Searchlight Minerals Corp. Receives Conditional Approval of Plan of Operations
December 15, 2009: 09:00 AM ET
Searchlight Minerals Corp. (OTCBB: SRCH) ("Searchlight" or the "Company"), an
exploration stage minerals company focused on precious metals projects in the
southwestern United States, today announced that the Company has received
conditional approval of its 18 drill-hole Plan of Operations for the Searchlight
Plan of Operations
On December 3, 2009, the Company received notice from the Bureau of Land
Management (the "BLM") that the Company's Plan of Operations, which includes an
eighteen 100-ft drill hole program on its Searchlight Gold Project, was approved
subject to the following conditions: (i) the Conditions for Approval being
accepted by the Company; (ii) confirmation that the tortoise mitigation fee has
been paid to Clark County, NV; and (iii) confirmation that the reclamation bond,
in the amount of $7,802, has been accepted by the BLM.
The Company has met conditions (i) and (ii) above and has sent the funds for the
$7,802 bond to the BLM. The BLM has informed the Company that acceptance of the
bond generally takes approximately 30 days. Following the acceptance of the
bond, it is expected that the Company can proceed with operations as defined by
the Plan of Operations.
"We are very pleased to have received approval from the BLM, upon the conditions
being met, for the Plan of Operations on our Searchlight Gold Project," said Ian
McNeil, CEO and President of Searchlight Minerals Corp. "Now that the permitting
phase is nearly complete with respect to this 18-hole drill program, we can plan
our drilling and metallurgical program for the coming 12 months. While the
Company's primary focus and resources continue to be on the Clarkdale Slag
Project operations, we are excited to begin drilling on our Searchlight Gold
Project in 2010."
About Searchlight Minerals Corp.
Searchlight Minerals Corp. is a minerals exploration company focused on precious
metals projects in the southwestern United States. The Company is currently
involved in two projects: (1) the Clarkdale Slag Project, located in Clarkdale,
Arizona, is a reclamation project to recover precious and base metals from the
reprocessing of slag produced from the smelting of copper ores mined at the
United Verde Copper Mine in Jerome, Arizona; 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." Additional
information is available on the Company's website at www.searchlightminerals.com
and in the Company's filings with the U.S. Securities and Exchange Commission.
This Press Release may contain, in addition to historical information,
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 the U.S. Securities and
Exchange Commission. 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 or other work programs,
uncertainty of estimates of mineralized material, operational risk,
environmental risk, financial risk, currency risk 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. Consequently, risk factors including, but not limited to the
aforementioned, may result in significant delays to the projected or anticipated
production target dates.
RJ Falkner & Company, Inc.
Investor Relations Counsel