Search Minerals Provides Update on Two Tom Lake Option Agreement
NEWS RELEASE August 23, 2024
Search Minerals Provides Update on Two Tom Lake Option Agreement
VANCOUVER, British Columbia, August 23, 2024 -- Search Minerals Inc. (“Search” or the “Company”) (TSXV:
SMY), is pleased to announce that pursuant to the agreement announced June 17, 2021, (the “ Agreement”)
with United Gold, Aubrey Budgell and Donna Lewis (collectively, the “Vendors”) for the option (the “Option”)
to acquire an undivided 100% interest in the Two Tom Property, in Labrador, Canada, (the “Property”), the
Company and Vendors have agreed to amend and reschedule the third anniversary cash payment of $60,000
and the provision of 400,000 shares (the “Schedule”).
The Company agrees to pay the Vendor s $60,000 at the earliest opportunity available to complete the
transaction. The Company and the Vendor s have further agreed to postpone the issuance of 400,000 shares
until the British Columbia Securities Commission’s cease trade order of April 8, 2024 is lifted. This agreement
is valid for one year and can be exercised until August 16, 2025. An anti -dilution provision will be applied to
the transaction, covering the period until the shares are issued.
Mr. Joseph Lanzon, Inter im CEO, commented “Search Minerals values the Vendors’ cooperation during this
transition period as we fulfill all requirements to resume trading, thereby enabling shareholders to benefit from
the option agreement for the Two Tom Property.”
The new Search Minerals Board is diligently working to meet all material reporting requirements and reverse
this unnecessarily incurred cease trade order, which, of course, was a direct result of the substandard
management and leadership practices of the recently deposed former Board. Search Minerals shareholders
decisively voted to reject the former Board’s mismanagement and dereliction of fiduciary duty at the Annual
General Meeting held June 21, 2024.
For further information about Search Minerals Inc., please contact:
Joseph Lanzon
Interim CEO and Director
Telephone: 613-796-5957
Email: [email protected]
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 (Foxtr ot 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 also controls additional CREE assets in the Red Wine CREE District of central Labrador. These
include: the drill ready Two Tom Lake CREE -Be-Nb deposit, the Mann #1 CREE -Nb-Be prospect and Merlot
CREE Prospect."
Forward-Looking Information
Statements contained in this news release that are not historical facts are "forward- looking information" or
"forward-looking statements" (collectively, "Forward- Looking Information") within the meaning of applicable
Canadian securities legislation. Forwar d-Looking Information includes, but is not limited to, disclosure
regarding possible events, next steps and courses of action. In certain cases, Forward- Looking Information
can be identified by the use of words and phrases or variations of such words and phrases or statements such
as "anticipate", “expect” “plan”, “likely”, “believe”, “intend”, “forecast”, “project”, “estimate”, "potential", "could",
"may", "will", "would" or “should”. Forward- Looking Information in this news release are based on certain
material assumptions and involve, known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Search Minerals to be materially different from any future
results, performance or achievements expressed or implied by the Forward- Looking Information. Such risks
and other factors include, those factors discussed in Search Minerals' public filings and its Canadian disclosure
record. Although Search Minerals has attempted to identify important factors that could affect Search Minerals
and may cause actual actions, events or results to differ materially from those described in Forward- Looking
Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated
or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on Forward- Looking Information. For further information on these and other
risks and uncertainties that may affect the Company’s business, see the “R isk Factors” and “Management’s
Discussion and Analysis” with the Canadian securities regulators, which are available at www.sedarplus.ca.
Except as required by law, Search Minerals does not assume any obligation to release publicly any revisions
to Forward-Looking Information contained in this news release to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release
and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has
in any way approved or disapproved of the contents of this press release.