Medallion Resources Corporate Update
February 28, 2014 (Source: Marketwired) — Medallion Resources Ltd (TSX VENTURE:MDL) (OTCQX:MLLOF) (“Medallion” or the “Company”), is focussed on re-establishing monazite as a significant economic mineral and major source of rare earths, and today provided an update.
Medallion’s top operational focus at this time is to secure monazite feed for its proposed Oman facility. Negotiations with a number of heavy-mineral-sands producers and developers are going well; although, securing these agreements has taken longer than anticipated. The Company can confirm that sufficient quantities are available, both as stockpiles and from ongoing production streams, under reasonable terms for long-term agreements. Within the heavy-mineral-sands business, there is a growing awareness that monazite is an important economic source of rare earths and major producers are seeking purchasers with viable business plans. Producers seek a reliable purchaser to safely process monazite in a well-regarded jurisdiction, such as the Middle East, and this matches the Company’s strategy.
Get our daily investorintel update
Medallion continues its initial activities with both Arab Mining Company and Takamul Investment Company, with whom Medallion has established Memorandums of Understanding (MOUs) to investigate the establishment and investment in a monazite-based rare-earth processing facility in the industrial city of Duqm, Oman.
Medallion, on a non-exclusive basis, has also engaged an individual for securing equity funding in the Arab Gulf States. This will capitalize on the local media and business interests in rare-earth production, which were brought about by Medallion’s initiatives and relationships in the region.
About Medallion Resources
Led by Dr Bill Bird and supported by an experienced technical team, the Company focuses on low-cost, near-term, rare-earth production opportunities using the rare-earth mineral monazite, which is available as a by-product from existing mining and mineral-sands sources principally in the Indian Ocean basin. Medallion, partnered with Takamul Investment Company, is currently evaluating a proposal to import monazite feedstock and produce rare-earth products at a proposed processing facility in the industrial city of Duqm, Oman. 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-V: MDL; OTCQX: MLLOF; Frankfurt: MRD) can be found at medallionresources.com.
Medallion management takes full responsibility for content and has prepared this news release. 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. Some of the statements contained in this release are forward-looking statements, such as statements relating to completion of transactions under the MOUs, completion of monazite feed agreements, and 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, including the risks inherent in completing complex business arrangements in international jurisdictions and other risks outlined in the Company’s management discussions and analysis of financial results. 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>