Search Minerals Inc. announced updated Mineral Resource Estimates by SLR Consulting (Canada) Ltd. (SLR) for the DEEP FOXand FOXTROT Critical Rare Earth Element (“CREE”) properties in South-East Labrador. The Mineral Resource estimate for DEEP FOX includes results from the recently completed Phase 3 drill program, new metallurgy recovery data, and updated rare earth price forecasts. The updated FOXTROT resource estimate is based on the previous drill programs, new metallurgy recovery data, and updated rare earth price forecasts.

The resource estimates for both properties are based on an open pit/underground (OP/UG) mining scenario and will form the basis of the upcoming Preliminary Economic Assessment (“PEA”). 906,000 tonnes OP Indicated Resource (=CAD 260/t NSR cut-off); 1,028,000 tonnes OP Inferred Resource (=CAD 260/t NSR cut-off); 1,148,000 tonnes UG Indicated Resource (=CAD 335/t NSR cut-off); 2,269,000 tonnes UG Inferred Resource (=CAD 335/t NSR cut-off); Mineralization is open at depth (below 200 m vertical depth) and along strike;,577,000 tonnes OP Indicated resource (=C$260/t NSR cut-off); 413,000 tonnes OP Inferred resource (=CAD 260/t NSR cut-off); 5,462,000 tonnes UG Indicated resource (=CAD 335/t NSR cut-off); 2,593,000 tonnes UG Inferred resource (=CAD 335/t NSR cut-off); Mineralization is open at depth – below 450m vertical depth; Phase 4 infill drill program is required to increase and improve UG resources.