SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

ORING MARTIN B

(Last)

(First)

(Middle)

7582 HAWKS LANDING DRIVE

(Street)

WEST PALM BEACH

33412

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Searchlight Minerals Corp. [ SRCH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2010

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/17/2010		G⁽¹⁾	V	200,000	D	$0.7	255,000⁽²⁾	D
Common Stock	06/17/2010		G⁽¹⁾	V	200,000	A	$0.7	305,000⁽³⁾	I	The Martin Oring Financial Trust Dated December 20, 2006⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Options	$1.2							03/31/2010	03/31/2015	Common Stock	15,000		15,000	I	By Wealth Preservation LLC⁽⁴⁾
Options	$1.6							12/31/2009	12/31/2014	Common Stock	11,250		11,250	I	By Wealth Preservation LLC⁽⁴⁾
Options	$1.82							09/30/2009	09/30/2014	Common Stock	9,890		9,890	I	By Wealth Preservation LLC⁽⁴⁾
Options	$2.44							06/30/2009	06/30/2014	Common Stock	7,377		7,377	I	By Wealth Preservation LLC⁽⁴⁾
Options	$2.74							03/31/2009	03/31/2014	Common Stock	6,569		6,569	I	By Wealth Preservation LLC⁽⁴⁾
Options	$2.45							12/31/2008	12/31/2013	Common Stock	7,347		7,347	I	By Wealth Preservation LLC⁽⁴⁾
Options	$1.45							⁽⁵⁾	⁽⁵⁾	Common Stock	200,000		200,000	I	By Wealth Preservation LLC⁽⁴⁾
Warrants	$1.85							02/23/2007	11/12/2012	Common Stock	62,500		62,500	D

Explanation of Responses:

1. On June 17, 2010, Mr. Oring gifted 200,000 shares of common stock of Searchlight Minerals Corp. to the Martin Oring Financial Trust Dated December 20, 2006 for the benefit of his children and grandchildren.

2. 130,000 of the 255,000 shares of common stock of Searchlight Minerals Corp. are jointly held with Mr. Oring's wife.

3. The 305,000 shares of common stock of Searchlight Minerals Corp. are held by the Martin Oring Financial Trust Dated December 30, 2006 for the benefit of his children and grandchildren. Mrs. Olivia Oring is one of the trustees of the Martin Oring Financial Trust. Mrs. Olivia Oring is Mr. Oring's wife.

4. Mr. Oring is a managing member of Wealth Preservation, LLC. Mr. Oring and Mrs. Olivia Oring are the sole members of the LLC.

5. The options vest pro rata over four years, from October 6, 2009 through October 6, 2012. The options each expire on the five year anniversary of the date that they vest.

	/s/ Martin B. Oring	06/22/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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