Search Minerals Inc. (SMY.V) and its wholly-owned subsidiary,
Alterra Resources Inc., provided a property and exploration update
for their REE properties in Labrador.
A new Preliminary Economic Assessment is due in Q1 2013 to
evaluate open pit - underground scenario for the Foxtrot REE
Deposit. Focus will be on the FT-3 high grade mineralized zone.
Search is planning an exploration program for the 2013 field
season to map and sample Foxtrot-like mineralization throughout the
Fox Harbour volcanic belt and to identify targets for a small
exploration drilling program.
Search has fulfilled its obligations under the option agreement
with B & A Minerals required to transfer 100% ownership of 11
Licenses (757 claims) from B & A Minerals to Alterra.
Second year obligations for the Quinlan Option Agreement have
been fulfilled; and Quest Rare Minerals has fulfilled the
requirements of its earn-in agreement with Alterra to form a
50%/50% Joint Venture on Alterra's Strange Lake Property.
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