Vancouver, Aug. 27, 2012 – Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY) announces that it has signed a Mining Exploration Activities Agreement with the NunatuKavut Community Council (“NunatuKavut” or “NCC”), the political representative body of the Inuit of South-Central Labrador. Search has been exploring mining opportunities in the NunatuKavut land claim and treaty area for more than three years.
The agreement solidifies a relationship that has evolved through the Company’s activity in and around NunatuKavut communities on the south coast. The agreement sets out a respectful way forward, meeting the interests of and ensuring mutual benefit for both parties.
Key elements in the agreement address environmental protocols and safeguards for matters of historic values. The agreement also sets out hiring and business opportunities for NunatuKavut members and communities as well as certain financial considerations.
NCC President, Todd Russell said “This is good news for NunatuKavut and its people. This is the first mining exploration agreement we have reached with companies working on our Lands and it is a sign that development can proceed in an air of respect.” Russell, added, “I am also pleased that we are signing this agreement on the official launch of our Treaty Celebrations. The British-Inuit Treaty of 1756 is important historically but the spirit and intent of the Treaty is as significant today as it was nearly 250 years ago.”
Search President, James Clucas, remarked “We are pleased to be able to formalize our relationship with the local NCC communities in South-Central Labrador. With this agreement, we hope to be able to quickly advance our development of the Foxtrot Project and other REE prospects in the area”.
Search will make an annual good faith payment to NNC of a small cash stipend and 50,000 common shares. The agreement will continue indefinitely unless and until one or both parties elect to terminate.
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 of the adequacy or accuracy of this release.)
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