Business
Search Minerals Announces New Strategic Direction
TORONTO , Oct. 17, 2013 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TS...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\nTORONTO, Oct. 17, 2013 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) is pleased to provide the following corporate and strategic\n update.\n\n\nTo date, Search has been focused on two lines of business: mineral\n exploration and development of rare earth element (\"REE\") projects in Newfoundland and Labrador; and research and development\n of the Starved Acid Leach Technology (\"SALT\").  It is the strong belief of the management and Board of Search that,\n considering both current market conditions and Search's own core\n strengths, a strategic refocusing of the Company is required.\n\n\nSearch has realigned its corporate strategy to focus on critical\n metals—which includes REE—with strong market fundamentals and with\n increasing use in innovative technologies.  The Company's new corporate\n strategy centers on creating value through finding and developing metal\n assets with strong growing demand and constrained or restricted\n supply. As such, the Company is currently actively pursuing\n opportunities and partnerships in critical metals, including, but not\n limited to, tin, tungsten, dysprosium and neodymium, prioritizing\n projects that can be partnered, funded and developed in a relatively\n short period of time, in strategic, friendly jurisdictions.\n\n\nDue to its strong market fundamentals, Search has selected tin to be its\n first critical metal to focus upon. Tin prices have risen from US$4,000\n per tonne in 2002 to US$22,000 per tonne in 2013, on the back of strong\n new demand and supply constraints from existing mines, and a limited\n pipeline of upcoming projects.\n\n\nSearch's first priority over the next several months is to add assets\n that are in the development stage and at or near cash flow. On August\n 20, 2013, the Company announced that it had signed two non-binding\n letters of intent (\"LOIs\"), with Mineração São Francisco de Assis Ltd. (\"MSFA\") and Carlos Mena Resources Ltd. (\"CMR\"), two privately held companies, each dedicated to the development and\n operation of tin assets in Brazil. The LOIs outline the general terms\n and conditions pursuant to which Search, MSFA and CMR would be willing\n to complete one or more transactions resulting in a combination of\n their respective business operations (the \"Transaction...