VANCOUVER, British Columbia,
Jan. 27, 2012 /PRNewswire/ --
Medallion Resources Ltd (TSX-V: MDL) (OTCQX: MLLOF) –
("Medallion" or the "Company") announces that it has received from
SENES Consultants Limited, an internationally-recognized energy,
nuclear and environmental consultancy, a report on the Company's
proposed large-scale monazite rare-earth extraction
facility. The report concludes that such a plant can be
operated safely and effectively, while complying with all major
national and international mining and environmental safety
standards.
"The SENES report provides the positive radiological safety and
environmental support that we need to confidently advance our plans
for a monazite processing facility, which could achieve near-term
rare-earth production," said Dr. Bill
Bird, Chairman & CEO of Medallion. "For some time,
it has been our view that monazite, with a rare-earth content of
approximately 60 percent, could again fulfill its dominant role as
a source for rare-earth production outside of China."
A concern with all rare-earth processing is the safe handling
and disposal of the various wastes, including the radioactive
elements that are naturally present in all rare-earth mineral
occurrences. The SENES report supports the Company's objective
that, with the proper operational controls and the use of modern
handling and waste disposal systems, the Company can proceed with
its strategy to source and procure the substantial amount of
available monazite for a near-term large-scale planned production
facility designed to extract rare earths. The report was not
mandated to examine the capital and operating costs, or other
economic variables that would form the basis of a feasibility
study.
In order to provide feed material for the proposed facility, the
Company is actively sourcing rare-earth-bearing monazite from
present producers of heavy-mineral sands, both through purchase
agreements and monazite-processing joint ventures. Final plant size
will depend on the committed amount of feed monazite, rare-earth
concentrate demand, market pricing, and other variables.
Monazite, the original commercial rare-earth source, is a
rare-earth phosphate mineral that historically has been mined from
beach-sand deposits. It has been processed for its rare-earth
content for over 100 years and smaller-scale monazite rare-earth
extraction plants are in operation today in China, India
and Brazil. In addition to being a readily available
rare-earth resource, and having a well-understood and commercially
proven metallurgical process, monazite is valued for containing
more of the lucrative heavy rare-earths than does bastnaesite,
which has been the other industry-standard rare-earth ore mineral
for the last 50 years.
About Heavy-Mineral Sands
Heavy-mineral sands are beach placer deposits formed by
wave-action gravity concentration of the heavy-mineral
grains. There are significant heavy-mineral-sands mining
operations in Australia,
South Asia, Africa and the Americas, where these beach
deposits are mined principally for the titanium and zirconium.
About Medallion Resources
Medallion is rethinking rare earths. Headed by Dr. Bill Bird and supported by a first-class
technical team, the Company is well positioned to identify and
acquire the world's most promising rare-earth opportunities.
Medallion's strategy targets large deposits amenable to
straightforward low-cost mining and metallurgical processes that
lead to near-term, rare-earth production and long-term supply. 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. More about
Medallion (TSXV: MDL; OTCQX: MLLOF; Frankfurt: MRD) can be found at
medallionresources.com.
Donald Lay, President at
+1.604.681.9558 or info@medallionresources.com
Kam Thindal, Hamza Thindal
Capital Corp. at +1.888.371.9098
Medallion management takes full responsibility for content
and has prepared this news release. The TSX Venture Exchange has
not reviewed and does not accept 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 future exploration 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. 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 acquisitions or exploration plans. Also, in order to
proceed with Medallion's exploration plans, additional funding is
necessary and, depending on market conditions, this funding may not
be forthcoming on a schedule or on terms that facilitate
Medallion's plans.
SOURCE Medallion Resources