VANCOUVER, BC–(Marketwired – October 26, 2015) – Medallion Resources Ltd. (TSX VENTURE: MDL) (OTC PINK: MLLOF) (“Medallion” or the “Company”), is now providing product specification sheets and samples of its high-purity rare-earth concentrate product to rare-earth separators and other interested parties under confidentiality agreements.
Medallion’s mixed rare-earth concentrate sample was extracted from by-product monazite sand, provided by a major heavy-mineral-sands producer, during the Company’s recent bench-scale metallurgical tests. Medallion’s high-purity concentrate is expected to be suitable for input into standard commercial rare-earth refineries or separation plants, which separate the concentrate into individual rare-earth oxides and other rare-earth products.
“Most people are aware that we’re currently in a depressed market for rare-earth elements. However, our model of using monazite sand, a by-product mineral feed that provides for low cost near-term production, is attracting industry attention,” said Don Lay, Medallion President & CEO. “We aim to deliver quality rare-earth concentrates to solvent extraction-based refineries. We’re also speaking to groups with alternative approaches that look to drive down rare-earth separation costs versus Chinese producers. We’re adapting and open to a variety of business relationships.”
The magnet-related elements (Nd, Pr, Dy, Tb) dominate the value of the Company’s sample concentrate product, representing 86% of the total using standard Chinese FOB prices for separated rare-earth oxides (source: Asian Metal August 2015). Medallion believes that additional metallurgical adjustments can increase the value of the concentrate produced in Medallion’s process by optimizing recoveries of the most valuable individual rare-earths, based on market pricing and feedback.
Medallion has held initial discussions with jurisdictions in North America and is establishing criteria for site selection of its potential rare-earth processing plant.
William H. Bird, PhD, P.Geo, the Company’s Chief Technical Advisor and a Qualified Person pursuant to National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Medallion Resources
Medallion Resources is focused on the opportunity for low-cost, near-term, rare-earth production by exploiting the mineral monazite. Monazite is a rare-earth phosphate that is available as a by-product from existing mining and mineral-sands sources, principally in the Indian Ocean basin. 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 mineral processing and the safe management of waste materials. More about Medallion (TSX-V: MDL; OTCPK: 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 the completion of the Offering, the anticipated use of gross proceeds of the Offering, estimates and statements that describe Medallion’s future 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 laboratory-scale processing tests and applying the results to full-scale production 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 not obtaining required regulatory approvals in respect of the Offering, 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. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future anticipated events.
President & CEO