Business
Search Minerals Inc. Receives $606,000 R&D Funding Towards an $800,000 Pilot Plant Optimization Program
VANCOUVER, British Columbia, Nov. 28, 2018 (GLOBE NEWSWIRE) -- (TSXV: SMY) Search Minerals Inc. (“Search” or the “Company”) is pleased to announce it will recei
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 28, 2018 (GLOBE NEWSWIRE) -- (TSXV: SMY) Search Minerals Inc. (“Search” or the “Company”) is pleased to announce it will receive further research and development (“R&D”) funding totaling $606,537 from the Department of Tourism, Culture, Industry and Innovation (“TCII”) and from the Atlantic Canada Opportunities Agency (“ACOA”) to assist in the refinement and optimization of the Search Minerals Direct Extraction Process. The Direct Extraction Process was the subject of a successful pilot plant program, which was completed in August 2017. The program will further enhance the technology with a focus on equipment design and reliability, impurity management within the rare earth recovery process and improved final product quality. Search will receive $306,537 towards the project from TCII and will receive a $300,000 conditionally repayable contribution from ACOA. Search will contribute an additional $165,000. The total Project cost is approximately $806,000. Greg Andrews, President/CEO comments, “We are very pleased to have the support of both the Government of Newfoundland and Labrador, through the Department of Tourism, Culture, Industry and Innovation, and of the federal government, through ACOA, to provide $606,537 R&D funding for this $806,000 project. TCII and ACOA have provided funding to Search from our first bench scale testing in 2014 to our completion of the $1,900,000 pilot plant testing program in 2017. Our successful collaboration with TCII and ACOA has allowed Search to continue to advance our Critical Rare Earth Project in SE Labrador. The information and data gathered from this pilot plant will be instrumental in the design of the processing facility required to produce our 99% high purity mixed rare earth oxide concentrate. The Search project focuses on the key elements used in the permanent magnet market, poised to grow with the global electrification of modern transportation infrastructure being led by rapidly expanded manufacturing of electric/hybrid vehicles.” “The Government of Canada understands that innovation is fueled by new ideas and approaches that help grow our economy, create good jobs and improve the quality of life for all Canadians,” said the Honourable Navdeep Bains, Minister of Innovation, ...