Mkango Files Technical Report in Relation to Resource Update for the Songwe Hill Rare Earths Project in Malawi
Mkango Files Technical Report in Relation to Resource Update for the Songwe Hill
Rare Earths Project in Malawi
LONDON and VANCOUVER, British Columbia, March 22, 2019 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM / TSXV: MKA) (the
"Company" or "Mkango"), the rare earths exploration and development company focused on Malawi, is pleased to announce that it has
filed a NI 43 -101 Technical Report (the “Technical Report ”) for the Songwe Hill Rare Earths Project ( “Songwe”) resource update
announced on February 4, 2019.
With the filing of the Technical Report, Mkango has fulfilled the condition for Talaxis Limited ( “Talaxis”) to advance the next tranche of
investment, totaling £7 million, in accordance with the definitive agreements between Mkango and Talaxis announced on May 18, 2018. The
Company has notified Talaxis of fulfillment of this condition and will update the market on receipt of the investment, which will increase
Talaxis’ stake in Lancaster Exploration Limited, the company which holds the license for Songwe, to 49%.
The Technical Report is available under the Company’s profile on www.sedar.com. The press release in relation to the resource update is
available via the following link: https://www.mkango.ca/s/news.asp?ReportID=844546
About Mkango Resources Limited
Mkango's primary business is exploration for rare earth elements and associated minerals in the Republic of Malawi, a country whose
hospitable people have earned it a reputation as “the warm heart of Africa”. The Company holds interests in three exclusive prospecting
licenses in Malawi: the Phalombe licence, the Thambani licence and the Chimimbe Hill licence.
Songwe is the main exploration target in the 80% held Phalombe licence. This features carbonatite-hosted rare earth mineralisation and
was subject to previous exploration in the late 1980s. Mkango completed an updated Pre-Feasibility Study for the project in November 2015
and a Feasibility Study is currently underway, the initial phases of which included a 10,900 metre drilling programme and updated mineral
resource estimate.
The main exploration targets in Mkango’s remaining two 100% held licences are, in the Thambani licence, uranium, niobium, tantalum and
zircon and, in the Chimimbe Hill licence, nickel and cobalt.
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. Forward looking statements in this news release include statements with respect to the global market for
products using the rare earth metals the Company is exploring for, completion of the feasibility study and of the transactions contemplated
in the agreement with Talaxis, as well as the use of proceeds from the investments into the Company by Talaxis and the timing of s uch
expenditures. 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, market demand for the metals and associated downstream
products for which Mkango is exploring, researching and developing, the positive results of a feasibility study on the Project, 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 Limited
William Dawes Alexander Lemon
Blytheweigh
Financial Public Relations
Tim Blythe, Camilla Horsfall, Julia Tilley
UK: +44 207 138 3204
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Caroline Rowe
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Rob Collins
UK: +44 20 7186 9004; +44 20 7186 9001
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.
Chief Executive Officer President
[email protected] [email protected]
UK: +44 207 3722 744
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources