Medallion Resources Chooses Gulf States for New Processing Facility

Medallion Resources Ltd.(TSXV:MDL) announced that it has chosen to build its proposed large-scale processing facility in the Middle East. After a series of reviews and site visits, the Company settled on the Gulf States.

As quoted in the press release:

Since March 2012, the Company has been actively engaged with potential Middle East sovereign-supported joint-venture partners to arrange potential investment and to determine a suitable industrial site for the construction of a processing facility. The Company continues work, with a number of parties, to advance the project and looks forward to disclosing information on the joint-venture partner, financing arrangement and specific site location once negotiations are completed.

Medallion, Chairman and CEO, Dr.Bill Bird, commented:

We are pleased by the intense interest generated in the Middle East by our monazite business model.The parties we met recognized the cost and time-saving attributes of Medallion’s fast-track monazite approach to entering the global rare-earth marketplace, as well as the strategic industrial advantages of locating a rare-earth supply centre within their jurisdictions.

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