VANCOUVER, British Columbia, Feb. 07, 2018 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V:MDL) (OTCPK:MLLOF) (Frankfurt:MRDN) (“Medallion” or the “Company”), the smart producer of magnet metals, is pleased to announce that it has successfully completed the bench-scale optimization phase of its metallurgical testwork. This critical phase produced a cerium-depleted, rare-earth element (REE) concentrate derived from monazite sand. The final report from the Saskatchewan Research Council (SRC) is expected within 10-15 days. The Company will be publishing the results and initial conclusions.
The Company’s testwork seeks an enhanced process to optimize the recovery of neodymium and praseodymium (NdPr), which are the critical “magnet metals” used in high-powered, rare-earth permanent magnets. These magnets are required for electric and hybrid vehicles, wind power generation, and robotics.
Medallion’s enhanced extraction process provides for cost-effective removal of cerium, a plentiful but low-valued REE that typically constitutes well over 40% of the rare-earth content of monazite. As such, the removal of cerium from a rare-earth concentrate product dramatically increases the value of a concentrate versus a similar one with cerium.
“Although we employ industry-standard techniques in our extraction process, we are implementing a number of enhancements to ensure we achieve environmental best practice and maximum utility of all processed materials and reagents,” said Kurt Forrester, PhD, Medallion’s consulting metallurgist. “This means that we have a high confidence in commercializing our process. And we’re working closely with the SRC team identifying opportunities for cost reduction and additional revenue streams.”
North American Supply Chain
The metallurgical testwork used monazite sand sourced from a North American, heavy-mineral sands miner. This is significant to the development of a North American, rare-earth supply chain.
In June 2017 Rare Earth Salts and Medallion Resources completed a non-exclusive commercial agreement to produce, market and share revenues from the sale of finished rare-earth products–pursuant to which Medallion will produce and supply a rare-earth concentrate to Rare Earth Salts for separation and refining into marketable rare-earth oxides.
These emerging relationships hold the promise of a complete North American, rare-earth supply chain—feedstock sourcing, processing, refining, and marketing.
A North American rare-earth supply chain, independent of China, is capable of meeting industry demands and the goals outlined by the White House Executive Order (December 20, 2017), encouraging production of domestic sources of critical materials.
About Rare Earth Salts
Rare Earth Salts is a leading materials technology company and producer of rare earth oxides. The Company has developed a patent pending industrial technology proven to efficiently and economically separate and refine all 16 REEs to high purity. The process is environmentally friendly and demonstrates a significant cost advantage versus standard processing.
For more information visit: www.rareearthsalts.com
About Medallion Resources
Medallion Resources is developing an approach for low-cost, near-term, rare-earth element (REE) production by exploiting monazite. Monazite is a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations. REEs are critical inputs to electric and hybrid vehicles, electronics, imaging systems, wind turbines and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and the safe management of waste materials.
More about Medallion (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) can be found at medallionresources.com.
Contact: Donald Lay, President & CEO,
Phone: +1.604.681.9558, email: info@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 that describe the the completion of the Offering and the use of the proceeds of the Offering. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval 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. 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. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.