Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango")
is pleased to announce the successful completion of the flotation
pilot plant programme for the Songwe Hill Rare Earths project in
Malawi (“Songwe” or the “Project”).
- Mkango’s
flotation pilot plant programme has been completed at ALS
Metallurgy in Perth, Australia, and was effective in scaling up a
new, optimised flotation regime for the Project
- The results of
the flotation pilot programme will be announced in due course, and
the flotation concentrate produced will be supplied to ANSTO in
Australia for hydrometallurgical piloting
- Pre-piloting
test work is already underway at ANSTO in preparation for pilot
testing of the front end of the hydrometallurgical processing flow
sheet
- Discussions in
relation to sites for a rare earth separation plant are ongoing –
this will process the high grade, purified mixed rare earth
carbonate produced at Songwe, enriched in high value neodymium,
praseodymium, dysprosium and terbium
- Rare earth
prices continue to rise and concerns over security of supply
provide a very favourable market backdrop, with accelerating demand
geared to growth in electric vehicles, wind power and green
technology applications
William Dawes, Chief Executive of
Mkango, stated: “We are very pleased to have completed
this major milestone for the Project and look forward to updating
the market when the results are available. The smooth commissioning
of the flotation pilot plant is a strong credit to the ALS
Metallurgy team, as well as Mkango’s technical consultants and
advisors. The flotation pilot plant provides Mkango’s lead
engineers, SENET (a DRA Global Group Company), with essential
operating data for the Feasibility Study and to assist in
engineering the Company’s commercial scale operation.”
Scientific and technical information contained
in this release has been approved and verified by Nicholas Dempers
Pr.Eng (RSA) Reg. No 20150196, FSAIMM of SENET (a DRA Global Group
Company), who is a "Qualified Person" in accordance with National
Instrument 43-101 -- Standards of Disclosure for Mineral
Projects.
About
Mkango
Mkango’s corporate strategy is to develop new
sustainable primary and secondary sources of neodymium,
praseodymium, dysprosium and terbium to supply accelerating demand
from electric vehicles, wind turbines and other clean technologies.
This integrated ‘mine, refine, recycle’ strategy differentiates
Mkango from its peers, uniquely positioning the Company in the rare
earths sector.
Mkango is developing the 51% owned Songwe Hill
rare earths project in Malawi with the ongoing Feasibility Study
funded through a £12 million investment by strategic partner
Talaxis Limited. Malawi is known as “The Warm Heart of Africa”, a
stable jurisdiction with existing road, rail and power
infrastructure, and new infrastructure developments underway.
Following completion of the Feasibility Study, Talaxis has an
option to acquire a further 26% interest in Songwe by arranging
financing for project development including funding the equity
component thereof.
In parallel, through its 75.5% interest in
Maginito Limited (www.maginito.com), Mkango is developing green
technology opportunities in the rare earths supply chain,
encompassing neodymium (NdFeB) magnet recycling as well as
innovative rare earth alloy, magnet and separation technologies,
and recently invested in UK rare earth (NdFeB) magnet recycler,
HyProMag Limited (www.hypromag.com).
Maginito’s strategy is underpinned by offtake
rights for sustainably sourced primary and secondary raw materials
from Songwe and HyProMag, respectively, and is geared to
accelerating growth in the electric vehicle sector, wind power
generation and other industries driven by decarbonization of the
economy.
Mkango also has an extensive exploration
portfolio in Malawi, including the recently announced Mchinji
rutile discovery, for which assay results are pending, in addition
to the Thambani uranium-tantalum-niobium-zircon project and
Chimimbe nickel-cobalt project.
For more information, please visit
www.mkango.ca.
Market Abuse Regulation (MAR)
Disclosure
Certain information contained in this
announcement may have been deemed inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014 until the
release of this announcement.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
statements (within the meaning of that term under applicable
securities laws) with respect to Mkango, its business and the
Project. Generally, forward looking statements can be identified by
the use of words such as “plans”, “expects” or “is expected”,
“scheduled”, “estimates” “intends”, “anticipates”, “believes”, or
variations of such words and phrases, or statements that certain
actions, events or results “can”, “may”, “could”, “would”,
“should”, “might” or “will”, occur or be achieved, or the negative
connotations thereof. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
other forward-looking statements will not occur, which may cause
actual performance and results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward-looking statements.
Such factors and risks include, without limiting the foregoing,
governmental action relating to COVID-19, COVID-19 and other market
effects on global demand for the metals and associated downstream
products for which Mkango is exploring, researching and developing,
results from the current pilot plant studies, the results of the
current exploration programme at Mchinji, the development of a
separation plant, the positive results of a feasibility study on
the Project and delays in obtaining financing or governmental or
stock exchange approvals. The forward-looking statements contained
in this news release are made as of the date of this news release.
Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law. Additionally,
the Company undertakes no obligation to comment on the expectations
of, or statements made by, third parties in respect of the matters
discussed above.
For further information on Mkango,
please contact:
Mkango Resources
LimitedWilliam DawesChief Executive
Officerwill@mkango.caCanada: +1 403 444 5979 |
Alexander LemonPresidentalex@mkango.ca |
www.mkango.ca @MkangoResources
BlytheweighFinancial Public
RelationsTim BlytheUK: +44 207 138 3204
SP Angel Corporate Finance
LLPNominated Adviser and Joint BrokerJeff Keating,
Caroline RoweUK: +44 20 3470 0470
Alternative Resource
CapitalJoint BrokerAlex WoodUK: +44 20 7186 9004
Bacchus Capital
AdvisersStrategic and Financial AdviserRichard AllanUK:
+44 20 3848 1642
The TSX Venture Exchange has neither
approved nor disapproved the contents of this press release.
Neither the 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.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any equity or other
securities of the Company in the United States. The securities of
the Company will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) and
may not be offered or sold within the United States to, or for the
account or benefit of, U.S. persons except in certain transactions
exempt from the registration requirements of the U.S. Securities
Act.
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