Search Minerals Phase III Drilling Increases Foxtrot REE Project Resource Estimate by 55% of Similar Grade

About this update from Search Minerals Inc.

[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Nov. 1, 2012 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc., are pleased to\n announce that Roscoe Postle Associates (RPA) have prepaed an updated\n mineral resource estimates for the Foxtrot Project in the Port Hope Simpson Rare Earth Element (REE) District in\n southeastern Labrador.\n\n\nHIGHLIGHTS\n\n\nA 270% increase in Indicated Resources, largely from extending the\n initial resource to depth.\n\n9,229,000 tonnes of Indicated Mineral Resources with a grade of 0.17%\n heavy rare earth elements (HREE+Y), equivalent to 0.21% heavy rare\n earth oxides (HREO+Y), and\n\n0.88% total rare earth elements (TREE+Y), equivalent to 1.07% heavy rare\n earth oxides (HREO+Y), including 189 ppm dysprosium (218 ppm Dy2O3) and 1,442 ppm neodymium  (1,687 Nd2O3).\n\n5,165,000 tonnes of Inferred Mineral Resources with a grade of 0.16%\n HREE+Y (0.20% HREO+Y) and 0.77% TREE+Y (0.93% TREO+Y), including 176\n ppm Dy (202 ppm Dy2O3) and 1,233 ppm Nd (1,442 Nd2O3).\n\nA continuous band of higher-grade mineralization, amenable to lower\n tonnage underground mining, containing a majority of the resources.\n\nA broader zone with larger tonnages of mineralization slightly lower in\n grade, and amenable to open pit mining.\n\nThe deposit remains open at depth along more than 500m of strike length.\n\n\nJim Clucas, President and CEO of Search Minerals, stated \"The latest RPA resource estimate reflects the results from all three\n successful drill programs at Foxtrot.  The significant increase in both\n size and quality of the resource gives us the flexibility to consider\n different production scenarios including a starter pit and a smaller\n high grade underground mine.  This case should result in significantly\n reduced capital costs and a faster payback as well as reducing the\n environmental footprint.\"\n\n\nMINERAL RESOURCE ESTIMATES\n\n\nThe resource estimate was carried out by Roscoe Postle Associates Inc.\n (RPA), and is an update on the initial resource estimate, dated Sep.\n 30, 2011. Table 1 provides a summary of the mineral resource inventory\n from the block model, using a reporting cutoff of 130 ppm Dy (150 ppm\n Dy2O3), the heavy rare earth element with the greatest in situ value at\n Foxtrot. This summary also re...

More updates from Search Minerals Inc.