Medallion Resources Ltd (CVE:MDL) announced that it would focus on its new strategy of acquiring existing rare-earth-bearing monazite resources.
The press release is quoted as saying:
Medallion reported recently that it is making significant progress developing its strategy to exploit the substantial available monazite rare-earth resources. With rare-earth production from by-product monazite, the Company intends to advance the production timeline, save significantly on capital and operating costs, and provide a short-term payback to investors.
Medallion’s Chairman and CEO, Dr Bill Bird said:
“We are aggressively pursuing opportunities with mineral-sands producers to acquire sources of monazite in order to achieve expedited production of rare earths.” “The Eden Lake property does not offer, at this stage of its exploration, a near-term potential resource. As such, the property does not fit with our current plans.”