TIDMMKA
RNS Number : 7716Q
Mkango Resources Limited
02 March 2021
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
MKANGO ANNOUNCES MAJOR MILESTONE - SUCCESSFUL COMPLETION OF THE
FLOTATION PILOT PLANT PROGRAMME FOR THE SONGWE HILL RARE EARTHS
PROJECT
London / Vancouver: March 2 , 2021 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce
the successful completion of the flotation pilot plant programme
for the Songwe Hill Rare Earths project in Malawi ("Songwe" or the
"Project").
-- Mkango's flotation pilot plant programme has been completed
at ALS Metallurgy in Perth, Australia, and was effective in scaling
up a new, optimised flotation regime for the Project
-- The results of the flotation pilot programme will be
announced in due course, and the flotation concentrate produced
will be supplied to ANSTO in Australia for hydrometallurgical
piloting
-- Pre-piloting test work is already underway at ANSTO in
preparation for pilot testing of the front end of the
hydrometallurgical processing flow sheet
-- Discussions in relation to sites for a rare earth separation
plant are ongoing - this will process the high grade, purified
mixed rare earth carbonate produced at Songwe, enriched in high
value neodymium, praseodymium, dysprosium and terbium
-- Rare earth prices continue to rise and concerns over security
of supply provide a very favourable market backdrop, with
accelerating demand geared to growth in electric vehicles, wind
power and green technology applications
William Dawes, Chief Executive of Mkango stated: "We are very
pleased to have completed this major milestone for the Project and
look forward to updating the market when the results are available.
The smooth commissioning of the flotation pilot plant is a strong
credit to the ALS Metallurgy team, as well as Mkango's technical
consultants and advisors. The flotation pilot plant provides
Mkango's lead engineers, SENET ( a DRA Global Group Company), with
essential operating data for the Feasibility Study and to assist in
engineering the Company's commercial scale operation . "
Scientific and technical information contained in this release
has been approved and verified by Nicholas Dempers Pr.Eng (RSA)
Reg. No 20150196 , FSAIMM of SENET ( a DRA Global Group Company ),
who is a "Qualified Person" in accordance with National Instrument
43-101 -- Standards of Disclosure for Mineral Projects.
About Mkango
Mkango's corporate strategy is to develop new sustainable
primary and secondary sources of neodymium, praseodymium,
dysprosium and terbium to supply accelerating demand from electric
vehicles, wind turbines and other clean technologies. This
integrated 'mine, refine, recycle' strategy differentiates Mkango
from its peers, uniquely positioning the Company in the rare earths
sector.
Mkango is developing the 51% owned Songwe Hill rare earths
project in Malawi with the ongoing Feasibility Study funded through
a GBP12 million investment by strategic partner Talaxis Limited.
Malawi is known as "The Warm Heart of Africa", a stable
jurisdiction with existing road, rail and power infrastructure, and
new infrastructure developments underway. Following completion of
the Feasibility Study, Talaxis has an option to acquire a further
26% interest in Songwe by arranging financing for project
development including funding the equity component thereof.
In parallel, through its 75.5% interest in Maginito Limited (
www.maginito.com ), Mkango is developing green technology
opportunities in the rare earths supply chain, encompassing
neodymium (NdFeB) magnet recycling as well as innovative rare earth
alloy, magnet and separation technologies, and recently invested in
UK rare earth (NdFeB) magnet recycler, HyProMag Limited (
www.hypromag.com ).
Maginito's strategy is underpinned by offtake rights for
sustainably sourced primary and secondary raw materials from Songwe
and HyProMag, respectively, and is geared to accelerating growth in
the electric vehicle sector, wind power generation and other
industries driven by decarbonization of the economy.
Mkango also has an extensive exploration portfolio in Malawi,
including the recently announced Mchinji rutile discovery, for
which assay results are pending, in addition to the Thambani
uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt
project.
For more information, please visit www.mkango.ca .
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement may have been
deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements (within
the meaning of that term under applicable securities laws) with
respect to Mkango, its business and the Project. Generally, forward
looking statements can be identified by the use of words such as
"plans", "expects" or "is expected", "scheduled", "estimates"
"intends", "anticipates", "believes", or variations of such words
and phrases, or statements that certain actions, events or results
"can", "may", "could", "would", "should", "might" or "will", occur
or be achieved, or the negative connotations thereof. Readers are
cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the plans, intentions
or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will
not occur, which may cause actual performance and results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements. Such factors and risks include, without
limiting the foregoing, governmental action relating to COVID-19,
COVID-19 and other market effects on global demand for the metals
and associated downstream products for which Mkango is exploring,
researching and developing, results from the current pilot plant
studies, the results of the current exploration programme at
Mchinji, the development of a separation plant, the positive
results of a feasibility study on the Project and delays in
obtaining financing or governmental or stock exchange approvals.
The forward-looking statements contained in this news release are
made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Additionally, the Company undertakes no
obligation to comment on the expectations of, or statements made
by, third parties in respect of the matters discussed above.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes Alexander Lemon
Chief Executive Officer President
will@mkango.ca alex@mkango.ca
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
Blytheweigh
Financial Public Relations
Tim Blythe
UK: +44 207 138 3204
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Caroline Rowe
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood
UK: +44 20 7186 9004
Bacchus Capital Advisers
Strategic and Financial Adviser
Richard Allan
UK: +44 20 3848 1642
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither the 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.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any equity or other securities of
the Company in the United States. The securities of the Company
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") and may not be offered
or sold within the United States to, or for the account or benefit
of, U.S. persons except in certain transactions exempt from the
registration requirements of the U.S. Securities Act.
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END
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