Searchlight Minerals Corp. resumes drilling at Clarkdale Slag Reclamation Project
June 01 2006 - 9:00AM
PR Newswire (US)
Seven additional drill holes planned for "chain of custody"
analysis of gold and other metals contained in slag pile HENDERSON,
NV, June 1 /PRNewswire-FirstCall/ -- Searchlight Minerals Corp.
(OTC BB: SRCH) (the "Company"), today announced that the Company
has commenced the drilling of an additional seven holes at the
Company's Clarkdale Slag Reclamation Project in Clarkdale, Arizona.
Drilling activities commenced on May 31, 2006. The drilling
activities, along with the analysis of the drill cuttings derived
from the seven new holes and three previously drilled holes, will
be analyzed under Chain of Custody (COC) parameters by Mountain
States R&D International ("MSDRI"), an independent engineering
firm based in Tucson, Arizona. MSDRI will perform gold, silver,
copper, zinc and iron analysis. In April 2006, Searchlight Minerals
Corp. announced COC results from the first six of nine holes
drilled at the Clarkdale Slag Reclamation Project. Such results are
available on the Company's website at
http://www.searchlightminerals.com/. Nine widely-spaced holes
(totaling 675 feet) were drilled as part of a Minerals Inventory
Study being conducted by MSRDI on behalf of the Company. "When
drilling of the next seven holes has been completed and the results
of all sixteen holes have been analyzed by MSRDI, we expect to have
more accurate estimate of the grade and tonnage of precious and
base metals present in the Clarkdale Slag Pile," stated Ian McNeil,
President and Chief Executive Officer of Searchlight Minerals Corp.
"We will release the results of the drilling program as soon as
they are available. Meanwhile, we are moving forward with plans for
a 'pilot plant' in Phoenix that is designed to prove up the metals
processing and recovery circuit that is expected to be incorporated
into a commercial-scale facility at Clarkdale next year." About the
Clarkdale Slag Reclamation Project Searchlight Minerals Corp. has
entered into an assignment agreement dated for reference June 1,
2005 with Nanominerals Corp. ("NMC"), a Nevada Corporation,
pursuant to which NMC assigned all of its interest in a joint
venture agreement dated May 20, 2005 between NMC and Verde River
Iron Company, LLC, a Nevada limited liability company. The JV
Agreement was entered into for the purpose of funding the
processing of a copper smelter slag pile located at Clarkdale,
Arizona (107 miles northwest of Phoenix and about 50 miles
southwest of Flagstaff). The slag contained on the Clarkdale Slag
Project site was produced as smelter rejects from prior processing
of copper ores that were mined in Jerome, Arizona during the years
1915 through 1952. About Searchlight Minerals Corp. Searchlight
Minerals Corp. is a dynamic minerals 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 Reclamation Project, which seeks to recover
base and precious metals from the reprocessing of slag material
produced from the smelting of copper ores from former mines in
Jerome, Arizona; and (2) the Searchlight Gold Project, which
involves the exploration for precious metals on mining claims near
Searchlight, Nevada. Searchlight Minerals Corp. is headquartered in
Henderson, Nevada, and its common stock is listed on the OTC
Bulletin Board under the symbol "SRCH". For additional information,
please visit the Company's website at
http://www.searchlightminerals.com/. This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of
1934. These forward-looking statements are based largely on the
expectations or forecasts of future events, can be affected by
inaccurate assumptions, and are subject to various business risks
and known and unknown uncertainties, a number of which are beyond
the control of management. Therefore, actual results could differ
materially from the forward-looking statements contained in this
press release. A wide variety of factors that may cause actual
results to differ from the forward-looking statements include, but
are not limited to, the following: 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, uncertainties involving
estimates of mineralized material, operational risks, environmental
risks, financial risks, currency risks, the dependence on joint
venture partners, and other risks discussed in the Company's
periodic report filings with the Securities and Exchange
Commission. These cautionary statements should not be construed as
exhaustive or as any admission as to the adequacy of the Company's
disclosures. The Company cannot always predict or determine after
the fact what factors would cause actual results to differ
materially from those indicated by the forward- looking statements
or other statements. The reader should consider statements that
include the words "believes", "expects", "anticipates", "intends",
"estimates", "plans", "projects", or other expressions that are
predictions of or indicate future events or trends, to be uncertain
and forward-looking. The Company does not undertake to publicly
update or revise forward-looking statements, whether as a result of
new information, future events or otherwise. For Additional
Information, Please Contact: Ian McNeil, President and CEO at (702)
939-5247 or via email at DATASOURCE: Searchlight Minerals Corp.
CONTACT: Ian McNeil, President and CEO at (702) 939-5247 or via
email at
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