Search Minerals Inc. (TSXV:SMY) and Alterra Resources Inc. provided an update in regards to the REE properties in Labrador. Included in this property and exploration update was the status of the Company’s option and joint venture agreements. The Company also included the expected release date of a new Preliminary Economic Assessment for the Foxtrot REE Deposit in the update, along with plans for the 2013 field season exploration program.
As quoted in the press release:
- New Preliminary Economic Assessment due in Q1-2013 to evaluate open pit – underground scenario for the Foxtrot REE Deposit. Focus will be on the FT-3 high grade mineralized zone;
- All obligations of the B&A Minerals Option Agreement have been fulfilled to transfer 100% ownership of the claims covered by the B&A property to Search;
- Second year obligations (4 year agreement) for the Quinlan Option Agreement have been fulfilled; and
- Quest Rare Minerals has fulfilled the requirements of its earn-in agreement with Alterra to form a 50%/50% Joint Venture on Alterra’s Strange Lake Property.
Search Minerals Inc. President and CEO, Jim Clucas said:
Search continues to develop its REE properties in Labrador, including its flagship Foxtrot Deposit. The Company continues to operate under the mandate of the Special Committee to optimize value of its significant portfolio of assets.