Searchlight Minerals today announced that it has entered into a binding commitment with Luxor Capital Group for the issuance of a $2,600,000 secured convertible note. The Luxor Note will bear interest at a rate of 7% per annum and shall be convertible at the holder's option into common shares of the Company at a price per share of $0.40. Luxor may elect to have the Luxor Note redeemed by the Company at par beginning on [...]
Searchlight Minerals today announced that it has successfully run its pilot autoclave on slag material taken from the Clarkdale Slag Project and furthermore, the results of the latest test confirmed gold in hand from fire assay. The ninth and latest pilot autoclave test demonstrated that 0.42 ounces per ton ("opt") gold was leached into solution from the slag sample containing 0.48 opt gold, which represents an estimated [...]
Searchlight Minerals today announced the successful start-up of its pilot autoclave system and the initial processing and production of pregnant leach solution derived from slag material extracted from the Company's Clarkdale Slag Project in Clarkdale. The Company also announced that it has hired Richard Kunter as Senior Corporate Metallurgist and Doug Aho as Autoclave Process Engineer on a full-time basis. Together [...]
Searchlight Minerals today announced the extension of the term of certain of its outstanding warrants. On November 1, 2012, the Board of Directors of the Company unilaterally determined to amend certain of the Company's outstanding common stock purchase warrants to purchase up to an aggregate of 13,828,212 shares of common stock to extend their expiration dates through and including November 12, 2013. The terms and [...]
Searchlight Minerals today announced the completion of an equity financing with Luxor Capital Group that generated gross proceeds of approximately $4,050,000 to the Company. Searchlight also announced the appointment of John Mack as an Independent Director and the resignation of J.C. McFarland from its Board of Directors.
Searchlight Minerals today announced the results of tests conducted by an independent Australian metallurgical testing firm at its facility in Western Australia. The Australian Testing Firm conducted autoclave tests under various conditions, using the pressure oxidative leach ("POL") testing methodology. The completion of these tests demonstrated the ability of a pilot autoclave to process the Clarkdale slag material on
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