Mr. Joseph Lanzon reports

SEARCH MINERALS INC. ANNOUNCES SETTLEMENT WITH CERTAIN CREDITORS

Search Minerals Inc. has agreed to the method and manner of payment of $100,000 (less applicable tax withholdings) of remaining debt arising from a settlement agreement it entered into with Kee Scarp Ltd. and Todd Burlingame, who are creditors of the company pursuant the agreement. In accordance with the agreement, the company has agreed to: (i) issue 203,688 common shares in the capital of the company to Mr. Burlingame; and (ii) make a cash payment of $26,600 to Kee Scarp, in satisfaction of all remaining debts to the creditors arising from the agreement or otherwise.

The completion of the share issuance is subject to a number of conditions, including the approval of the TSX Venture Exchange. Subject to receipt of all required approvals for closing of the share issuance, all common shares issued pursuant to the share issuance will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.

We seek Safe Harbor.