Medallion Resources Extends Memorandums of Understanding

 Medallion Resources Ltd. (TSXV:MDL,OTCQX:MLLOF) has extended memorandums of understanding with Jordan-based Arab Mining Company and Oman-based Takamul Investment Company. The agreement will “facilitat[e] the parties’ pursuit of rare-earth production and processing opportunities within the Arab League nations.

As quoted in the press release:

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.

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