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Search Minerals Inc. Announces Sale of Strange Lake Claims to Quest Rare Minerals Ltd.
Search Minerals Inc. Announces Sale of Strange Lake Claims to Quest Rare Minerals Ltd. ...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\nSearch Minerals Inc. Announces Sale of Strange Lake Claims to Quest Rare Minerals Ltd.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSearch Minerals Inc. Announces Sale of Strange Lake Claims to Quest Rare Minerals Ltd.\nCanada NewsWire\nVANCOUVER, Sept. 17, 2015\n\n\n\nVANCOUVER, Sept. 17, 2015 /CNW/ - (TSXV: SMY) Search Minerals Inc. (\"Search\" or the \"Company\") and its wholly-owned subsidiary, Alterra Resources Inc. (\"Alterra\"), are pleased to announce that Search has sold its 50% ownership interest in the 30 mining claims comprising the Alterra-Strange Lake Property (\"the Property\") to Quest Rare Minerals Ltd. (TSXV: QRM) (\"Quest\"). Quest has already held a 50% ownership therein, and is now the sole owner of the Property.\n\nQuest acquired the remaining 50% in the Property pursuant to a Purchase and Sale Agreement (the \"Agreement\") dated September 17, 2015.  As set out in the Agreement, Quest will issue to Search, 1,500,000 common shares (\"Shares\") of Quest in consideration for the acquisition of Search's 50% ownership in the Property.  \n\nGreg Andrews, President, states \"Our strategy to divest this non-core asset, allows Search to focus on our 100% owned \"critical rare earth element (\"CREE\")\" mineral assets in Labrador: the Port Hope Simpson CREE District which contains the flagship FOXTROT Project and Deepwater Fox prospect, Henley Harbour District, and the recently acquired Red Wine Complex.\"\n\nAbout Search\n\nSearch is a TSX Venture Exchange-listed company focused on creating value through finding and developing \"critical rare earth element (\"CREE\")\" mineral assets in Labrador. CREEs (Nd, Eu, Tb, Dy, Y) have growing demand, constrained or restricted supply and are commonly used in innovative technologies.\n\nSearch is the discoverer of the Port Hope Simpson CREE District, a highly prospective CREE belt located in southeast Labrador, where the Company controls a belt 70 km long and up to 8 km wide. Search owns 100% of the advanced CREE resource called the Foxtrot Project (\"Foxtrot\"), and a recently...