Appointment of new Chief Executive Officer and Director
Appointment of new Chief Executive Officer and Director
VANCOUVER, British Columbia, May 08, 2023 -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the
“Company”), announces that Todd Burlingame has been appointed as President and CEO and as a Director of the Company
effective immediately.
Mr. Burlingame had previously served as the Company’s Chief Operating Officer and has the requisite skill set required to
successfully advance the Company’s Rare Earth Elements (REE) project in southeast Labrador. Mr. Burlingame is a 30-year
mining industry veteran with a successful track record of advancing complex mining and natural resource projects across
northern Canada. He holds a degree in geology from the University of British Columbia.
Leo Power has stepped down from his role as Interim President and CEO, but will continue on as Chairman of the Board of
Directors. On behalf of the Board of Directors, Leo Power is pleased to welcome the new President and CEO and stated,
“Todd’s depth of experience at all levels of the mining industry and his ability to forge successful partnerships with Indigenous
groups including the Nunatukavut Community Council (NCC) in Labrador and with multiple federal and provincial governments
will be a significant positive for our project. Todd’s proven track record of advancing serious mining and hydro projects in
Newfoundland and Labrador confirms he is exactly the type of CEO required by Search Minerals to advance our Rare Earth
Elements project in Labrador. Todd’s past roles include Chair and CEO of the Mackenzie Valley Environmental Impact Review
Board, Chair and CEO of the Mackenzie Valley Land and Water Board, Project Manager, Voisey’s Bay Nickel Commercial
Processing Plant, Vale Canada; Manager and Team Lead, Lower Churchill Project, Nalcor Energy; Executive VP, Kami Iron
Ore property in western Labrador, and President, High Tide Resources. I look forward to working with Todd to ensure both a
smooth transition and a successful mining project for Newfoundland and Labrador.”
Todd Burlingame stated, “I am pleased to accept the role of Director, President, and CEO of Search Minerals. Over the past
year in the role of COO I conducted an in-depth analysis of the properties, project and the Company. I am convinced that, by
building on the hard work done to date, there is a real opportunity to bring Rare Earth production to the province within a
realistic time frame. I am impressed with the commitment of our shareholders, and patience shown by our creditors. I am fully
committed to build the team and execute the plan needed to bring the project into reality for the benefit of all parties. ”
In connection with the appointment of Mr. Burlingame, the Company announces that it has granted Mr. Burlingame 2,000,000
stock options. The stock options will be exercisable for a period of three years at an exercise price of $0.05 and vest over a
period of twenty-four months.
Concurrently with the appointment of Mr. Burlingame, InCoR has committed to advancing to the Company CAD$500,000 as a
short-term non-interest bearing loan. The parties are continuing discussions to finalize the proposed secured loan
contemplated by the previously announced non-binding term sheet.
About Search Minerals Inc.:
Search Minerals is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf)
resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. Search controls two
deposits (Foxtrot and Deep Fox), two drill ready prospects (Fox Meadow and Silver Fox) and numerous other REE prospects,
including Fox Valley, Foxy Lady and Awesome Fox, along a 64 km long belt forming a REE District in Labrador. Search has
completed a preliminary economic assessment report for DEEPFOX and FOXTROT. Search is also working on three
exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX. Search Minerals has
continued to optimize our patented Hydrometallurgy Direct Extraction Process technology with the support from the
Department of Industry, Energy and Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada
Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate
concentrate and mixed REO concentrate for separation and refining. We also recognize the continued support by the
Government of Newfoundland and Labrador for its Junior Exploration Program. Search Minerals was selected to participate in
the Government of Canada Accelerated Growth Service (“AGS”) initiative, which supports high growth companies. AGS, as a
‘one-stop shop’ model, provides Search with coordinated access to Government of Canada resources as Search continues to
move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and
European supply chain.
For further information, please contact:
Leo Power
Chairman of the Board
709-682-3543
E-mail: [email protected]
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 for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Statements:
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the
applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release includes the advance of the loan proceeds from InCor, and other
forward-looking information. Factors that could cause actual results to differ materially from those described in such forward-
looking information.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the
Company based on information currently available to the Company. In connection with the forward-looking information
contained in this news release, the Company has made assumptions about the Company's financial condition and
development plans do not change as a result of unforeseen events, and that the Company will receive the loan proceeds from
InCor.
Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-
looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-
looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking
statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is
contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.