[ad_1]
Vancouver, B.C. – 
Inc. (TSXV: SMY) (“Search”
or the “Company”) and USA Rare Earth, LLC (“USA Rare Earth”) are pleased to announce that USA Rare Earth, LLC purchased
9,000,000 units at $0.07 per unit for proceeds of $630,000 CDN in the Company’s
most recent financing that closed on March 11, 2021.
On November 10, 2020
Search and USA Rare Earth jointly announced a Technical Collaboration Framework
Agreement whereby the two companies would work on several initiatives.
USA Rare Earth is the funding and development partner of the Round Top Heavy
Rare Earth, Lithium and Critical Minerals Project in Hudspeth County, West
Texas, together with Texas Mineral Resources Corp. (OTCQB: TMRC) As part of Search’s and USA Rare Earth’s
development plans, the companies intend to expand the collaboration to include
discussions regarding separation, marketing and off-take of Search’s future
production. These discussions are in
line with Search’s ambition to be an important contributor to the development
of a North American Critical Material supply chain and USA Rare Earth’s
strategy of Mine-to-Magnet processing.
Search is focused on finding and developing
Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources
within the emerging Port Hope Simpson – St. Lewis CREE District of South East
Labrador. The Company controls a belt 63 km long and 2 km wide and is road
accessible, on tidewater, and located within 3 local communities. Search has
completed a 43-101 Preliminary Economic Assessment report for FOXTROT,
and a 43-101 resource estimate for DEEP FOX. Search is also working
on three significant exploration prospects along the belt which include: FOX
MEADOW, SILVER FOX and AWESOME FOX.
USA Rare Earth is
building an integrated Mine-to-Magnet supply chain as the development and
funding partner of the Round Top Mountain critical
minerals and heavy rare earth project in Hudspeth County, West Texas, the
owner of sintered rare earth magnet manufacturing equipment previously owned
and operated by Hitachi Metals in North Carolina, and the operator of a a rare
earth and critical minerals facility in Wheat Ridge, Colorado, which is
commissioning a pilot plant using Continuous Ion Exchange (CIX) extraction,
separation and recovery methods using feedstock from Round Top and other
non-Chinese sources.
Greg Andrews, President/CEO of Search, stated:
“We have already started a strong technical collaboration with USA Rare Earth
and are excited to deepen our relationship through this placement. This
collaboration is timely as we initiate our discussions with our government
funding partners to advance our project with the construction of a
demonstration plant in St. Lewis, Labrador.
We are excited to work with USA Rare Earth, as they build out their Mine
to Magnet strategy.”
Pini Althaus, CEO of USA
Rare Earth, said, “The U.S. and Canada continue to work closely under the U.S.
– Canada Joint Action Plan on Critical Mineral Collaboration originally
launched in January 2020. We are pleased to further strengthen the
collaboration between Search and USA Rare Earth, which is very much in
accordance with the objective set forth by President Biden in his recent
Executive Order. We also see collaboration between companies, particularly on
processing and marketing of materials, as an integral part of establishing a
secure critical minerals supply chain independent of China.”
Growth in rare earth markets is being driven by
rare earth (neo) magnets used in electric motors for electric vehicles and
generators in wind turbines. Neo magnets
used in these high-temperature applications use alloys including neodymium,
praseodymium, dysprosium, and terbium. Search has significant resources of
neodymium, praseodymium, dysprosium and terbium at FOXTROT and DEEP FOX, which
will be complimentary to the USA Rare Earth Round Top Mountain critical minerals and heavy rare earth
project, which has a high concentration of dysprosium and terbium as well as
neodymium and praseodymium.
For further information, please contact:
Greg
Andrews
President
and CEO
Tel:
604-998-3432
E-mail:
info@searchminerals.ca
Twitter:
@SearchMinerals
USA
Rare Earth, LLC
Pini
Althaus
Chief
Executive Officer
Email: pini@usare.com
Twitter:
@USARareEarth
About Search Minerals Inc.
Led by a proven management team
and board of directors, Search is focused on finding and developing Critical
Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within
the emerging Port Hope Simpson – St. Lewis CREE District of South East
Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and
located within 3 local communities. Search has completed a preliminary
economic assessment report for FOXTROT, and a resource estimate for DEEP
FOX. Search is also working on three exploration prospects along the belt
which include: FOX MEADOW, SILVER FOX and AWESOME FOX.
Search
has continued to optimize our patented Direct Extraction Process technology
with the generous support from the Department of Tourism, Culture, Industry and
Innovation, Government of Newfoundland and Labrador,(“InnovateNL”) and from the Atlantic
Canada Opportunity Agency (“ACOA”). We have completed two pilot plant operations
and produced
highly purified mixed rare earth carbonate concentrate and mixed REO
concentrate for separation and refining.
For more information about Search, visit www.searchminerals.ca.
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.
About
USA Rare Earth, LLC
USA Rare
Earth, LLC is earning and acquiring an 80% operating joint venture interest in,
and is the operator of, the Round Top Heavy Rare Earth and Critical Minerals
Project located in Hudspeth County, West Texas from Texas Mineral Resources
Corp. (TMRC: OTCQB). Round Top hosts a wide range of critical heavy rare earth
elements, high-tech metals, including lithium, zirconium, hafnium and
beryllium, and, based on the Preliminary Economic Assessment (dated August 16,
2019) projects a pre-tax net present value using a 10% discount rate of $1.56
billion based on a 20-year mine plan that is only 13% of the identified
measured, indicated and inferred resources. The PEA estimates an internal rate
of return of 70% and average annual net revenues of $395 million a year after
average royalties of $26 million a year payable to the State of Texas. Based on
the cost estimates set forth in the PEA, Round Top would be one of the
lowest-cost rare earth producers, and one of the lowest cost lithium producers
in the world. The Round Top Deposit hosts 16 of the 17 rare earth elements,
plus other high-value tech minerals (including lithium) and is well located to
serve the US internal demand. In excess of 60% of materials at Round Top will
be used directly in green or renewable energy technologies. Round Top contains
13 of the 35 minerals deemed “critical” by the Department of the Interior and
contains critical elements required by the United States, both for national
defense and industry. USA Rare Earth has also opened a rare earth and critical
minerals processing facility in Wheat Ridge, Colorado and in April 2020 USA
Rare Earth acquired the neodymium iron boron (NdFeB) permanent magnet manufacturing
equipment formerly owned and operated in North Carolina by Hitachi
Metals America, Ltd. For more
information about USA Rare Earth, visit www.usare.com
Cautionary
Statement Regarding “Forward-Looking” Statements:
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.. Actual future results may differ materially. 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. 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, the Company does not assume
any obligation to update the forward-looking statements of beliefs, opinions,
projections, or other factors, should they change.
[ad_2]