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Medallion Resources Ltd. (TSX VENTURE:MDL)(OTCQX:MLLOF)(FRANKFURT:MRD) ("Medallion" or the "Company"), announces that, working with metallurgical consultants, it has produced preliminary processing technical plans, including flow sheets and initial capital and operating financial models, for a monazite-based rare-earth processing facility, which is expected to be constructed in the Middle East. The proposed facility, based on assumed annual rare-earth-oxide production of 10,000 tonnes per year, incorporates modules for monazite feedstock upgrading, total rare-earth extraction from monazite, and separation of individual light and heavy rare-earth oxides.
"Over the last few months, while senior management has advanced discussions with potential Middle East joint-venture partners, we have completed our initial rare-earth-processing technical plans, which significantly reduces project risk," said Dr Bill Bird, Medallion Chairman and CEO. "This work provides solid support for our approach and the project's attractive economics, and has strengthened our position in the current partnership discussions."
Medallion's rare-earth production strategy is to exploit available supplies of monazite, a rare-earth phosphate mineral that is a by-product of heavy-mineral-sands mining operations and that has a proven, metallurgical extraction process. This model fits exceptionally well with the goals of potential Middle East joint-venture partners. Negotiations to locate and finance a major rare-earth production facility in the Middle East are moving forward steadily and positively. The Middle East offers first-class transportation and industrial infrastructure, low-cost power, and ready availability of necessary chemicals and skilled labour. These positive and practical attributes are supported by industry-friendly jurisdictions.
"Having just attended the MENA Mining Show in Dubai on October 22 and 23, as both a presenter and sponsor, I can confirm that there is significant interest in, and positive support for, Medallion's monazite business model," said Donald Lay, Medallion President and Director. "I am at the TZMI Congress in Hong Kong this week, where our management team is discussing monazite feedstock procurement with industry representatives of the titanium and zircon feedstock industries."
About Medallion Resources Ltd.
Medallion is rethinking rare earths. Headed by Dr Bill Bird and supported by an experienced technical team, the Company believes it is well positioned to identify and exploit the world's most promising rare-earth opportunities. Medallion's strategy is to target large deposits amenable to straightforward low-cost mining and metallurgical processes that lead to near-term rare-earth production and long-term low-cost supply. Rare earths are used in critical components for virtually all computing and mobile electronic products, as well as wind turbines, electric and hybrid vehicles and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mining, mineral processing and the safe management of waste materials. More about Medallion (TSX VENTURE:MDL)(OTCQX:MLLOF)(FRANKFURT:MRD) can be found at medallionresources.com.
Medallion management has prepared this news release and takes full responsibility for content. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Medallion's future exploration, production and financing plans, objectives or goals, including words to the effect that Medallion or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential business, acquisitions or development plans. Also, in order to proceed with Medallion's plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion's plans.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Medallion Resources Ltd.
Hamza Thindal Capital Corp.