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Yes and no.....it just means that they are tired of paying maintenance fees on the Searchlight mining claims, when there is much better loot to be made scamming investors with their worthless smelter slag pile.
These guys just gave themselves another million bucks of discounted shares as a reward. 8 years of testing, and not an ounce of gold produced. Even the most naïve investor must be starting to get the picture.....or not....
Is the 8-K filing a significant indication that SRCH is ready to focus on the slag gold recovery? After it was filed, I see a steady climb in stock price at a high volume, so I believe investors would tend to agree with me that it is good news.
LMAO......so, these scammers have "discovered the true nature of the gold"??? After 7 years of crushing, heating, grinding, soaking in solvents and acids? Now, they finally know where the gold is? Yet, they want to turn it into an iron mine? Okay, sure.....
Where's the technical report, gentleman?
Seven years of scamming, and never, not once, have one of their consultants issued a technical report for investors to ponder. Always presented as a PR or filing. Real companies issue reports stamped by real engineers/geologists. Not these guys.
Dump into the news, they did.
Well, Drew, what did you think about the 10K? Anything new there?
Annual report should be coming out in a week or so. I imagine it is in anticipation for some news, since we haven't heard any for a while.
I do my best. I miss going back and forth with the SRCH "longs". Especially Cosmic Rambler, he seemed to be a pretty sharp guy, with a sense of humor which sometimes is lacking on these boards.
You are always a source of entertainment.
I wouldn't hold my breath for a bankable feasibility study. Remember, this is a scam and no "bank" or savvy investor would loan a dime on this crap.
I am sure that Searchlight is desperately beating the bushes for new blood to invest - the existing investors are probably just a bit tired of years of "testing".
WOW, 77% + jump so far on over 300k volume. Seems investors are anticipating the upcoming annual report. Keeping fingers crossed for the mention of a bank feasibility study!
Insiders dumping. With that kind of volume, and no rise in price? It takes a lot to keep management and insiders paid at the levels they have been used to, and I expect more big volume to follow.
This company has essentially gone quiet - maybe time to issue yet another in a long series of "testing" PR's. They are soooooo close to producing gold - LOL! After that, they'll work on wringing gold out of seawater, and maybe turning lead into gold. Alchemists and wizards, they are.....
lot of volume for srch today over 1milly traded and only 13k were sells with a couple of 545k buys. is srch starting to wake up? any ideas?
Don't see any good sign here...just down...but maybe that could be a good sign...meaning down and out...
Luxor is showing confidence in Searchlight. Very good sign.
http://www.menafn.com/9f18bbb1-a6eb-4050-8267-47ea66cf2fe8/Luxor-Capital-Group-Commits-to-Purchase-USD26-M-of-Possible-USD575-MSecured-Convertible-Note?src=main
SRCH - Watch for some activity today.
............
Down in both aspects.....
Down? As in volume going down? Or the company is going down?
They seem to be hanging in there, but with such low volume who knows what the true story is?
As of March 2013, here is the stock ownership. Interesting that Charles Ager, the originator of this scam, personally or through his fake consulting firm Nanominerals, owns about 25% of the company. His son, Carl Ager owns 13%. Truly, SRCH is a family-owned business - how heartwarming!! Luxor owns 16%. So, between the Agers and Luxor, they control over 50%.
Exactly, it could never have passed the required smell test for any real banker or investment types putting real money at risk based on projected production. How much stock do they now claim to hold? Been its own lil game within a game.
Yup, yup, and yup....! A "real" banker would hire a professional mining engineer or metallurgist to evaluate the available data and see if that slag pile really had any gold or not. And, evaluate the extraction process and all the test results, and see if there was any basis in reality.
They would ask for reports to review - which, as I have said a dozen times, have never been made available by SRCH. A company that does not make their technical reports available for review is plainly a scam.
These "lenders" were in it strictly to make a buck at high interest rates, or in discounted shares, or both. I believe that's called toxic lending. They're not dumb - investing for the gold in the slag was never part of their plan because it ain't there.
The part that never made any sense was this idea that some legit banker types was willing to give them real money. The real scam must be far deeper than thought. How did the banker types make money?
That sort of sezs they never held any shares in any real amounts for any time.So probably a lot more too than is known. Those types of activities are way against the rules. I can't see even any trader types trying to jump back in with any amounts of money. Too many other better opportunities, lots of promotions and "She ain't what we say it is", always proceed at your own risk. Lots of it about.
I never thought they were getting real money as stated. Always that it had to be some type of kick back scheme with pretend finances. Who, what and how being the question in details. Probably a lot of illegal stock trading as they pumped it up and then dumped stock.
They won't "close the shop" as long as they can find a way to sell shares to gullible investors. However, the end can't be too far off - these scams have a finite lifespan. Sooner or later, a disgruntled investor will file a complaint with the SEC or FBI and an investigation will proceed. My feeling is that they're living on borrowed time.......
Joke....why don't they just close the shop up....or be made to close the shop....
I don't know that the players are believers. They just want the stock price to move. I ain't got the guts to play it again. Game is long in the tooth.
Am starting to wonder why somebody at like the SEC is not giving them a hard look. That whole format of we are saying this but nothing is official should be kicking up lots of red flags. Be interesting to see if anybody is willing to give them more money.
I doubt they can run the share price to previous levels which is the big thing that keeps me from playing it again. Better pickings in the breccia type graphite companies and that might turn out to be for real. One thing to get the SP moving, another to keep it going.
Yup, more endless testing. How much longer will investors hold onto hope that they will have a breakthrough and start production? Frankly, I am amazed they were able to pump up the stock price as much as they did with just a simple PR about testing.
There must be a core group of long-term believers that eat that kind of stuff up. In a few years from now, when this is featured on American Greed, they'll be saying "should have known - what was I thinking???".
Woo, they have optimized and reoptimized and gone to complex chlorine chemistry and still no Gold in the paw. But they sezs there was gold and they got some. But wait a minute that was not "official". They will mod the hydroclone with crapaloy, do fast stir and mix routines. But because of all the other slag piles in the World, it can never be official.
Now you see it, now you don't. More testing, testing to infinity. God where do they get men like this. Could pixs of large gold bars be next??? You are into recovery in a semi wantabee pilot mode but burning up the gold for to out the truth for pure science. Surely the best and brightest down in the trenches struggling against all odds.
Somebody hold me back. These boys are good, damn good.
What was unexpected? SRCH issuing another in a long series of BS press releases is not unexpected. Still no gold in the slag pile - that's not unexpected either.
Nothing like the unexpected to rock the market!
I cannot believe it either, but sometimes you just have to let the sheep get slaughtered.
No proof of gold. Never, not once, has SRCH issued a report. Not in seven years of running this scam. PR's and financial filings, but never a report by anybody, not even by their sleazy "consultant" in Colorado.
Unbelievable that folks are falling for this crap.
There was a little piece put out yesterday but it still does not warrant the stock being this high/
I guess folks didn't read the 8k closely
"The press release attached hereto is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD."
Ain't no gold here I'm afraid just a properly filed CYA
Deja vu.. I heard that somewhere before. Do you think it will retrace and run higher?
Thank you for the insight. Was there a P.R.?? That was $300k traded yesterday. Takes more than a rumor to do that.
~ $SRCH ~ Daily Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!
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c
This stock is about to get dumped in the AM
~ $SRCH ~ Weekly Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!
$SRCH has just triggered the "Parabolic SAR Buy Signals" scan criteria at Stockcharts.com
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c
Don't know, don't care. All I know is that this long-running scam was overdue for news like this - the bear is hungry! And by bear, I mean the management and board of directors. They are used to pulling down a combined million a year in salary and stock, and needed a little boost in price to dump their stock into. Half a million shares traded so far today, who knows, maybe one more day on this mini-pump before the dumping is done?
They are no closer to producing gold out of their pile of slag than they were 7 years ago. The gold is just not there to begin with, and no amount of "testing" will help. Show me a single assay sheet, or report signed by someone credible to prove the gold is there........
How long do you give it before the real dump comes?
Ninth autoclave test, followed by tenth test, eleventh test, ad nauseum.....
These guys are so damned predictable. Enjoy the spike in price!
Nice run, now prepare for the dump. Folks are going to start taking profits off the table.
SRCH -Searchlight Minerals Corp. Successfully Completes Pilot Autoclave Test Producing 0.42 Opt Gold Into Solution; Results Confirm...
Searchlight Minerals Corp. (OTCBB: SRCH) ("Searchlight" or the "Company") 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.
Test Results
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 gold recovery of 87.5%. While past test work had relied upon 'wet chemistry' electronic determination, these latest results were determined by analyzing gold metal extracted by standard fire assay techniques.
Solution values were determined by evaporating the pregnant leach solution ("PLS") and fire assaying the residual solids to produce a gold bead in hand. Likewise, the finely ground slag going into the large pilot autoclave and the leached residue after the test were also fire assayed and the resultant gold beads were used to calculate gold grades and leach efficiency. This is the second autoclave test that has verified the gold grade of the slag by fire assay. Electrowinning tests are currently underway to recover gold as metal from the PLS.
Background
Since December 2012, in an effort to demonstrate the economic viability of the Clarkdale Slag Project, the Company has been operating its large batch pilot autoclave. The 240-gallon (approximately 900 liter) autoclave consists of a titanium shell stirred reactor and all of the control and support systems.
A total of nine tests have been conducted in the pilot autoclave. The initial tests were designed to examine the structural integrity and functionality of the autoclave, its components, control and support systems. Subsequent tests were designed in an effort to mimic the mechanical and chemical operating conditions achieved with previous tests in the 6-liter bench autoclave, which yielded approximately 0.4 to 0.5 opt of gold in solution.
As the tests progressed, several mechanical and chemical issues were identified which indicated that the pilot autoclave was operating under less than optimum conditions, resulting in low gold extraction values. As these issues were identified, modifications were undertaken to the autoclave in order to help achieve the desired operating conditions. Significant delays occurred due to specialty alloy parts having to be ordered and in some cases custom made. During this time, additional bench-scale autoclave tests were performed in order to modify and optimize the chlorine chemistry for the pilot autoclave.
James Murray, the Project Manager of the Clarkdale Slag Project, noted "Because of our recent modifications to the mechanical and chemical operating conditions of the pilot autoclave, we were able, for the first time, to closely replicate the conditions of the bench-scale autoclave tests that were successful in achieving a high level of gold extraction from the slag material." Mr. Murray continued, "I attribute the breakthrough to being able to maintain sufficiently high oxidizing conditions via optimization of the chlorine chemistry and the operating conditions of the large pilot autoclave. This was achieved by the addition of supplementary heating capacity to the autoclave as well as a high pressure corrosion resistant pump to allow the addition of highly oxidizing chlorine compounds during the test. Additionally, there were seventeen 6 liter bench autoclave tests performed to modify and optimize the chlorine chemistry for the pilot autoclave. The final step in validating the technical and commercial feasibility of the autoclave process is the recovery of the gold from the PLS. Electrowinning tests are currently underway to recover gold as metal from the PLS. The large pilot autoclave tests provide sufficient volume of PLS for operating a pilot scale electrowinning cell."
"While testing has taken longer than originally anticipated due to unforeseen issues," stated Martin Oring, the Company's CEO, "we have gathered a tremendous amount of data from our tests and believe that we understand the conditions under which we must operate in order to achieve a high level of gold extraction from our slag material. We intend to continue our testing in an effort to consistently extract high levels of gold into solution and concurrently, we will continue with our PLS gold extraction tests in an effort to demonstrate our ability to complete the circuit and to produce physical gold. Once we are repetitively able to achieve this, we believe we will be in a position to embark on our bankable feasibility study which will demonstrate the economic viability of the Clarkdale Slag Project."
About Searchlight Minerals Corp.
Searchlight Minerals Corp. is an exploration stage company engaged in the acquisition and exploration of mineral properties and slag reprocessing projects. The Company holds interests in two mineral projects: (i) the Clarkdale Slag Project, located in Clarkdale, Arizona, which is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ore mined at the United Verde Copper Mine in Jerome, Arizona; and (ii) the Searchlight Gold Project, which involves exploration for precious metals on mining claims near Searchlight, Nevada. The Clarkdale Slag Project is the more advanced of two ongoing projects that the Company is pursuing. The Searchlight Gold Project is an early-stage gold exploration endeavor on 3,200 acres located approximately 50 miles south of Las Vegas, Nevada.
Searchlight Minerals Corp. is headquartered in Henderson, Nevada, and its common stock is listed on the OTC Bulletin Board under the symbol "SRCH." Additional information is available on the Company's website at www.searchlightminerals.com and in the Company's filings with the U.S. Securities and Exchange Commission.
Forward-Looking Statements
This Press Release may contain, in addition to historical information, forward-looking statements. Statements in this Press Release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's periodic filings with the Commission. When used in this Press Release in discussing the recent developments on the Project, including, without limitation, the resolution of certain issues relating to the operation of the production module, the words such as "believe," "could," "may," "expect" and similar expressions are forward-looking statements. The risk factors that could cause actual results to differ from these forward-looking statements include, but are not restricted to technical issues on the Project that may affect the production module and its primary process components, challenges in moving from pilot plant scale to production scale, the risk that actual recoveries of base and precious metals or other minerals re-processed from the slag material at the Clarkdale site will not be economically feasible, uncertainty of estimates of mineralized material, operational risk, the Company's limited operating history, uncertainties about the availability of additional financing, geological or mechanical difficulties affecting the Company's planned mineral recovery programs, the risk that actual capital costs, operating costs and economic returns may differ significantly from the Company's estimates and uncertainty whether the results from the Company's feasibility studies are not sufficiently positive for the Company to proceed with the construction of its processing facility, operational risk, the impact of governmental and environmental regulation, financial risk, currency risk volatility in the prices of precious metals and other statements that are not historical facts as disclosed under the heading "Risk Factors" in the Company's periodic filings with securities regulators in the United States. Consequently, risk factors including, but not limited to the aforementioned, may result in significant delays to the projected or anticipated production target dates.
Contact Information:
RJ Falkner & Company, Inc.
Investor Relations Counsel
(800) 377-9893
Email Contact
The value of their 10 million ounces of gold in that slag pile just dropped from $17 billion to only $12 billion in the last few months. Even so, that's enough loot to hire the absolute best fleet of engineering companies in the world to solve their extraction issues. Why screw around with unnamed Australian metallurgical firms, and a dinky metallurgical company out of Colorado with a dubious reputation?
No, Searchlight has been running this scam for 7 years now, and it is time to send these boys packing. The pressure must be on, since their stock is at a 7-year low. Bills (and the greed of their BOD) must be mounting.
Seawater, they will move it all to the coast. Probably next to a golf course. The slag pile will be held in Reserve. When in doubt reorganize.
You can test seawater and find all sorts of wonderful things. Separate them out and sell the salt and minerals. The waste product is plain olde water and that can be sprayed on the golf course. They can ship all that test equipment and reuse it. Also Gold in seawater along with whale doo. In a pinch the slag pile can be re-commissioned. I would keep all the testing in the off shore locations going. Such skill is required, another team can not be reassembled very easy.
Wonder if them top cheese boys is planning a pay cut, naw. They are worth the money.
Really makes you wonder what they are plotting behind the scenes. Are they going to go on a promotion campaign, or just let this keep slipping? With gold dropping close to $1200 today, maybe they realize it is a waste of time to promote a supposed gold stock right now.
Of course, it is always ironic to talk about the price of gold relative to a company that doesn't really have any!
Free fall today for SRCH. Interesting. I am guessing it's because gold has dropped overnight to $1290/oz. and long-term investors in SRCH are dumping.
Honestly, there shouldn't be any connection between SRCH and the price of gold - because they don't have any! What they do have is a scam that has run for seven years and bilked investors out of several tens of millions. Gotta hand it to these guys, it was a great run!
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Searchlight Minerals Corp. is a minerals exploration company focused on the acquisition and development of projects in the southwestern United States. The Company is currently involved in two projects: (1) the Clarkdale Slag Project, located in Clarkdale, Arizona, is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ores mined at the United Verde Copper Mine in Jerome, Arizona; and (2) the Searchlight Gold Project, which involves exploration for precious metals on mining claims near Searchlight, Nevada. The Clarkdale Project is the more advanced of two ongoing projects that the Company is pursuing. The Searchlight Gold Project is an early-stage gold exploration endeavor on 3,200 acres located approximately 50 miles south of Las Vegas, Nevada.
Searchlight Minerals Corp. is headquartered in Henderson, Nevada, and its common stock is listed on the OTC Bulletin Board under the symbol "SRCH". Additional information is available on the Company's website at www.searchlightminerals.com and in the Company's filings with the U.S. Securities and Exchange Commission.
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