VANCOUVER, BC--(Marketwired - February 07, 2017) - Medallion Resources Ltd. (TSX VENTURE: MDL) (OTC PINK: MLLOF) ("Medallion" or the "Company"), today announced the Mineral Processing and Metallurgical Testing section of Saskatchewan Research Council ("SRC") has been engaged to perform advanced process test-work for further development of the Company's rare-earth extraction process.
"SRC is one of only a few labs in North America with the expertise, facilities and licenses to develop rare-earth extraction processes at scale," said Don Lay, President & CEO. "We reported success in bench-level, rare-earth extraction tests and production of a commercially-acceptable concentrate. Now, with the new monazite feedstock material recently delivered to SRC in Saskatoon, we're proceeding with the next level of process development in order to optimize recovery, reduce costs and produce co-products at a larger scale."
The SRC test-work aims to provide technical confirmation, including depletion of cerium from the concentrate, needed to implement a planned integrated pilot plant. Pilot plant data will form the foundation of an engineering study and confirmation of the commercial viability of the proposed processing facility. Medallion remains in discussions with major heavy-mineral sands producers regarding monazite feedstock supply as well as prospective rare-earth concentrate customers.
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: MRD) can be found at 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 estimates and statements that describe Medallion's planned process testing and intended pilot plant testing or other 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, including the risks inherent in completing laboratory-scale processing tests and applying the results to full-scale production 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. 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. 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.