VANCOUVER, BC–(Marketwired – February 22, 2016) – Medallion Resources Ltd. (TSX VENTURE: MDL)(OTC PINK: MLLOF) (“Medallion” or the “Company”), today announced that Dr. Bill Bird is leaving the Board of Directors of the Company after many years of service.
“Dr. Bird has been a key driver of Medallion’s initiatives for many years and is the originator of Medallion’s rare-earth processing business model,” said David Haber, Chair of Medallion’s Board. “Although we anticipate Bill will still provide his extensive expertise to the Company as a technical advisor, he has decided to resign from his duties as a board member. We’d like to thank Bill for almost twenty years of service on the Board.”
The Company is planning to appoint a new director in due course; ideally one providing experience and expertise in line with its corporate direction of becoming a significant value-added mineral processor. Medallion also plans to add new advisors to help maximize value from the Company’s monazite-based rare-earth extraction process.
About Medallion Resources
Medallion is focused on 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 of 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 www.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 future plans of Medallion, including financing plans, plans regarding purchasing or processing monazite, construction of a pilot plant, changes to Medallions board or advisory board, and any other statements regarding 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 risks related to Medallion’s ability to raise further financing, and the risks inherent in completing pilot plant-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, and therefore investors should not place undue reliance on forward looking statements. 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.
