Search Minerals discovers the Ocean View HREE-Zr-Y-Nb Prospect in Port Hope Simpson REE district, SE Labrador

VANCOUVER, Nov. 21, 2011 /PRNewswire/ – Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc., are pleased to
announce the discovery of the Ocean View heavy REE (HREE)-Zr-Y-Nb prospect in the Port Hope Simpson REE district
in SE Labrador. Channel samples from this prospect reveal high
concentrations of HREE, Nb, Zr and Y.

Highlights:

        --  Channel samples from the Ocean View Prospect reveal Dy values
            from 291 - 891  ppm (Dy2O3from 334 - 1023 ppm);
        --  HREE/Total REE ranges up to 52.67% (HREE+Y/Total REE+Y ranges
            up to 68.21%);
        --  Nb values range from 2509 to 11669 ppm and Y values range from
            1385 to 3467 ppm and;
        --  An additional license, consisting of 102 claims has been staked
            in the area.

Search’s exploration team has discovered Ocean View, a new HREE-Nb-Y-Zr Prospect on the south-east coast of Labrador, near
Mary’s Harbour. The rare earth mineralization, consisting of
fergusonite, allanite and zircon, occurs in magnetite-amphibole bearing
granitic pegmatites.

Jim Clucas, President and CEO of Search Minerals stated: “This is the ninth REE prospect that the Company has announced in the
Port Hope Simpson REE Belt, after only two summers of exploration
activity. We are currently evaluating and awaiting additional
geochemical data from this summer’s program and anticipate making other
announcements in the near future.”

The Ocean View Prospect occurs in the Ocean View REE belt, which is currently 3 km long and 0.5
km wide. The prospect is within 500m of tide water, 12km from the deep
water port of Mary’s Harbour, and is 10km from Highway 513, an all
season gravel highway. The company has staked an additional license,
102 claims, to control this REE belt, which currently consists of 4
licenses and 156 claims. Exploration continues in this belt and
adjacent portions of the Port Hope Simpson REE District and will
include prospecting, additional sample collection, channel sampling and
geological mapping.

Table 1 below outlines assay data from 3 channels collected from the Ocean View Prospect. Analytical techniques, sample preparation and channel sampling
procedures are outlined in Search’s July 27, 2010 and September 8, 2010
news releases.

Channel Samples for Ocean View Prospect:

             Channel# OVSC-11-04 OVSC-11-04 OVSC-11-04 OVSC-11-05 OVSC-11-05 OVSC-11-08

             Interval 5.74-11.80 9.80-11.80 9.80-10.35 0.00-3.30  1.99-2.44  1.10-1.69
             (m)

             Length       6.06       2.00       0.55       3.30       0.45       0.59
             (m)

             Y              1640       2600       3291       1385       3467       2974

             Zr            18627      32795      38410      18685      44780       6743

             Nb             2509       4166       6082       3939       5117      11669

    LIGHTREE La              398        650        522        889       4010        390

             Ce              973       1578       1400       2073       9190       1215

             Pr              118        198        183        223        956        174

             Nd              404        708        705        705       2920        754

             Sm              132        234        272        182        662        346

    HEAVYREE Eu              4.6       8.05       9.48       5.64       18.1         26

             Gd              147        259        317        168        549        416

             Tb             41.3       71.4       91.3       38.6        118        114

             Dy              313        532        690        291        852        891

             Ho             72.4        122        158       64.4        180        206

             Er              233        386        507        201        529        647

             Tm             38.6       62.7       83.2       31.6       78.3        108

             Yb              257        417        550        205        478        699

             Lu             38.6       63.1       82.8       30.7       68.7       95.5

             LREE           2025       3367       3082       4071      17738       2879

             HREE           1144       1921       2489       1036       2871       3203

             HREE + Y       2784       4521       5780       2422       6338       6177

             TREE           3169       5287       5571       5108      20609       6081

             TREE + Y       4809       7888       8862       6493      24076       9055

             %HREE         36.11      36.33      44.70      20.29      13.90      52.67

             %HREE +       57.90      57.32      65.20      37.30      26.30      68.21
             Y

             Note:    All amounts parts per million (ppm). 10,000 ppm = 1% = 10
                      kg/tonne          

             REE      Rare Earth Elements: La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er,
                      Tm, Yb, Lu (Lanthanide Series).          

             TREE     Total Rare Earth Elements: Add La, Ce, Pr, Nd, Sm, Eu, Gd, Tb,
                      Dy, Ho, Er, Tm, Yb, Lu.          

             LREE     Light Rare Earth Elements: Add La, Ce, Pr, Nd, Sm.           

             HREE     Heavy Rare Earth Elements: Add Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb,
                      Lu.          

             Y        Y not included in HREE due to relatively low value compared to
                      most Lanthanide series HREE.          

             %HREE+Y  %(HREE+Y)/( TREE+Y)          

             %HREE    %( HREE/ TREE)          

Exploration Program Update

The Port Hope Simpson REE District is 135 km long and 4 – 12 km wide,
consists of 4326 claims in 86 licenses, and occupies 1081 square
kilometres. There are a total of 9 REE prospects in the District,
including: Rock Rolling Hill, Rattling Bog Hill, Piperstock Hill,
Southern Shore, Toots Cove, Pesky Hill, HighREE Island, Foxtrot and
Ocean View. The Foxtrot Prospect occurs in the Fox Harbour mineralized
belt. Piperstock Hill, Southern Shore, Toots Cove and Pesky Hill occur
in a 13 km mineralized zone known as the HighREE Hills. The Ocean View
Prospect occurs in a 3 km mineralized zone known as the Ocean View
mineralized belt. The Fox Harbour, Ocean View and HighREE Hills
mineralized zones are considered very prospective for both HREEs and
LREEs.

Qualified Person:

Dr. Randy Miller, Ph.D., P.Geo, is the Company’s Vice President
Exploration and Qualified Person for the purposes of NI 43-101. 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.

About Search Minerals:

Search Minerals Inc. (TSXV:SMY) is a TSX Venture Exchange listed
company, headquartered in Vancouver, B.C. Search is the discoverer of
the Port Hope Simpson REE District, a highly prospective light and
heavy REE belt located in southeast Labrador where the company controls
a dominant land position in a belt 135km long and up to 12km wide.  In
addition, Search has a number of other mineral prospects in its
portfolio located in Newfoundland and Labrador, including a number of
claims in the Strange Lake Complex, where Quest Rare Minerals has an
earn-in agreement with the Company; and at the Red Wine Complex, where
Great Western Minerals Group is in a joint-venture with the Company. 

Furthermore, Search Minerals is the owner of patents relating to the
Starved Acid Leaching Technology (“SALT”), a process with the potential
to aid in the recovery of certain metals.

Search Minerals is lead by a management team and board with a proven
track record in the mining industry. The Company has a team with deep
geological and metallurgical expertise lead by Dr. Randy Miller and Dr.
David Dreisinger.

All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility of the adequacy or accuracy of this release.

Cautionary Statement:

This news release contains forward-looking statements that are not
historical facts. Forward-looking statements involve risks,
uncertainties and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward- looking statements. Factors
that could cause actual results to differ materially from these
forward- looking statements include those risks set out in Search’s
public documents filed on SEDAR at www.sedar.com.  Although Search believes that the assumptions and factors used in
preparing the forward-looking statements are reasonable, undue reliance
should not be placed on these statements, which only apply as of the
date this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. Except where
required by law, Search disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

SOURCE Search Minerals Inc.