VANCOUVER, British Columbia, May 01, 2019 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), pursuing smart production of magnet metals, today provides an update on its process development work now in progress at the Saskatchewan Research Council (SRC) and the Chemical Engineering & Applied Chemistry Department at the University of Toronto.
“These current projects will answer key questions about our waste stream and process optimization work and move us much closer to a formal economic study,” said Kurt Forrester, PhD, Medallion’s metallurgist. “We are entering into discussions with engineering groups on a study to determine capital and operating costs for our proposed monazite rare-earth processing plant.”
More about our projects
- To optimize the Company’s approach to the safe and economical management of waste materials, the SRC is analysing waste streams produced from additional “crack and leach” testwork on monazite sand feedstock. Following completion of this work, the findings and samples will be shared with waste processors and disposal firms for review and guidance.
- To streamline process design, researchers at the University of Toronto’s Chemical Engineering & Applied Chemistry Department are generating solubility data to establish precise thermodynamic models of the phosphate conversion and caustic regeneration projects. The Company expects this work to potentially provide significant cost savings during plant operations.
“The timing of this work coincides nicely with the market interest we’re seeing in rare-earth magnet metals and in our NdPr-rich concentrate,” said Don Lay, President & CEO of Medallion. “With our recent capital raise we can move more quickly to evaluate potential plant sites in North America and work with feedstock suppliers to ensure timing and quality of monazite feedstock.”
A current top-level process flow diagram of Medallion’s can be seen here:
http://www.globenewswire.com/NewsRoom/AttachmentNg/e5c068a7-4d2a-46a9-938b-cf01978134e4
About Medallion Resources
Medallion is preparing for near-term production of rare-earth magnet materials in North America through the processing of by-product monazite sand—in a modern, clean, and automated process. Monazite sand is rich in rare-earth elements neodymium and praseodymium (also known as “NdPr”) which are critical input for lightweight and powerful rare-earth magnets. Rare-earth magnets are essential to Automotive and Robotics (electric motors), Defense (Missile Guidance Systems), and Clean Energy (Wind Turbines) industries. Given the dominance of China as a rare-earth producer and tense global trade relations, automakers and other industry groups are seeking non-China sources to meet increasing demands for NdPr. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and 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 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 that describe Medallion’s plans with respect to the completion of additional tranche(s) of the Offering and the intended use of the proceeds. 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.