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Search Minerals Acknowledges Junior Exploration Assistance From Government of Newfoundland and Labrador and Provides Corporate Update
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About this update from Search Minerals Inc.
[{"type":"text","content":" Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to acknowledge receipt of a grant of $95,664.53 from the Province of Newfoundland and Labrador towards exploration work completed in 2018 on the Company’s Critical Rare Earth Element (CREE) claims located near the communities of St. Lewis and Port Hope Simpson in Southeastern Labrador. Greg Andrews, President and CEO of Search Minerals states, “Search is very appreciative of the Junior Exploration Assistance Program (“JEA”) funds granted by the Province of Newfoundland and Labrador Department of Natural Resources, which allowed us to hire local personnel and continue to explore and advance the Port Hope Simpson Critical Rare Earth Element District (the “District”) in 2018. The Company controls a belt 70 km long and 8 km wide and there are still 20 showings within this belt to be further assessed. The 2018 field season funding allowed our geologists to keep prospective exploration licenses in good standing, and more importantly, allowed Search to complete the very successful Phase 1 and Phase 2 drill program at our Deep Fox prospect.” Rights Offering On May 2, 2019, the Company announced a Rights Offering (the “Offering”) to raise $1,366,055. InCoR Holdings PLC are providing a back stop or guarantee to ensure the full amount is raised. The closing date for the Rights Offering is June 14, 2019. The Rights Notice and Offering is available on our website (www.searchminerals.ca) and on SEDAR. Shareholders will also be receiving information via mail or directly from their brokerage agents with instructions as to how to participate in the Offering. Greg Andrews states, “We are very fortunate to have the support of our strategic investor, InCoR Holdings, to guarantee the success of the Rights Offering. We also encourage all our shareholders to read the Rights Offering material to make an informed decision.” Deep Fox Project The Phase 1 DEEP FOX Drill Program consisted of a total of 15 holes (3 in 2017 and 12 in 2018) to sample CREE mineralization at the 50m (10 holes) and 100m (5 holes...