Searchlight Announces Debt Conversion

VANCOUVER, BC / ACCESSWIRE /, April 8, 2021 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK:CNYCF)(FSE:2CC2) is pleased to announce that arms' length creditors of the Company have agreed to accept 1,083,333 common shares in lieu of cash to settle $97,500 in outstanding liabilities. The common shares will be issued at $0.09 per share.

The conversions are subject to TSXV approval, and if obtained Closing will take place immediately thereafter.

About Searchlight Resources Inc.

Searchlight Resources Inc. (TSXV:SCLT, US:CNYCF, FSE:2CC2) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Exploration focus is on gold and battery minerals throughout the Province, concentrating on projects with road access.

Searchlight holds a 427.6 square kilometre land position within the gold and base metal rich Flin Flon - Snow Lake Greenstone Belt. The Company is currently advancing its Bootleg Lake Gold Project located in Saskatchewan, less than 10 km from Flin Flon, Manitoba, and which hosts four past producing high-grade gold mines.

On behalf of the Board of Directors,

"Stephen Wallace"
Stephen Wallace, President, CEO and Director

Searchlight Resources Inc.

For further information, visit the Company's website at www.searchlightresources.com or contact:

Searchlight Resources Inc.
Alf Stewart, VP Corporate Development
(604) 331-9326
info@searchlightresources.com

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: Searchlight Resources Inc.



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Searchlight Resources

Searchlight Resources

Overview

Searchlight Resources Inc. (TSXV:SCLT, US:CNYCF, Frankfurt Bourse:2CC2) is a resource exploration company with a growing portfolio of high-quality, advanced-stage exploration projects close to existing infrastructure in Canada’s premiere mining jurisdiction, Saskatchewan

Searchlight’s primary project, Bootleg Lake, is a high grade gold project near the mining center of Flin Flon. Four small scale mines have produced high grade gold from this 54 square kilometer property. The property covers two large scale exploration targets, a major shear zone prospective for gold and a belt of volcanic rocks prospective for VMS copper-zinc-gold deposits. Bootleg Lake is just five kilometers from Flin Flon, Manitoba—home to Hudbay’s 777 underground copper-zinc-gold-silver mine, mill and smelter complex. The 777 mine lies within the prolific Flin Flon-Snow Lake Greenstone Belt. With the closure of the 777 mine slated for 2022, HudBay is exploring the region for more ore feed.

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High Grade Gold in Canada’s Premiere Mining Jurisdiction, Saskatchewan

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