Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES COMPLETES AIRBORNE RADIOMETRIC SURVEY OF THE BEAR LAKE RARE EARTH PROJECT

Searchlight Resources Inc. has released the initial results of the airborne radiometric and magnetic surveys on the company's Bear Lake rare earth element project, located approximately 30 kilometres north of Uranium City, Sask.

Special Projects Inc. of Calgary, Alta., completed airborne radiometric and magnetic surveys covering 1,110 km of flight lines at 50-metre spacing. Radiometric results confirm historically known rare earth anomalies, and have also identified large, previously unexplored anomalies that warrant follow-up exploration. New anomaly No. 1 is a large thorium zone measuring 600 m by 500 m, a previously unknown and unsampled target. New anomaly No. 2 is a linear thorium zone greater than 1.5 kilometres in length, along the shore of Ena Lake. Searchlight uses thorium as pathfinder for monazite, a principal rare earth mineral.

"These results show significant rare earth potential at Bear Lake, with new large anomalous zones. Our work at the Kulyk Lake and Daly Lake REE projects has shown the direct correlation between thorium anomalies and high-grade REE mineralization," stated Stephen Wallace, chief executive officer of Searchlight. "These results highlight Saskatchewan as a strong rare earth source in Canada. Bear Lake, Ena Lake and other Searchlight REE projects could potentially provide rare earth feed for the Saskatchewan Resource Council rare earth processing facility in Saskatoon."

The Bear Lake project comprises five claims covering 4,036 hectares (40.36 square kilometres) and includes six historical REE occurrences. The claims are located within 30 km of the Hoidas Lake rare earth deposit and 25 km of the Appia Energy Alces Lake rare earth project, the two most advanced rare earth projects in Saskatchewan.

Previous work by the Saskatchewan Geological Survey located outcrops with samples that assayed up to 19.94 per cent TREO and 3.53 per cent CREO. The claims also include significant lake sediment samples, including one sample of 2,372 parts per million total rare earth elements. This is the sixth-highest TREE value amongst 35,842 lake sediment analyses for which REE data are available for all of Canada.

Qualified person

Stephen Wallace, PGeo, is Searchlight's qualified person within the meaning of National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.

About Searchlight Resources Inc.

Where the critical element supply chain begins Searchlight is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. The company's exploration model of project generation coupled with targeted exploration focuses on gold, uranium, rare earths and copper.

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