHLIGHT MINERALS CORP. |
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By: |
/s/ Martin B. Oring |
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Martin B. Oring
President |
SEARCHLIGHT MINERALS CORP. PROVIDES UPDATE
ON ITS CLARKDALE SLAG PROJECT
HENDERSON, Nevada (March 10, 2015) -- Searchlight Minerals
Corp. (OTCBB: SRCH) (“Searchlight” or the “Company”) today provided an update on its Clarkdale Slag Project
as it continues its autoclave testing and optimization of gold recovery and moves towards commercial operation and project feasibility.
Current Work Program
The Company is currently working on all the following key steps
in an effort to move expeditiously towards commercial operation:
| 1. | Pre-treatment: Optimization of the thermal pre-treatment
of the slag prior to autoclaving is well underway resulting in lowering the required operating parameters and thereby lowering
the expected unit operation cost while still producing a high quality iron product. The Company believes it has optimized the
flux formulation for the thermal pre-treatment, resulting in reducing the flux required by approximately 50%. This has the net
effect of doubling the capacity of the autoclave and cutting the per-ton melting cost significantly. The Company has recently
completed multiple thermal pretreatment tests using the new flux chemistry. These tests have consistently yielded .47 ounces per
ton gold (or greater) contained in the glass with less than 2% of the gold reporting to the iron product. The iron product produced
has been consistently greater than 90% pure iron. |
As a potentially lower cost alternative to the thermal
pretreatment used thus far, the Company has also contacted a major international iron and steel producer regarding use of their
patented commercial technology used in direct reduction of iron. The producer has agreed to perform a series of bench tests with
its technology, to determine such technology’s applicability. The Company is currently reviewing the producer’s proposal
and these tests are expected to begin within the next few weeks.
| 2. | Optimization Testing: The Company has begun testing of the bench and pilot scale
autoclave to determine optimum operating conditions with regard to best ratio of solids to liquid in the autoclave and ideal
contact time. Once this testing is completed, the results will be used for the design of the autoclave. The Company has also
ordered certain required components to switch from using chlorine reagents to chlorine gas. The Company believes that this
will not only significantly lower supply costs on the commercial unit but will eliminate the potential problems of
salt formation in the autoclave which plugged the autoclave discharge in one of the four last pilot scale autoclave runs. The
Company anticipates that this will also simplify and increase recovery of gold from the Pregnant Leach Solution
(PLS). |
| 3. | Vendor Estimates: The Company is obtaining cost
estimates from various commercial vendors on all of the major equipment components (thermal pre-treatment, HPGR, tower mill, autoclave,
etc.) in an effort to tighten projections for its various business plan scenarios moving forward. |
| 4. | Personnel: The Company is starting to hire
additional personnel skilled in crushing, site design and autoclave design and operation. Although final site design and construction
will be bid to a qualified and experienced engineering, procurement and construction management (EPCM) contractor, the Company’s
additional personnel are necessary to complete the preliminary design and equipment specifications to provide to prospective construction
contractors as part of the bid package as well as oversee the chosen EPCM’s work going forward. |
Martin Oring, CEO of Searchlight Minerals Corp., noted “I
am pleased that we are making progress on our autoclave testing and optimization of gold recovery as we move towards project feasibility
and commercial operation.” Mr. Oring continued, “In the coming months, the Board of Directors and I will be analyzing
the progress and recommendations from our technical team, as well as our capital requirements, in order to move as efficiently
and expeditiously towards finalizing the projects feasibility.” In addition, I anticipate issuing periodic status reports
on the Company’s progress.”
About Searchlight Minerals Corp.
Searchlight is an exploration stage company
engaged in the acquisition and exploration of mineral properties and slag reprocessing projects. The Company holds interest in
the Clarkdale Slag Project, located in Clarkdale, Arizona, which is a reclamation project to recover precious and base metals from
the reprocessing of slag produced from the smelting of copper ore mined at the United Verde Copper Mine in Jerome, Arizona. Searchlight
is headquartered in Henderson, Nevada, and its common stock is listed on the OTC Bulletin Board under the symbol “SRCH.”
Additional information is available on the Company's website at www.searchlightminerals.com and in the Company’s filings
with the U.S. Securities and Exchange Commission.
Forward-Looking Statements
This Press Release may contain, in addition
to historical information, forward-looking statements. Statements in this Press Release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors”
in the Company’s periodic filings with the U.S. Securities and Exchange Commission. When used in this Press Release in discussing
the recent developments on the Company’s mineral projects, including, without limitation, the resolution of certain issues
relating to the operation of production modules, the words such as “believe,” “could,” “may,”
“expect” and similar expressions are forward-looking statements. The risk factors that could cause actual results to
differ from these forward-looking statements include, but are not restricted to technical issues with the mineral projects that
may affect production modules and primary process components, challenges in moving from pilot plant scale to production scale,
the risk that actual recoveries of base and precious metals or other minerals re-processed from the slag material at the Clarkdale
site will not be economically feasible, uncertainty of estimates of mineralized material, operational risk, the Company’s
limited operating history, uncertainties about the availability of additional financing, geological or mechanical difficulties
affecting the Company’s planned mineral recovery programs, the risk that actual capital costs, operating costs and economic
returns may differ significantly from the Company’s estimates and uncertainty whether the results from the Company’s
feasibility studies are sufficiently positive for the Company to proceed with the construction of its processing facility, operational
risk, the impact of governmental and environmental regulation, financial risk, currency risk volatility in the prices of precious
metals and other statements that are not historical facts as disclosed under the heading “Risk Factors” in the Company’s
periodic filings with the U.S. Securities and Exchange Commission. Consequently, risk factors including, but not limited to the
aforementioned, may result in significant delays to the projected or anticipated production target dates.
Contact Information:
RJ Falkner & Company, Inc., Investor Relations Counsel at
(800) 377-9893 or via email at info@rjfalkner.com
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