VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 8, 2014) - Medallion Resources Ltd (TSX VENTURE:MDL)(MLLOF)(MRD.F) ("Medallion" or the "Company") today announced that it has once again completed 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 MOUs commit the partners to investigating the viability of financing, constructing and operating a monazite-based, rare-earth production project in the Gulf States. The Takamul MOU outlines a specific joint-venture structure, upon acceptance of viability of the project, while the Arab Mining MOU is open to the terms of a definitive agreement. The most recent extensions will assist in the completion of the project's technical and environmental studies and its financial assessment, as the Company works to solidify monazite-feedstock agreements.
Medallion's MOU with Takamul, which was originally signed June 16, 2013, has been extended until March 30, 2015, and includes an important amendment related to exclusivity. Under the new terms, Medallion can hold discussions and negotiations and reach agreements with other partners, in countries within the Gulf Cooperation Council (GCC) states but outside of Oman, to advance its proposed rare-earth production project. Takamul remains the Company's exclusive development partner in the Sultanate of Oman.
Arab Mining and Medallion have also agreed to a further 90-day extension of their MOU which was originally signed on June 6, 2013, and has been extended until September 30, 2014, facilitating the parties' pursuit of rare-earth production and processing opportunities within the Arab League nations.
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, which exploit the mineral monazite. Monazite is a rare-earth phosphate that is available as a by-product from existing mining and mineral-sands sources, principally in the Indian Ocean basin. 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)(MLLOF)(MRD.F) 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.