Search Minerals Inc. (Search) is engaged in the business of mineral exploration and the research and development of the starved acid leaching technology (SALT). The SALT testing continues at a pilot plant located outside Rio de Janeiro, Brazil. The mineral exploration business involves acquiring, exploring and evaluating mineral resource properties. The Company exploration properties are located in the Province of Newfoundland and Labrador. Alterra Resources Inc. (Alterra) is the wholly owned subsidiary of the Company. It operates all of its exploration through its 100% owned subsidiary Alterra. During the year ended November 30, 2011, Search completed a Phase II and Phase III exploration drill program at the Foxtrot Project, in the Port Hope Simpson REE District located in southeast Labrador. The SALT process is applied to recovery of nickel and cobalt and other metals from laterite ores or residues from other processes.