Search Minerals to Receive $5 Million in funding from the Government of Canada under the Critical Minerals Research Development & Demonstration Program
VANCOUVER, British Columbia, March 07, 2023 (GLOBE NEWSWIRE) — Search Minerals Inc. (“Search Minerals”) (TSXV: SMY | OTCQB:SHCMF) is pleased to announce that the Government of Canada has contributed $5 million in non-dilutive support to Search Minerals via a Contribution Agreement which will be used to fund the construction and operation of a demonstration plant for rare earth extraction and recovery. The total project cost is estimated at approximately $9.3 million with a further $1 million of funding under application from other sources. Search Minerals’ contribution to the construction costs is expected to be approximately $3.3 million.