SOURCE: Searchlight Minerals Corp.
November 15, 2010 14:18 ET
Searchlight Minerals Corp. Announces Passing of Dr. Richard Hewlett
HENDERSON, NV--(Marketwire - November 15, 2010) - Searchlight Minerals Corp. (OTCBB: SRCH) ("Searchlight," "SMC" or the "Company"), an exploration stage minerals company focused on precious metals projects in the southwestern United States, today announced that Dr. Richard F. Hewlett, the Company's Consulting Technical Project Manager, passed away on November 11, 2010 at the age of 76.
Dr. Hewlett, a Geological/Metallurgical Engineer, joined the Company in June 2005 as a consultant. With an impressive academic background and over 45 years of practical experience in ore reserve studies, mine planning, mine design, production scheduling and mine management, Dr. Hewlett was very instrumental in the technical program at the Company's Clarkdale Slag Project during the first several years of the Project's development.
"Richard was a tremendous asset to Searchlight Minerals since the time we acquired our initial interest in the Clarkdale Project in 2005, and he worked tirelessly to contribute to the success of the project until just before his passing," stated Martin Oring, Interim Chief Executive Officer of Searchlight Minerals Corp. "He was loved by everyone on the Searchlight team, and we will miss his intellect, his technical contributions, his wit and his loyalty. Our thoughts and prayers are with his wife, Margaret, and family."
Dr. Hewlett published 26 papers during his career and in recent years was involved in the development of new, environmentally friendly metallurgical extraction methods with the potential to replace toxic extraction methods for iron, copper, gold, silver, zinc and rare earth metals.
Among his entrepreneurial pursuits in the mining industry, Dr. Hewlett served as a partner and/or officer of a number of mining firms during his career. He also provided consulting services to over 35 companies, including Kaiser Aluminum, Utah Construction, Yuba Mining Company, Bear Creek (Kennecott), Anaconda Company, Behre-Dolbear, Companies Minera De Cananea, Placer Development, Quintana Minerals, Noranda Mines, Molybdenum Corporation of America, Tenneco, and American Metals Climax.
Dr. Hewlett earned a B.S. Degree in Chemical Engineering from Iowa State University in 1957; a M.S. Degree in Mining Engineering from the University of Arizona (Tucson) in 1960; and a D.Sc. in Mining Engineering and Ph.D. in Geological Engineering from the University of Arizona (Tucson) in 1967.
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.