SOURCE: Searchlight Minerals Corp.
October 01, 2010 00:36 ET
Searchlight Minerals Corp. Announces Passing of Director Harry B. Crockett
HENDERSON, NV--(Marketwire - October 1, 2010) - Searchlight Minerals Corp. (OTCBB: SRCH) ("Searchlight," "SMC" or the "Company") today announced that Harry B. Crockett, a member of the Company's Board of Directors since February 2007, passed away on September 29, 2010.
Mr. Crockett was the managing member of Verde River Iron Company, LLC, a private Nevada limited liability company that was Searchlight Minerals' prior joint venture partner on the Clarkdale Slag Project and the prior owner of the Clarkdale Slag Project. He served as a court-appointed receiver for various Superior Courts throughout California for more than 15 years. Mr. Crockett previously served as an Executive Vice President of American Savings, specializing in troubled debt and assets, and he served as Chairman of the Make a Wish Foundation in San Joaquin County, a charitable foundation serving the needs of terminally ill children. Mr. Crockett held a Bachelor of Arts degree from Golden State University in San Francisco and a California Real Estate Brokers license. He was also a pilot with single- and multi-engine land and instrument ratings.
"It is with great sadness that we announce Harry's passing last night, following an extended and courageous battle with a variety of illnesses during the past several months," stated Ian McNeil, Chief Executive Officer of Searchlight Minerals Corp. "He contributed greatly to our Board of Directors and shared with us his extensive knowledge of the history of Clarkdale and the slag pile that was derived from the rich copper and gold deposits in Jerome, Arizona. We will miss him greatly, and our thoughts and prayers are with his wife, Marcia, and the rest of his family."
About Searchlight Minerals Corp.
Searchlight Minerals Corp. is an exploration stage company engaged in the acquisition and exploration of mineral properties and slag reprocessing projects. The Company holds interests in two mineral projects: (i) the Clarkdale Slag Project, located in Clarkdale, Arizona, which is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ore mined at the United Verde Copper Mine in Jerome, Arizona; and (ii) the Searchlight Gold Project, which involves exploration for precious metals on mining claims near Searchlight, Nevada. The Clarkdale Slag Project is the more advanced of two ongoing projects that the Company is pursuing. The Searchlight Gold Project is an early-stage gold exploration endeavor on 3,200 acres located approximately 50 miles south of Las Vegas, Nevada.
Searchlight Minerals Corp. is headquartered in Henderson, Nevada, and its common stock is listed on the OTC Bulletin Board under the symbol "SRCH." Additional information is available on the Company's website at www.searchlightminerals.com and in the Company's filings with the U.S. Securities and Exchange Commission.
This Press Release may contain, in addition to historical information, forward-looking statements. Statements in this Press Release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's periodic filings with the Commission. When used in this Press Release in discussing the recent developments on the Project, including, without limitation, the resolution of certain issues relating to the operation of the production module, the words such as "believe," "could," "may," "expect" and similar expressions are forward-looking statements. The risk factors that could cause actual results to differ from these forward-looking statements include, but are not restricted to technical issues on the Project that may affect the production module and its primary process components, challenges in moving from pilot plant scale to production scale, the risk that actual recoveries of base and precious metals or other minerals re-processed from the slag material at the Clarkdale site will not be economically feasible, uncertainty of estimates of mineralized material, operational risk, the Company's limited operating history, uncertainties about the availability of additional financing, geological or mechanical difficulties affecting the Company's planned mineral recovery programs, the risk that actual capital costs, operating costs and economic returns may differ significantly from the Company's estimates, uncertainty whether the results from the Company's feasibility studies and the results from the operation of the production module are not sufficiently positive for the Company to proceed with the construction of its processing facility, operational risk, the impact of governmental and environmental regulation, financial risk, currency risk volatility in the prices of precious metals and other statements that are not historical facts as disclosed under the heading "Risk Factors" in the Company's periodic filings with securities regulators in the United States. Consequently, risk factors including, but not limited to the aforementioned, may result in significant delays to the projected or anticipated production target dates.