Searchlight Minerals Corp. exercises option to acquire 100% of Clarkdale Slag Project
January 09 2007 - 9:00AM
PR Newswire (US)
HENDERSON, NV, Jan. 9 /PRNewswire-FirstCall/ -- Searchlight
Minerals Corp. (OTC BB: SRCH) (the "Company") announced today that,
pursuant to a previously announced Option Agreement with Verde
River Iron Company, LLC ("VRIC") dated November 22, 2006, it has
exercised its option to acquire all of the outstanding shares of
Transylvania International, Inc. ("TI"), a wholly-owned subsidiary
of VRIC that has title to the property underlying the Company's
Clarkdale Slag Project. Completion of the acquisition is subject to
the terms and conditions of the Option Agreement including receipt
by the Company of the financial statements required under
applicable securities rules, the consummation of the acquisition in
accordance with applicable tax laws and the Company's ability to
obtain additional financing to fund the acquisition. The Company
expects the acquisition to close on or before February 15, 2007. If
completed, the acquisition will provide Searchlight with a 100%
ownership in the Clarkdale Slag Project. Searchlight presently has
a joint venture with VRIC pursuant to which the Company can earn up
to a 50% interest in the Clarkdale Slag Project. The Company is
seeking to recover precious and base metals through the
reprocessing of slag material from a slag pile located in
Clarkdale, Arizona (the "Clarkdale Slag Project"). Additional
details of the Option Agreement were provided in a news release
issued by the Company, and Form 8-K filing with the SEC on November
28, 2006. "The exercise of our Option with Verde River Iron
Company, LLC represents an important step towards the Company's
goal of owning 100% of the Clarkdale Slag Project," stated Ian
McNeil, President and Chief Executive Officer of Searchlight
Minerals Corp., "Upon completion of the acquisition, we intend to
proceed with a program to bring the project into production on a
timely basis." About Searchlight Minerals Corp. Searchlight
Minerals Corp. is a dynamic mineral exploration company focused on
the acquisition and development of projects in the southwestern
United States. The Company is currently involved in two projects:
(1) the Clarkdale Slag Project, which seeks to recover precious and
base metals from the reprocessing of slag material produced from
the smelting of copper ores from former mines in the Jerome,
Arizona area; and (2) the Searchlight Gold Project, which involves
exploration for precious metals on mining claims near Searchlight,
Nevada. The Clarkdale Project is the more advanced of two ongoing
projects that the Company is pursuing. The Searchlight Gold Project
is an early-stage gold exploration endeavor on 3,200 acres located
approximately 50 miles south of Las Vegas, Nevada. Searchlight
Minerals Corp. is headquartered in Henderson, Nevada, and its
common stock is listed on the OTC Bulletin Board under the symbol
"SRCH". Forward-Looking Statements Statements in this news release
that are forward-looking statements are subject to various risks
and uncertainties concerning the specific factors disclosed under
the heading "Risk Factors" and elsewhere in the Company's periodic
filings with US securities regulators. When used in this news
release, the words such as "could," "plan", "estimate", "expect",
"intend", "may", "potential", "should", and similar expressions,
are forward-looking statements. The risk factors that could cause
actual results to differ from these forward-looking statements
include, but are not restricted to the Company's limited operating
history, uncertainties about the availability of additional
financing, geological or mechanical difficulties affecting the
Company's planned geological work programs, uncertainty of
estimates of mineralized material, operational risk, environmental
risk, financial risk, currency risk, dependence on joint venture
partners and other statements that are not historical facts as
disclosed under the heading "Risk Factors" and elsewhere in the
Company's periodic filings with securities regulators in the United
States. CONTACT: please visit the Company's website at
http://www.searchlightminerals.com/ or contact the Investors
Relations Department at: Ph: (702) 939-5247, Fax: (702) 939-5249,
email: DATASOURCE: Searchlight Minerals Corp. CONTACT: please visit
the Company's website at http://www.searchlightminerals.com/ or
contact the Investors Relations Department at: Ph: (702) 939-5247,
Fax: (702) 939-5249, email:
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