Search Minerals has sold its 50% ownership interest in the 30 mining claims comprising the Alterra-Strange Lake Property (the Property) to Quest Rare Minerals.
Quest acquired the remaining 50% in the Property pursuant to a Purchase and Sale Agreement (the "Agreement") dated September 17 , 2015. As set out in the Agreement, Quest will issue to Search, 1,500,000 common shares ("Shares") of Quest in consideration for the acquisition of Search’s 50% ownership in the Property.
Search Minerals presidentGreg Andrews said: "Our strategy to divest this non-core asset, allows Search to focus on our 100% owned "critical rare earth element ("CREE")" mineral assets in Labrador : the Port Hope Simpson CREE District which contains the flagship FOXTROT Project and Deepwater Fox prospect, Henley Harbour District, and the recently acquired Red Wine Complex."