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Last updated on April 17, 2014 at 1:21 EDT

Search Minerals Phase III Drilling Extends Mineralization to 450m at the Foxtrot REE-Zr-Y-Nb Project

April 27, 2012

VANCOUVER, April 27, 2012 /PRNewswire/ - Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc., announce the
completion and positive results from Phase III drilling at the Foxtrot Project (100% owned) in the Port Hope Simpson REE District, SE Labrador. Assay
results from all diamond drill holes have been received and interpreted
and are currently being integrated into an updated resource estimate.

Highlights:

        --  Every drill hole intersected REE-Zr-Y-Nb mineralization,
            ranging in true thickness from 5-25m;

        --  Phase III mineralization ranges up to 1.00% TREE (1.12%
            TREE+Y), 7.9% HREE (17.4% HREE+Y) including 209 ppm Dy (241 ppm
            Dy2O3) over 16.5 (true thickness);

        --  Mineralization extends from surface to 450m depth at which
            level it is still open to depth;

        --  Current resource estimate of 9,260,000 tonnes is expected to
            increase significantly and an updated resource estimate has
            been commissioned to Roscoe Postle and Associates; and

        --  Foxtrot Project is located 9 km from ice-free deep-water port
            and 0.5km from all season gravel road.

Jim Clucas, President and CEO of Search Minerals notes “We are delighted
to report the extension of REE-Zr-Y-Nb mineralization, the
characteristics of which remain constant from 200m depth to 450m depth.
This will significantly expand our resource at the Foxtrot Project. 
The 9,260,000 tonnes resource estimate was based on a cut-off of 130ppm
Dysprosium, and the deeper drilling supports the expectation that
Dysprosium will be the highest value contributor to the economics of
the project.”

This resource estimate is based on a cut-off grade of 130 ppm Dy; see
Search news release Feb. 12, 2012 for additional details on the
following resource estimate to 200m depth:

     _____________________________________________________________________
    |         |  Tonnes |Dy (ppm)|Nd (ppm)|   Y(ppm) |HREE+Y (%)|TREE+Y(%)|
    |_________|_________|________|________|__________|__________|_________|
    |Indicated|3,410,000|   189  |   1442 |    1059  |    0.18  |   0.89  |
    |_________|_________|________|________|__________|__________|_________|
    |Inferred |5,850,000|   181  |   1277 |    1016  |    0.17  |   0.80  |
    |_________|_________|________|________|__________|__________|_________|
    |         |         |        |        |          |          |         |
    |_________|_________|________|________|__________|__________|_________|
    |         |  Tonnes | Dy2O3  | Nd2O3  |Y2O3 (ppm)|HREO+Y (%)|TREO+Y(%)|
    |         |         | (ppm)  | (ppm)  |          |          |         |
    |_________|_________|________|________|__________|__________|_________|
    |Indicated|3,410,000|   218  |   1687 |    1345  |    0.21  |   1.07  |
    |_________|_________|________|________|__________|__________|_________|
    |Inferred |5,850,000|   208  |   1494 |    1290  |    0.21  |   0.96  |
    |_________|_________|________|________|__________|__________|_________|

Drilling in the Foxtrot Project (see Figure 1) is focused on a highly deformed felsic and mafic bi-modal volcanic
package that has consistent stratigraphy along strike and at depth.
Mineralized felsic volcanic units are named FT2, FT2x, FT3, FT4, and
FT5, where FT3 is the most prospective (see Figure 2). FT2 ranges from 40-60m in thickness (25-75 ppm Dy), FT2x ranges from
0-5m in thickness (150-325 ppm Dy), FT3 ranges from 4-27m in thickness
(150-260 ppm Dy), FT4 ranges from 3-11m in thickness (100-200 ppm Dy),
and FT5 ranges from 0-4m in thickness (100-260 ppm Dy). There are also
two discordant dykes within the volcanic pile, one felsic and one
mafic. The mafic dyke sparsely occurs within the main mineralized unit
(FT3) making this unit either appear smaller or bifurcating the unit.
The entire volcanic package is bound to the north and south by
mylonitic megacrystic granitic gneiss.

The first drill program (Phase I) at the Foxtrot Project consisted of 23 holes, drilled in late 2010 and early 2011 (refer to
news release, Nov. 2, 2010), which intersected REE-Zr-Y-Nb
mineralization at depths of 50 and 100m along a 2km-strike length.
Mineralization consists of fergusonite, allanite and zircon in
metamorphosed fine-grained felsic volcanic rocks.

The second drill program (Phase II) consisted of 20 holes drilled in the
early summer of 2011. This drill program intersected mineralization at
depths of 50, 100, 150, and 200m along a 500m-strike length (refer to
news release Aug. 30, 2011). The assays of the highest-grade
intersections are markedly consistent throughout both Phase I and Phase
II holes. Analytical techniques and sample preparation procedures are
outlined in Search’s July 27, 2010 press release.

The third drill program (Phase III), consisted of 29 holes accounting
for approximately 11,000m. It was designed to intersect mineralization
at depths of 150, 200, 250, 300, 350, and 450m along a 500m-strike
length (see Figure 3) This news release includes updated results from a single north-south
section (refer to news release Feb. 1, 2012), and results from the rest
of the 500m-strike length zone with thicker mineralization (see Table 1
and 2).

The section previously reported (refer to news release Feb. 1, 2012) had
been completed from the 50-350m levels, in which five holes were
drilled in the Phase III drill program. Since that release, another
drill hole (FT-12-02) in this section (see Figure 4) confirmed that the thickness and grade of mineralization consistently
extends to 450m depth. FT-12-02 (from 586.85-608.00 m) assayed 200 ppm
Dy (230 ppm Dy(2)O(3)), 1,123 ppm Y, 10,123 ppm Zr, 0.89% TREE, 1.00% TREE+Y, 8.57% HREE,
18.8% HREE+Y over 18.6 m (true thickness).

Results from the rest of the 500m-strike zone of thicker mineralization
were also very positive with every drill hole intercepting significant
mineralization ranging from 5-25 m (true thickness). Weighted averages
from a representative interval (DDH FT-11-34 from 248.75-273.32 m)
assayed 211 ppm Dy (243 ppm Dy(2)O(3)), 1,160 ppm Y, 10,532 ppm Zr, 0.92% TREE, 1.04% TREE+Y, 8.84% HREE,
18.7% HREE+Y over 21.2 m (true thickness).

The east/west longitudinal diagram (see Figure 5) portrays where the thicker mineralized zone occurs within the Foxtrot Project. Drill holes from Phases I and II, portrayed with circles, and Phase
III drill holes, portrayed with squares, are coloured systematically to
reflect how thick FT3 mineralization is in that drill hole. Also
outlined on this section is the 500m-strike zone of thicker
mineralization that extends at depth.

The Foxtrot Project resource estimate (news release Dec. 20, 2011),
which included drilling from Phase I and II, extended to a depth of
200m (see Figure 3). An updated NI 43-101 resource estimate is currently being completed
by Roscoe Postle Associates Inc. (RPA) to include the Phase III drill
program and extend to a depth of 450m. RPA have also been commissioned
to complete an updated Preliminary Economic Assessment (PEA) on the Foxtrot Project using the Phase III data to 450m.

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. Dr.
Miller has reviewed and approved the technical disclosure contained in
this news release as applicable. 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:
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 has 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 economically recover nickel and cobalt from known deposits currently
considered sub economic.

Search Minerals is led by a management team and Board of Directors with
a proven track record in the mining industry. The Company has
experienced geological and metallurgical teams led by Dr. Randy Miller
and Dr. David Dreisinger respectively.

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 of 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.

Table I – REE, Y, Zr and Nb Geochemistry for Selected Intervals from
Drill Holes in Cross Section


      Hole #      FT-11-26     FT-11-28     FT-11-29     FT-11-30           FT-11-33        FT-12-02

    From (m)        243.53       304.70       372.38       426.97     476.55     487.09       586.54

      To (m)        259.28       321.27       386.12       443.02     483.66     491.95       608.00

    Interval         15.75        16.57        13.74        16.05       7.11       4.86        21.46
    Thickness
       (m)

      True           13.65        14.36        11.91        13.91       6.16       4.21        18.60
    Thickness
       (m)

          Y          1,179        1,309        1,307        1,282      1,228      1,135        1,124

         Zr         12,127       12,855       12,245       12,685     10,474     11,598       10,125

         Nb            696          768          740          835        766        799          926

         La          1,679        1,993        2,074        2,119      2,179      1,812        1,975

         Ce          3,664        4,149        4,132        4,306      4,201      3,689        3,858

         Pr            410          474          478          485        504        453          435

         Nd          1,538        1,742        1,855        1,818      1,765      1,616        1,594

         Sm            289          326          344          333        321        296          290

         Eu             15           17           17           17         16         15           14

         Gd            242          252          268          261        259        240          233

         Tb             40           41           42           42         38         36           35

         Dy            224          247          245          244        232        225          201

         Ho             45           49           46           47         46         45           39

         Er            123          134          133          128        123        122          112

         Tm             18           20           19           19         18         18           16

         Yb            111          120          118          113        106        110           99

         Lu             17           18           17           17         16         17           15

       LREE          7,579        8,685        8,884        9,061      8,970      7,866        8,152

       HREE            834          898          906          888        853        827          765

      HREE+Y         2,013        2,207        2,212        2,170      2,080      1,962        1,888

       TREE          8,413        9,583        9,790        9,949      9,823      8,693        8,917

      TREE+Y         9,592       10,892       11,096       11,232     11,050      9,829       10,041

       %TREE         0.84%        0.96%        0.98%        0.99%      0.98%      0.87%        0.89%

     %TREE+Y         0.96%        1.09%        1.11%        1.12%      1.11%      0.98%        1.00%

       %HREE         9.91%        9.37%        9.25%        8.93%      8.68%      9.51%        8.57%

     %HREE+Y        20.99%       20.26%       19.94%       19.32%     18.82%     19.96%       18.81%

    Notes:          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 (the Lanthanide Series).

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

      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 herein not included in HREE due to low market value
                    compared to most Lanthanide series HREE.

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

     %HREE          %( HREE/ TREE)

 

Table 2 – REE, Y, Zr and Nb Geochemistry for Selected Intervals from
Drill Holes in Phase III Drill Program


    Hole No.      FT-11-32     FT-11-34     FT-11-38     FT-11-43     FT-11-48     FT-12-03

    From (m)        203.09       248.75       320.53       426.57       262.30        68.24

      To (m)        223.46       273.32       336.39       449.78       281.38        88.35

    Interval         20.37        24.57        15.86        23.21        19.08        20.11
    Thickness
       (m)

      True           17.65        21.29        13.74        20.11        16.53        17.43
    Thickness
       (m)

          Y          1,150        1,161        1,121        1,162        1,160        1,172

         Zr         10,768       10,533       10,149       10,535       10,396       11,360

         Nb            842          778          906          939          927          712

         La          1,857        2,040        2,193        2,011        2,300        1,775

         Ce          3,500        3,962        4,052        3,851        4,353        3,622

         Pr            411          456          467          444          477          405

         Nd          1,496        1,688        1,699        1,623        1,801        1,561

         Sm            266          307          295          298          320          295

         Eu             14           15           14           15           16           15

         Gd            211          231          200          227          238          239

         Tb             33           37           31           34           36           36

         Dy            200          212          202          201          209          209

         Ho             38           40           39           39           40           41

         Er            107          114          104          113          116          121

         Tm             15           16           15           16           17           18

         Yb             97          100           88          101          101          111

         Lu             15           15           13           15           15           17

       LREE          7,530        8,453        8,706        8,227        9,251        7,659

       HREE            730          779          707          762          788          807

      HREE+Y         1,880        1,940        1,827        1,924        1,947        1,979

       TREE          8,261        9,233        9,412        8,989       10,038        8,466

      TREE+Y          9410        10394        10533        10151        11198         9638

       %TREE         0.83%        0.92%        0.94%        0.90%        1.00%        0.85%

     %TREE+Y         0.94%        1.04%        1.05%        1.02%        1.12%        0.96%

       %HREE         8.84%        8.44%        7.51%        8.47%        7.85%        9.53%

     %HREE+Y        19.98%       18.67%       17.35%       18.95%       17.39%       20.53%

    Notes:          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 (the Lanthanide Series).

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

      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 herein not included in HREE due to low market value
                    compared to most Lanthanide series HREE.

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

     %HREE          %( HREE/ TREE)

 

 

 

SOURCE Search Minerals Inc.

PDF with caption: “Figure 1 – Foxtrot Project Location Map”. PDF available at: http://stream1.newswire.ca/media/2012/04/27/20120427_C9693_DOC_EN_12777.pdf

PDF with caption: “Figure 2 – Foxtrot Project Generalized Stratigraphy”. PDF available at: http://stream1.newswire.ca/media/2012/04/27/20120427_C9693_DOC_EN_12778.pdf

PDF with caption: “Figure 3 – Foxtrot Project Drill Holes from Phase I, II and III”. PDF available at: http://stream1.newswire.ca/media/2012/04/27/20120427_C9693_DOC_EN_12779.pdf

PDF with caption: “Figure 4 – Foxtrot Project Representative North-South Dy and Geology Cross Section”. PDF available at: http://stream1.newswire.ca/media/2012/04/27/20120427_C9693_DOC_EN_12780.pdf

PDF with caption: “Figure 5 – Foxtrot Project Longitudinal Diagram with Unit FT3 Intersection Thicknesses”. PDF available at: http://stream1.newswire.ca/media/2012/04/27/20120427_C9693_DOC_EN_12781.pdf


Source: PR Newswire