Medallion Appoints Rare Element Resources Executives to Advisory Board
"I am thrilled that Jim and Mark have agreed to join our Advisory Board and I look forward to working closely with them," said Bill Bird, Medallion's President and CEO. "Together they will add important technical and financial expertise to our company, and assist significantly in making Medallion a pre-eminent rare-earth-element company."
Jim Clark, PhD brings to Medallion 30 years of experience in a broad cross-section of mineral exploration, including rare-earth elements (REE's) and is Vice-President of Exploration for Rare Element Resources, owner of the Bear Lodge, Wyoming, REE project. Dr. Clark has a strong field and laboratory orientation, with extensive experience in managing exploration programs for REE's, niobium, gold, base metals, and industrial minerals. He has worked for Molycorp Inc's REE program and played a key role in Hecla Mining Company's identification of the Bear Lodge REE resource. Dr. Clark is the owner and Chief Geologist of Applied Petrographics, Inc, a consulting company he formed in 1998 to provide petrographic and micro-analytical services to the mining industry. He holds a PhD from the University of Oregon and is an NI 43-101 Qualified Person licensed in the State of Washington.
Mark Brown brings financial expertise as CFO of Rare Element Resources as well as the president of Vancouver-based Pacific Opportunity Capital Ltd. Pacific Opportunity is a financial-consulting and merchant-banking firm active in North American venture-capital markets. Mr. Brown is also an officer and director of a number of public and private companies, including Rare Element Resources, Animas Resources Ltd (TSX-V: ANI), Pitchstone Exploration Ltd (TSX-V: PXP), and Tarsis Resources Ltd (TSX-V: TCC). His corporate activities include merger and acquisition transactions, financings and corporate financial planning. Mr Brown's past experience includes managing financial departments of two TSE 300 mining corporations: Eldorado Gold Corporation and Miramar Mining Corporation.
Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements, which are required by many new energy-saving technologies. Increasing interest in energy conservation and environmental protection are fuelling intense interest in, and public awareness of these critical commodities. As understanding and demand increases, Medallion is well positioned to take part in potential breakthroughs in the exploration for these rare metals.
The Eden Lake REE property is Medallion's first acquisition. Eden Lake is a recent discovery and one of the ten-most-promising North American REE prospects. A large mineralized area, high geochemical values and multiple-mineralization styles support a number of targets for REE mineralization over a large surface area. Elevated values of neodymium, one of the more valuable REE's, indicate a potential for concentrations of this more-valuable REE. The property is located 20 kilometres northwest of the town of Leaf Rapids in western Manitoba, which offers supportive regional infrastructure & logistics. Eden Lake is close to roads and hydroelectric power. According to the Fraser Institute, mining-friendly Manitoba is considered one of the best jurisdictions in the world for exploration and mining. The property is expected to present few permitting, environmental or social concerns.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo,
President & CEO
For Further Information: check Medallion's web site www.medallionresources.com or contact:
William H Bird
Tel.: (888) 827-6611
E-mail williambird@medallionresources.com
Or
Erica C Bearss
Tel.: (604) 681-9558
Email: ebearss@medallionresources.com
Neither 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. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with the Company's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.
Definitive Eden Lake Rare-Earth Property Agreement Completed by Rare Element and Medallion
23 February 2010 - VANCOUVER, BC: Rare Element Resources Ltd ("Rare Element" - TSX-V: RES) and Medallion Resources Ltd ("Medallion" - TSX-V: MDL) announce that they have completed and executed a definitive option agreement whereby Rare Element grants to Medallion an option ("Option") to acquire a 65% interest in a joint venture to explore the Eden Lake rare-earth-element (REE) property, located in western Manitoba, Canada ("Property"). Medallion has filed the definitive option agreement, along with an NI 43-101-compliant Technical Report on the Eden Lake property, with the TSX Venture Exchange for final approval. Option terms are presented below.
"We are pleased to confirm our working relationship with Rare Element, President Don Ranta and his team," said Bill Bird, president of Medallion. "As we evaluate available data and plan our upcoming 2010 program, it's clear to me that we have one of the best REE projects in North America. The Eden Lake REE geology is a unique combination of an alkalic intrusive complex with essential carbonatite, a large area of multiple styles of REE mineralization and a potential for elevated heavy REE's. Eden Lake also is one of the very few significant REE properties in Canada within practical range of roads, power and mining-friendly communities. Our team of recognized REE veterans is ready to go to work."
Dr Ranta adds, "The execution of Rare Element's agreement with Medallion sets the stage for significant achievement at the Eden Lake REE property. The collation and re-evaluation of data and the completion of the airborne geophysical survey announced earlier this month is a solid beginning. We are excited by Medallion's rapid progress and Dr Bird's enthusiasm, which are justified by the quality of the Eden Lake property."
Option Terms
For Medallion to maintain its Option to acquire a 65% joint-venture interest in the Property, Medallion must complete, over a five-year period, the following cash and share payments to Rare Element and complete the following Property-exploration expenditures:
| Five-Year Option to earn 65% interest in joint venture to explore Eden Lake property | Cash payment | Medallion common shares | Property Work commitment |
|---|---|---|---|
| Initial payment | $25,000 | ||
| At the signing of the definitive agreement | $25,000 | ||
| Upon TSX Venture Exchange approval | $50,000 | 200,000 | |
| End of first year | $50,000 | 200,000 | $250,000 |
| End of second year | $100,000 | 200,000 | $500,000 |
| End of third year | $200,000 | 200,000 | $500,000 |
| End of fourth year | $500,000 | 500,000 | $500,000 |
| End of fifth year | $500,000 | 500,000 | $500,000 |
| TOTAL | $1,450,000 | 1,800,000 | $2,250,000 |
Production from the Property will be subject to an underlying 3% Net Smelter Return royalty ("NSR") in favour of the prospector that originally staked the property. Half of this NSR may be purchased for $1.5 million.
Upon completion of the cash and share payments and work commitments, Medallion may exercise its Option to acquire a 65% interest in a joint venture with Rare Element that will be created to further explore and develop the Property (Medallion will hold 65% and Rare Element will hold 35%).
Medallion will be the operator of the exploration program during the Option period and, as the majority interest holder, Medallion would be the operator of the joint venture, as well.
The Eden Lake REE property is a recent discovery and one of the ten-most-promising North American REE prospects. A very large mineralized area, high-grade assays and multiple-mineralization styles support a number of targets for REE mineralization over a large surface area. Elevated yttrium and heavy-REE geochemical-sample values indicate a potential for concentrations of the more valuable heavy REE's. The property is located 20 kilometres northwest of the town of Leaf Rapids in western Manitoba, which offers supportive regional infrastructure & logistics. According to the Fraser Institute, mining-friendly Manitoba is considered the second-best jurisdiction in the world for exploration and mining. The property is expected to present few permitting, environmental or social concerns.
Rare Element Resources Ltd (TSX-V: RES) is a publicly traded mineral-resource company focused on rare-earth elements and gold. Rare Element has a 100% interest in the Bear Lodge property, Wyoming, which has a central core area of rare-earth mineralization and a surrounding cluster of gold occurrences. Rare Element is expanding and evaluating the rare-earth deposit, which has a NI 43-101-compliant resource, and is exploring other REE targets. In addition to the REE exploration and evaluation efforts, Rare Element and Newmont participate in the Sundance gold exploration venture on Bear Lodge property.
Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements, which are required by many new energy-saving technologies. Increasing interest in energy conservation and environmental protection are fuelling intense interest in, and public awareness of these critical commodities. As understanding and demand increase, Medallion is well positioned to take part in potential breakthroughs in the exploration for these rare metals.
| ON BEHALF OF THE RARE ELEMENT RESOURCES BOARD OF DIRECTORS “Donald E. Ranta”, PhD, PGeo, President & CEO For information, refer to Rare Element’s web site www.rareelementresources.com or contact: Mark T Brown, CFO, (604) 687-3520 ext 242 . Donald E Ranta, (604) 687-3520 |
ON BEHALF OF THE MEDALLION RESOURCES BOARD OF DIRECTORS “William H Bird” , PhD, PGeo, President & CEO For further information, refer to Medallion’s web site www.medallionresources.com or contact: William H Bird (888) 827-6611 Erica C Bearss (604) 681-9558 |
Donald E Ranta, PhD, PGeo, serves the Rare Element Board of Directors as an internal, technically Qualified Person. Technical information in this news release has been reviewed by Dr Ranta and has been prepared in accordance with Canadian regulatory requirements that are set out in National Instrument 43-101. This news release was prepared by Rare Element management, who take full responsibility for content. Neither 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.
Medallion management, who takes full responsibility for content, prepared this news release. William H Bird, PhD, PGeo, who serves the Board of Directors of Medallion Resources as an internal, technically Qualified Person, has reviewed this release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Medallion's future acquisition and exploration plans, objectives or goals, including words to the effect that Medallion or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with Medallion's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion's plans.
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Eden Rare-Earth Project Airborne Geophysical Survey Delivered
"This survey is our first contribution to the exploration of the Eden REE Project. We are eager to accelerate this initial project momentum and are compiling all available information as we plan the 2010 field exploration program," said Bill Bird, Medallion president & CEO. "A number of new geophysical anomalies were detected during the survey, including some apparently significant conductors (potential mineralization hosts). As part of our detailed analysis of the data, these will be checked against our geological data. A detailed analysis of the survey data has begun and we anticipate the findings will be valuable as we lay out drill targets in both areas of known mineralization and new areas of REE targets."
The entire 1871-hectare Eden property, plus a significant surrounding area, was covered by the survey, which was the first of its type for this property. A total of 635 line kilometres were flown. Line spacings were at 100 metres. Aeroquest International Limited, of Mississauga, Ontario, flew the survey using its AeroTEM IV/mag system, which provides time-domain electromagnetic and magnetic data that can help locate subsurface occurrences of structures and rock types that are potential hosts of rare-earth-element mineralization.
Rare Element Resources Ltd (TSX-V: RES) is a publicly traded mineral resource company focused on rare-earth elements and gold. In addition to the REE exploration and evaluation efforts, the Company and Newmont have entered into the Sundance gold exploration joint venture on the Company's Wyoming property. Newmont has the right to earn a 65% working interest in Rare Element Resources' property, excluding any rights to the rare-earth elements and uranium but including rights to gold and other metals, by performing US$5 million in property work expenditures over a five-year period. Newmont also has the right to earn an additional 15% working interest by completing a positive project feasibility study. Gold exploration drilling began in July for the 2009 program, and rare-earth drilling began in August.
Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements and other metals that are key components required by new energy-saving technologies, such as wind turbines, electric and hybrid vehicles, and heating and refrigeration systems. Increasing interest in energy conservation and environmental protection are fuelling intense interest in, and public awareness of these critical commodities. As understanding and demand increase, Medallion is well positioned to take part in potential breakthroughs in the exploration for these rare metals.
Medallion is concluding an agreement with Rare Element Resources to option a 65% interest in a joint venture to explore the Eden Lake REE property in Western Manitoba, which is a recent discovery and one of North America's ten most promising REE prospects. A very large mineralized area, high-grade assays and multiple-mineralization styles support a number of targets for mineralization over a large surface area.
ON BEHALF OF THE MEDALLION RESOURCES BOARD OF DIRECTORS
"William H Bird", PhD, PGeo, President & CEO
For Further Information: check Medallion's web site www.medallionresources.com or contact:
William H Bird
Tel.: (888) 827-6611
E-mail williambird@medallionresources.com
Or
Erica C Bearss
Tel.: (604) 681-9558
Email: ebearss@medallionresources.com
Donald E Ranta, PhD, PGeo, serves the Rare Element Board of Directors as an internal, technically Qualified Person. Technical information in this news release has been reviewed by Dr Ranta and has been prepared in accordance with Canadian regulatory requirements that are set out in National Instrument 43-101. This news release was prepared by Rare Element management, who take full responsibility for content. Neither 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.
William H Bird, PhD, PGeo, who serves the Board of Directors of Medallion Resources as an internal, technically Qualified Person, has reviewed this release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Medallion's future acquisition and exploration plans, objectives or goals, including words to the effect that Medallion or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with Medallion's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion's plans.
Medallion Closes $376,250 Private-Placement Unit Offering
Pursuant to securities legislation and policies of the TSX Venture Exchange (the "Exchange"), the Unit Offering is subject to final Exchange approval and all securities issued to purchasers and finders under the Unit Offering will be subject to a four-month hold period from the Unit-Offering Closing Date, ending May 21, 2010.
Medallion also recently closed a private-placement Flow-Through Offering, which raised gross proceeds of $361,625 (Company news release of January 4, 2010). The gross total proceeds raised from the two offerings are $737,875. The proceeds of the Unit Offering and Flow-Through Offering will be used for exploration of the Company's Eden REE Project, acquisition of new properties and working capital.
Medallion focuses on exploration for rare-earth elements (REE's), lithium and other metals required by the new energy-saving technologies. The Company's first project, announced Dec 1, 2009, is the Eden REE project in Western Manitoba.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo,
President & CEO
For Further Information: check Medallion's web site www.medallionresources.com or contact:
William H Bird
Tel.: (888) 827-6611
E-mail williambird@medallionresources.com
Or
Erica C Bearss
Tel.: (604) 681-9558
Email: ebearss@medallionresources.com
Neither 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. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with the Company's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.
Medallion Closes $361,625 Flow-Through Private Placement Offering Non-Flow-Through Offering of up to $376,250 to Close in January
Medallion has agreed to pay a cash finders' fee of 9% of the gross proceeds raised from purchasers introduced to the Company by certain finders at arm's length to the Company and grant finders' warrants equal to 9% of the number of Flow-Through shares sold to such purchasers. Each finders' warrant shall be exercisable to acquire one non-flow-through common share at an exercise price of $0.225 per share for a period of 24 months from the Flow-Through Closing Date.
Medallion also is offering a non-brokered private placement of units (each a "Unit) to a maximum of 2.1 million Units at $0.175 per Unit for gross proceeds of up to $376,250 (the "Unit Offering"). Each Unit consists of one common share and one transferable common share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one common share at an exercise price of $0.30 for a period of 24 months from closing of the Offering ("Unit Closing Date"). Medallion has agreed to pay a cash finders' fee of 9% of the gross proceeds raised from purchasers introduced to the Company by certain finders at arm's length to the Company and grant finders' warrants equal to 9% of the Units sold to such purchasers. Each finders' warrant shall be exercisable to acquire one common share at an exercise price of $0.225 per share for a period of 24 months from the Unit Closing Date. The Unit Offering is expected to close shortly.
Pursuant to securities legislation and policies of the Exchange, the Flow-Through Offering and Unit Offering are subject to final TSX Venture Exchange approval and all securities issued to purchasers and finders under the Flow-Through Offering and Unit Offering will be subject to a four-month hold period from the Flow-Through Closing Date and Unit Closing Date, respectively.
The proceeds of the Flow-Through Offering and Unit Offering will be used for exploration of the Company's Eden REE Project, acquisition of new properties and working capital.
Medallion focuses on exploration for rare-earth elements (REE's), lithium and other metals required by the new energy-saving technologies. The Company's first project, announced 1 Dec 2009, is the Eden REE project in Western Manitoba.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo,
President & CEO
For Further Information: check Medallion's web site www.medallionresources.com or contact:
William H Bird
Tel.: (888) 827-6611
E-mail williambird@medallionresources.com
Or
Erica C Bearss
Tel.: (604) 681-9558
Email: ebearss@medallionresources.com
Company Management, takes full responsibility for content, prepared this news release. Neither 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. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with the Company's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.