Searchlight Completes Sale of Kulyk Lake and Daly Lake Projects to Monazite Metals Corp.

Core Viewpoint - Searchlight Resources Inc. has successfully closed an agreement with Monazite Metals Corp. to sell its Kulyk Lake and Daly Lake projects, allowing the company to focus on its flagship gold projects near Flin Flon [1][2]. Agreement Details - The MMC Agreement is an arms-length transaction with Monazite Metals Corp., a private corporation based in British Columbia [2]. - The total compensation for the sale includes $180,000 in cash, $1,020,000 in shares of Monazite Metals, a $300,000 payment contingent on achieving certain milestones, and a 1% Net Smelter Royalty [8]. Company Focus - Searchlight Resources is shifting its exploration efforts towards its gold projects, particularly the reopening of the estimated 1,500 meters of underground workings at the high-grade Rio Gold Mine [2]. - The company is recognized for its focus on mineral exploration and development in Saskatchewan, which is noted as a top location for mining investment in Canada [5].