CALGARY, ALBERTA--(Marketwired - May 30, 2014) - Mkango Resources Ltd. (TSX VENTURE:MKA) (the "Company" or "Mkango") is pleased to announce the appointment of Derek Linfield to be Chairman of the Board of Directors and the grant of options.
Appointment of Derek Linfield as Chairman of the Board
Mr. Linfield was appointed a non-executive director of Mkango in January 2014. He is the managing partner of the law firm Stikeman Elliott (London) LLP, the UK office of Canadian law firm Stikeman Elliott LLP. Mr Linfield has practiced as a Canadian lawyer in London for 18 years, where he has focused on cross-border financings and M&A in the mining and oil & gas sectors, including taking internationally managed companies to Toronto Stock Exchange and the Toronto Venture Exchange as well as Canadian companies to the London Stock Exchange.
Subject to regulatory approval, Mkango has granted 2,400,000 new stock options ("options") to directors and officers of the Company. The options have an exercise price of $0.125 per common share, will vest over the next two years and are valid for a period of 10 years from the date of grant. Mkango also accepted for cancellation 600,000 existing options held by certain non-executive directors of the Company and has issued an additional 600,000 options, on the same terms as above, to officers and employees of the Company.
First Quarter 2014 Financial Results
The Company also reports that it has filed its unaudited interim consolidated financial statements for the quarter ended March 31, 2014 ("Interim Financial Statements"), and the related management's discussion and analysis ("MD&A").
Mkango's Interim Financial Statements and MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.mkango.ca.
About Mkango Resources Ltd.
Mkango's primary business is the exploration for rare earth elements and associated minerals in the Republic of Malawi. It holds, through its wholly owned subsidiary Lancaster Exploration Limited, a 100% interest in two exclusive prospecting licenses covering a combined area of 1,751 km² in southern Malawi. The main exploration target is the Songwe Hill rare earth deposit, which features carbonatite hosted rare earth mineralisation and was subject to previous exploration in the late 1980s.
In parallel, the Corporation is also undertaking regional exploration in the second license area, known as Thambani, where a number of areas with potential for uranium, zircon, corundum and niobium have been identified.
The Corporation's corporate strategy is to further develop the Songwe Hill rare earth deposit and secure additional rare earth element and other mineral opportunities in Malawi and elsewhere in Africa.
On behalf of the Board of Mkango Resources Ltd.,
William Dawes, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements relating to the Corporation. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, among others, the interpretation and actual results of current exploration activities; uncertainty of estimates of mineral resources, changes in project parameters as plans continue to be refined; future commodity prices; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
Neither the 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.