Martin Oring joins Searchlight Minerals Corp. Board of Directors
06 Octobre 2008 - 3:00PM
PR Newswire (US)
EXPERIENCED FINANCIAL EXECUTIVE BRINGS DEPTH TO AUDIT AND
COMPENSATION COMMITTEES HENDERSON, Nevada, Oct. 6
/PRNewswire-FirstCall/ -- Searchlight Minerals Corp. (OTC
BB: SRCH) (the "Company"), a minerals exploration company
focused on the acquisition and development of projects in the
southwestern United States, today announced that Martin B. Oring
has joined the Company's Board as an Independent Director. Mr.
Oring will serve on both the Audit and Compensation Committees of
the Board of Directors. Mr. Oring also serves on the Boards of
Directors of Parallel Petroleum Corporation (Nasdaq Global Market:
PLLL), a Midland, Texas-based oil and gas exploration and
production company with a "market cap" in excess of
$300 million; and Denver-based PetroHunter Energy Corporation
(OTC BB: PHUN), an oil and gas exploration and production company
with a "market cap" of approximately $35 million. "We are very
pleased that Martin Oring has agreed to serve as an Independent
Director of Searchlight Minerals Corp.," noted Ian McNeil, Chief
Executive Officer of the Company. "His extensive financial
background and board-level experience with other publicly traded
companies will contribute significantly to the strength of our
Board of Directors and to the effectiveness of the Audit and
Compensation Committees of the Board." "One of our strategic goals
is to expand both the independence and the diversity of our Board
of Directors, in anticipation of a listing of our common stock on a
national exchange once we meet all listing requirements," added
McNeil. "We expect to add more independent directors that can
assist management in achieving the Company's strategic objectives
and/or strengthening our financial processes and controls." Mr.
Oring, a Senior Financial/Planning Executive, is currently the
President of Wealth Preservation, LLC, a financial advisory firm
that serves high-net-worth individuals. Since founding Wealth
Preservation, LLC in 2001, he has completed the financial
engineering, structuring, and implementation of over $1 billion of
proprietary tax and estate planning products in the capital markets
and insurance areas for wealthy individuals and corporations. From
1998 until 2001, Mr. Oring served as Managing Director, Executive
Services at Prudential Securities, Inc., where he was responsible
for advice, planning and execution of capital market and insurance
products for high-net-worth individuals and corporations. Among his
other accomplishments during this period of time, he designed and
executed more than $1 billion of hedging strategies for clients.
From 1996 to 1998, he served as Managing Director, Capital Markets,
during which time he managed Prudential Securities' capital market
effort for large and medium-sized financial institutions. From 1989
until 1996, Mr. Oring managed the Debt and Capital Management group
at The Chase Manhattan Corporation as Manager of Capital Planning
(Treasury). Prior to joining Chase Manhattan, he spent
approximately 18 years in a variety of management positions with
Mobil Corporation, one of the world's leading energy companies.
When he left Mobil in 1986, he was Manager, Capital Markets &
Investment Banking (Treasury). Mr. Oring has served as a Lecturer
at Lehigh University, the New York Institute of Technology, New
York University, Xerox Corporation, Salomon Brothers, Merrill
Lynch, numerous Advanced Management Seminars, and numerous in-house
management courses for a variety of corporations and organizations.
He has an MBA Degree in Production Management, Finance and
Marketing from the Graduate School of Business at Columbia
University; and a B.S. Degree in Mechanical Engineering from
Carnegie Institute of Technology. About Searchlight Minerals Corp.
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 http://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 news release that are forward-looking statements
are subject to various risks and uncertainties concerning the
specific factors disclosed under the heading "Risk Factors" and
elsewhere in the Company's periodic filings with the U.S.
Securities and Exchange Commission. When used in this news release,
the words such as "could," "plan", "estimate", "expect", "intend",
"may", "potential", "should", 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 the Company's limited operating
history, uncertainties about the availability of additional
financing, geological or mechanical difficulties affecting the
Company's planned geological or other work programs, uncertainty of
estimates of mineralized material, operational risk, environmental
risk, financial risk, currency risk and other statements that are
not historical facts as disclosed under the heading "Risk Factors"
and elsewhere 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. DATASOURCE: Searchlight Minerals Corp. CONTACT: Carl
Ager, Vice President, (702) 939-5247, ; RJ Falkner & Company,
Inc., Investor Relations Counsel, (800) 377-9893,
Copyright