- Published on Wednesday, 11 July 2012 12:20
FG_AUTHORS: Marketwire - Mining and Metals
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) -Medallion Resources Ltd. (TSX VENTURE:MDL)(OTCQX:MLLOF)(FRANKFURT:MRD) ("Medallion" or the "Company") announces that, after extensive review including meetings and site visits in several Middle Eastern jurisdictions, the Company expects to construct its proposed large-scale, rare-earth processing facility within the Gulf States.
Since March 2012, the Company has been actively engaged with potential Middle East sovereign-supported joint-venture partners to arrange potential investment and to determine a suitable industrial site for the construction of a processing facility. The Company continues work, with a number of parties, to advance the project and looks forward to disclosing information on the joint-venture partner, financing arrangement and specific site location once negotiations are completed.
"We are pleased by the intense interest generated in the Middle East by our monazite business model," said Dr Bill Bird, Medallion Chairman and CEO. "The parties we met recognized the cost and time-saving attributes of Medallion's fast-track monazite approach to entering the global rare-earth marketplace, as well as the strategic industrial advantages of locating a rare-earth supply centre within their jurisdictions."
Medallion's planned production strategy is to exploit available supplies of monazite, a rare-earth phosphate mineral with a proven, metallurgical extraction process that has successfully produced commercial rare-earth products for over 100 years. Monazite is currently produced as a by-product of heavy-mineral-sands mines, which are large-scale titanium and zircon placer operations generally located in Australia, South Asia, Africa and the Americas. Mr Warwick Bartle, Medallion's Director of Feedstock Acquisition, reports steady progress in his negotiations to secure long-term monazite supply agreements.
A rare-earth processing facility, located within the Gulf States, offers proximity to the majority of the world's monazite resources, access to world-class ports and industrial infrastructure, availability of low-cost chemicals, gas and power, and the support of industry-friendly jurisdictions. These critical success factors, combined with the region's capability to fund strategic industrial ventures, strongly support the Company's decision to locate its proposed rare-earth processing facility in this region.
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 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 www.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.