SEARCH MINERALS POSTPONES FILING OF ANNUAL FINANCIAL STATEMENTS AND MD&A DUE TO COVID-19 RELATED DELAYS

VANCOUVER, British Columbia, March 31, 2020 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”) has postponed filing its annual financial statements, management's discussion and analysis, for the year ended November 30, 2019, due to logistics and delays caused by the COVID-19 pandemic.

Search is relying on exemptive relief recently granted by Canadian securities regulatory authorities that allows it to delay the filing of its annual documents required by National Instrument 51-102 by March 30, 2020. In response to the coronavirus disease 2019 pandemic, securities regulatory authorities in Canada have granted a blanket exemption allowing issuers an additional 45 days to complete their regulatory filings. 

Search estimates that its 2019 annual documents will be available for filing at its earliest opportunity, which is expected to occur on or before April 6, 2020. Until such time as the 2019 annual documents are filed, Search’s management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 -- Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

There have been no material business developments since the date of the last interim financial statements, filed on October 30, 2019, however, the Company has issued news releases subsequent to October 30, 2019, copies of which are available on SEDAR at www.sedar.com or www.searchminerals.ca   

About Search Minerals Inc.

Led by a proven management team and board of directors, Search is focused on finding and developing resources within the emerging Critical Rare Earth Element (“CREE”) District of South East Labrador. The Company controls a belt 70 km long and 8 km wide including its 100% interest in the FOXTROT and DEEP FOX Projects, which are road accessible and at tidewater. Exploration efforts have advanced “Fox Meadow” as a new CREE prospect very similar to and in close proximity to FOXTROT and DEEP FOX. The FOXTROT Project has a capital cost to bring the initial project into production ($152 M – 2016 PEA for 1000 tpd of ore treatment), a short payback period and is scalable due to Search’s proprietary processing technology.