Medallion Resources Provides an Update on MOU with ARMICO and Takamul

Medallion Resources Ltd. (TSXV:MDL,OTCQB:MLLOF) reported its evaluation of jurisdictions outside the Middle East in order to expedite the approval, construction, and operation of its proposed processing facility. Medallion now expects to purchase near-pure monazite feedstock and market a mixed rare-earth concentrate.

The Company also announced that its MOU with Arab Mining Company has not been further extended. However, its MOU with Takamul Investment Company remains in effect until March 30, 2015, unless further extended.

As quoted in the press release:

Over the next several months, the Company plans to report on:

progress on testing product samples via bench-level metallurgy and the path to off-take agreements for rare-earth chemical concentrate;
selection of a top tier jurisdiction and proposed plant site; and
monazite feedstock agreements.

With respect to its Memorandum of Understanding (“MOU”) with Arab Mining Company (“ARMICO”) facilitating the parties’ pursuit of rare-earth production and processing opportunities within the Arab League nations originally signed on June 6, 2013, and subsequently extended to September 31, 2014, the Company reports the MOU has not been further extended, and there can be no assurances that it will. Medallion’s MOU with Oman-based Takamul Investment Company (“Takamul”), originally signed June 16, 2013, and subsequently extended, remains in effect until March 30, 2015, unless further extended. Currently, Medallion is committed to working with Takamul as an exclusive development partner only within the Sultanate of Oman and otherwise is now free to pursue opportunities and partners elsewhere (see news release of September 8, 2014).

Medallion Resources President and CEO, Don Lay, said:

Our selection criteria include access to a skilled workforce, proximity to required chemical re-agents, a favourable transportation network, and amenability to hosting a standard commercial rare-earth extraction process.

Click here to read the Medallion Resources Ltd. (TSXV:MDL,OTCQB:MLLOF) press release
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