VANCOUVER, British Columbia, July 11, 2018 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V:MDL) (OTCPK:MLLOF) (Frankfurt:MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, is pleased to provide an update on its recent business developments.
“Kurt Forrester and I just returned from Saskatchewan and Nebraska where we met with representatives from the Saskatchewan Research Council and Rare Earth Salts to hold key meetings on process development and commercialization of the Company’s monazite-derived feedstock,” said Don Lay, Medallion’s President and CEO.
Rare Earth Extraction Process Development — Saskatchewan Research Council
The Saskatchewan Research Council’s (“SRC”) technical staff and Kurt Forrester PhD, Medallion’s consulting metallurgist, conducted a thorough review of the results of the bench-level testwork, which was reported in the Company’s news releases dated March 22, 2018 and March 28, 2018. Based on that review, the SRC and the Company decided to focus their efforts on process refinement, including magnet metal optimization, waste management and co-product production.
The SRC and the Company identified additional prospects for further testing prior to finalizing the process flow sheet. Medallion anticipates that, within a few months, testing will be complete and a final process flow sheet will be available for engineering estimates on the capital costs for a commercial monazite rare earth extraction plant.
Commercialization — Rare Earth Salts
Medallion held business and technical meetings with its commercial partner, Rare Earth Salts Separations & Refining LLC (“RES”). RES indicated that it is pleased with the sample concentrate products it has received thus far from the Company. Technical discussions focussed on optimizing the concentrate feedstock for rare earth element distribution and chemical formatting. Don Lay and Kurt Forrester also met with Beatrice city, Gage county and Nebraska state personnel who expressed their support for growing the local rare earth processing capabilities.
RES informed the Company that it is in active commercial discussions with a number of consumers of all rare earth elements, in particular consumers of magnet metals (neodymium (ND), praseodymium (Pr), dysprosium (Dy), and terbium (Tb). RES expressed a strong desire for Medallion to provide significant quantities of its planned monazite-derived concentrate feedstock to satisfy increasing customer demands.
RES plans to incrementally expand its production capacity to separate rare-earth concentrates into marketable oxides, and it is targeting an output of 3,500 tonnes per year of rare earth oxide (“REO”) by 2022. For perspective, the current annual global market for REO’s is approximately 140,000 tonnes.
New website — Pursuing smart production of magnet metals
Medallion has updated its website to focus on its approach to the production of magnet metals. The new website utilizes a long-scrolling design, which enhances the experience for mobile users and simplifies navigation.
About Medallion Resources
Medallion Resources is pursuing near-term magnet metal production, firstly in North America, by exploiting by-product monazite. Monazite is a rare earth element (REE) phosphate mineral containing significant amounts of the key magnet metals neodymium and praseodymium (NdPr). NdPr is the key input material for the high-powered permanent rare earth magnets required for growing demands of vehicle electrification, wind power generation and robotics. Monazite is widely available as a by-product from heavy mineral sand mining operations and has a history as a commercial REE resource and well-understood metallurgy. 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 can be found at medallionresources.com.
Contact: Donald Lay, President & CEO at +1.604.681.9558 or info@medallionresources.com.
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. Medallion management takes full responsibility for content and has prepared this news release. Some of the statements contained in this release are forward-looking statements, such as statements regarding the completion of the testing by SRC in connection with completing the process flow sheet, the production of estimates on the cost of a commercial monazite rare earth extraction plant, the Company’s continued partnership with RES or the results thereof. 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.