Business
Search Minerals Inc. named as defendant in lawsuit by former officers
VANCOUVER , July 24, 2015 /CNW/ -  (TSXV: SMY) Search Minerals Inc. (" Search " o...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\nVANCOUVER, July 24, 2015 /CNW/ - (TSXV: SMY) Search Minerals Inc. (\"Search\" or the \"Company\") announces today that it has been named as a defendant in a lawsuit commenced in the Ontario Superior Court of Justice by two former officers of the Company, Stephen Keith and Alexandre Penha, in relation to an alleged defamatory news release issued by the Company in 2014 and the payment of compensation and expenses. The Company believes that it has meritorious defences and set-offs to the claims and intends to vigorously defend the action.\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 announced Foxtrot-like prospect called \"Deepwater Fox\". In addition, the Company has identified more than 20 other Foxtrot-like prospects in the District. The primary focus of Search is to continue to advance the Foxtrot resource, while evaluating other Foxtrot-like prospects. Several of the Foxtrot-like prospects require exploration drilling programs and may provide additional resources to a central processing facility that would be situated within the District.\n\nIn addition, Search holds a number of other CREE mineral prospects in Labrador in its portfolio, including claims: in the Red Wine Complex; in the Henley Harbour area and in the Strange Lake Complex (where Quest Rare Minerals has a Joint Venture with Search) .\n\nSearch Minerals is led by a Management Team and Board of Directors with proven track records in the mining industry. The Company also has experienced geological and metallurgical teams led by Dr. Randy Miller and Dr. David Dreisinger respectively.\n\nAll material information on the Company may be found on its website at searchminerals.ca and on SEDAR at sedar.com.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that ter...