Medallion Resources Announces Important Extension of MOUs
December 23 2013 - 2:52PM
Marketwired
Medallion Resources Announces Important Extension of MOUs
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 23, 2013) -
Medallion Resources Ltd (TSX-VENTURE:MDL)(OTCQX:MLLOF) ("Medallion"
or the "Company") today announced that it has completed six-month
extensions of the existing Memorandums of Understanding (the
"MOUs") with Oman-based Takamul Investment Company ("Takamul") and
Jordan-based Arab Mining Company ("Arab Mining"). The original
MOUs, which were executed earlier this year, commit the partners to
investigating the viability of financing, constructing and
operating a monazite-based, rare-earth production project in the
industrial city of Duqm, Oman. Renewing these agreements confirms
the regional partners' interest in, and desire to advance
Medallion's monazite-based rare-earth production strategy.
"Over the initial six months, our management team, working with
Takamul and Arab Mining, has advanced the Oman rare-earth
production project and heightened our profile within the Middle
East. The extension of the MOUs demonstrate the strength of these
valuable partnerships, as we jointly work to secure monazite
feedstock sources and confirm the viability of the proposed
rare-earth production facility. We have been pushing on many
fronts-all are progressing and all are equally important to the
project's success," said Don Lay, President of Medallion.
Under Medallion's MOU with Takamul, a unit of state-owned Oman
Oil Company, the parties agreed, subject to acceptance of an
independent project validation provided by co-funded financial,
technical and environmental assessment studies, and definitive
documentation, to establish a joint venture to produce rare earths
allocating a 60% interest to Medallion and a 40% interest to
Takamul. Each party will provide project funding proportional to
its interest.
With respect to Medallion's MOU with Arab Mining, the parties
have agreed to exclusively negotiate Arab Mining's investment or
participation in a joint venture, (controlled and majority-owned by
Medallion), which will focus on rare-earth production and
processing opportunities within the Arab League nations, including
the proposed Duqm, Oman facility.
Medallion is helping to re-establish monazite as a significant
economic mineral and major source of rare earths. It is in advanced
negotiations with a number of major heavy-mineral-sand producers to
purchase by-product monazite. With the advancement of the Oman
rare-earth production project, Medallion looks to meet the
producers' business requirements for long-term contracts from a
reliable purchaser that will safely process the monazite in
well-regarded jurisdictions, such as the Arab Gulf States.
About Medallion Resources
Led by Dr Bill Bird and supported by an experienced technical
team, the Company focuses on low-cost, near-term, rare-earth
production opportunities using the rare-earth mineral monazite,
which is available as a by-product from existing mining and
mineral-sands sources principally in the Indian Ocean basin.
Medallion, partnered with Takamul Investment Company, is currently
evaluating a proposal to import monazite feedstock and produce
rare-earth products at a proposed processing facility in the
industrial city of Duqm, Oman. Rare earths are used in critical
components for virtually all computing and mobile electronic
products, as well as wind turbines, electric and hybrid vehicles,
and strategic defense systems. Medallion is committed to following
best practices and accepted international standards in all aspects
of mining, mineral processing and the safe management of waste
materials. More about Medallion
(TSX-VENTURE:MDL)(OTCQX:MLLOF)(FRANKFURT:MRD) can be found at
www.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 relating to completion of
transactions under the MOUs, and estimates and statements that
describe Medallion's future exploration, production and financing
plans, 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 complex
business arrangements in international jurisdictions 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.
Medallion Resources LtdDonald
LayPresident+1.604.681.9558info@medallionresources.comwww.medallionresources.comHamza
Thindal Capital Corp.Kam Thindal+1.888.371.9098
Gabo Mining (PK) (USOTC:MLLOD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gabo Mining (PK) (USOTC:MLLOD)
Historical Stock Chart
From Jul 2023 to Jul 2024