VANCOUVER, BC–(Marketwired – April 08, 2016) – Medallion Resources Ltd. (TSX VENTURE: MDL) (OTC PINK: MLLOF) (“Medallion” or the “Company”), today reported it is now prepared, once it has secured sufficient funding, to move forward on pilot plant-scale tests of its monazite-based rare-earth extraction process. These new tests represent the last major technical confirmation prior to building a continuous-flow integrated pilot plant. An integrated pilot plant operation can form the basis of an engineering study confirming the commercial viability of the process.
Medallion is seeking equity capital and government-sponsored programs to have a qualified mineral lab conduct the pilot-scale tests, which are expected to cost approximately $200,000.
“We’ve invested significant resources over the last three years developing our enhanced rare-earth extraction process, so we’re keen to follow up our bench-scale tests to get confirmation at a larger scale and provide new higher-valued product samples to potential customers,” said Don Lay, President & CEO. “We note that there has been little progress from current rare-earth resource developers over the last number of years and the marketplace is now looking for new feedstock sources.”
In addition to performing complete testing of the operating parameters for all key process steps, a variety of potential monazite input feedstocks, re-agent recycling, and phosphate by-product tests and analysis will be conducted. This builds on the Company’s earlier design work and successful bench-level tests which were announced August, 2015. Medallion’s optimized flow-sheet design uses only well-understood and time-tested metallurgical techniques that have been implemented in production environments; as such, significant technical hurdles are not anticipated.
About Medallion Resources
Medallion is executing on a business strategy to produce rare-earths concentrates at low costs from monazite, a by-product mineral available from existing mining and mineral-sands sources. The Company has developed a rare-earth extraction process and business relationships with the potential to deliver significant near-term rare-earth production outside of China. Rare earths are critical inputs to all modern computing and electronic products, as well as wind turbines, electric and hybrid vehicles, and strategic defense systems. Medallion is committed to following best practices and the highest 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 future plans of Medallion, including financing plans, plans regarding pilot scale testing, purchasing or processing monazite, 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, including plans with respect to pilot scale testing, 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.
