Searchlight Resources Announces AGM Results and New Director
TSX VENTURE: SCLT
VANCOUVER, BC / ACCESSWIRE / January 24, 2019 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSX-V: SRCH) is pleased to announce that at the Annual General Meeting "AGM" of shareholders held on January 23, 2019 (the "Meeting") the shareholders elected Peter Clausi, Peter Dueck, John Kerr and Stephen Wallace as directors of the Company for the forthcoming year. Each director was elected by a majority of the votes and the table below presents the votes represented by proxy for each director:
|Nominee||Votes For||Percentage For||Votes Withheld|
In addition, shareholders at the Meeting re-approved the Company's stock option plan and the re-appointment of the Company's auditor.
With the AGM vote Searchlight welcomes Mr. Peter Clausi, BA, JD, an experienced lawyer, investment banker, shareholder rights activist and public company executive. He began in the mining industry in 1983 working in a zinc smelter in Timmins, Ontario to pay for post-secondary education. He has managed the defence of complex class action litigation, raised capital through traditional and innovative methods, and helped other companies migrate into new non-mining industries.
Mr. Clausi is financially literate and quite familiar with the application of IFRS in the mining industry. He is currently the President of Getchell Gold Corp. (gold and copper in Nevada), CEO of GTA Resources and Mining Inc. (gold mainly in Hemlo, in transition to a non-mining industry), CEO of CBLT Inc. (cobalt, gold and copper across Canada), independent director at Buccaneer Gold Corp. (silica in Ontario) and independent director and audit committee member at Camrova Resources (minority interest in producing copper and cobalt mine in Mexico).
In addition, Searchlight would like to announce the retirement Jim Yates from the Board of Directors. Searchlight would like to thank Mr. Yates for his years of service to the Company.
Further the Board has approved the grant of 875,000 stock options to officers, directors and consultants of Searchlight. The options were granted for a period of 5 years, expiring on January 24, 2024, and each stock option will allow the holder to purchase a common share of Searchlight at an exercise price of $0.05.
About Searchlight Resources Inc.
Searchlight Resources Inc. ("Searchlight" or the "Company") is a mineral exploration and development company listed on the Toronto Venture Exchange (TSXV). The company is active with mineral exploration projects in Saskatchewan, Ontario and Nevada, three of the top seven jurisdictions in the world for mining investment as ranked by the Fraser Institute. The Company holds a portfolio of gold, cobalt and base metal projects from grassroots stage to advanced exploration and NI43-101 resource development.
Saskatchewan - Gold and Base Metals
The Bootleg Lake project is 16,900 hectares of claims in Saskatchewan covering prospective areas of the Flin Flon Greenstone belt. Exploration is being carried out at the past producing Newcor, Rio (Bootleg) and Henning Maloney Gold mines located approximately 5 kilometres from Creighton Saskatchewan, and less than 10 kilometres from the Hudbay 777 mine located in Flin Flon, Manitoba.
In addition, the Bootleg Lake claims hold Volcanogenic Massive Sulphide (VMS) base metal potential with claims adjacent to the Hudbay Mines claims hosting the producing 777 base metal and gold mine in Flin Flon and the four past producing base metal mines, Flexar, Birch Lake, Amisk and Coronation.
Ontario - Copper, Cobalt, Nickel & Gold
- The Munro Warden project is an early stage exploration prospect targeting VMS copper, nickel and cobalt within the Kidd- Munro assemblage of the Abitibi Greenstone Belt. The project covers 1,100 hectares including 9 mining lease and 11 claim blocks located approximately 90 kilometres east of Timmins, Ontario.
- The Cameron project is a grassroots cobalt, gold exploration prospect located 25 kilometres southwest of Cobalt, Ontario with the highly prospective Cobalt Embayment
Nevada - Copper
Searchlight's Nevada project New York Canyon hosts two copper deposits in the Walker Lane Structural Belt located in western Nevada; the Long Shot Ridge skarn deposit with a 2010 NI43-101 resource estimate and the Copper Queen porphyry deposit drilled by Conco in the 1970's.
On behalf of the Board of Directors,
SEARCHLIGHT RESOURCES INC.
Stephen Wallace, President, CEO and Director
Contact: Searchlight Resources Inc.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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