Medallion Completes Initial Technical Plans for Rare-Earth Processing Facility
05 November 2012 - 11:00PM
Marketwired
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.
Contacts: Medallion Resources Ltd. Donald Lay President
+1.604.681.9558info@medallionresources.com
www.medallionresources.com Hamza Thindal Capital Corp. Kam Thindal
Partner +1.888.371.9098kam@htcapitalcorp.com