Business
Search Minerals owns 100% of Red Wine Complex Property with purchase of Great Western Minerals' working interest
VANCOUVER , June 29, 2015 /CNW/ -  Search Minerals Inc. ("Search" or the "Company") ...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\nVANCOUVER, June 29, 2015 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY), and its wholly-owned subsidiary, Alterra Resources Inc., are pleased to announce that the Company has purchased from Great Western Minerals Group Ltd. (\"GWMG\") its  interest in the Red Wine Complex Property (the \"Property\").  GWMG had acquired its interest in the Property pursuant to an option agreement between the Company and GWMG dated July 23, 2010.  Following this acquisition, Search now owns 100% of the Property.  The acquisition was completed pursuant to a Sale and Purchase Agreement whereby Search acquired GWMG's interest for payment of $20,000, which amount has been paid.   \n\nGreg Andrews, President states \"This purchase returns control of this property to the Company. The exploration work during 2010 and 2011 by Search and GWMG of over $ 4M, enables Search to maintain the key licenses with minimal work commitments until 2022.  The Company will continue to direct its focus on the development of the FOXTROT project and Deepwater Fox prospect, but is pleased to regain full control of the Red Wine Property.\" \n\nThe Red Wine REE Project currently consists of 8 licenses (297 claims) in central Labrador, about 110 km NE of Churchill Falls. The exploration work completed in 2010 and 2011 consisted of a comprehensive drilling, channeling and mapping program – nine CREE (Critical Rare Earth Element – Dy, Nd, Y, Tb) prospects were discovered on the Property.  The best results consisted of 13.07 m of channel from the Merlot Prospect averaging 504 ppm Dy, 71.5 ppm Tb, 3116 ppm Y and 2047 ppm Nd.\n\nQualified Person:\n\nDr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and is the Qualified Person (as defined by National Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein. The company will endeavour to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.\n\nAbout Search:\n\nSearch Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company focused on creating value through finding and developing \"critical rare earth element (CREE)\" mineral assets in Labrador –...