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Search Minerals closes patent purchase deal with InCoR Holdings

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Search Minerals closes patent purchase deal with InCoR Holdings

said March 29 thatInCoR Holdings plc has paid the final installment of C$200,000 relating to a salt technologypatent purchase agreement between the parties.

With the finalpayment, InCoR has completed all terms and conditions set forth in the deal.

The two companieswill complete the closing documents to transfer all of Search Minerals' right, titleand interest, including all legal and beneficial interest in and to the salt assets.

"This finalpayment of [C]$200,000 fully satisfies and discharges InCoR from any further obligationunder the patent purchase agreements. The total consideration of [C]$650,000 receivedby Search during these difficult market conditions is a testament to the commitmentof the board and management to minimize shareholder dilution with the sale of thisnon-core asset," said Greg Andrews, president and CEO of Search Minerals.