Mkango Resources Ltd (AIM / TSX-V: MKA) (the “Company” or
“Mkango”), is pleased to announce that the management team of
Mkango, as well as leading Malawian geotechnical engineering firm,
Geoconsult Limited, and Zutari Limited, a geotechnical engineering
firm which is based in South Africa, are on site at the Songwe Hill
Rare Earths development project to commence a major geotechnical
drilling and pitting program.
The geotechnical test work program will obtain
samples from approximately 150 five-metre-deep pits and 22
twenty-metre drill holes and is being undertaken to confirm the
soil and ground characteristics of the Songwe Hill project
area.
The geotechnical samples are being tested and
investigated in Malawi at the Geoconsult Limited laboratories in
Lilongwe and will provide the detailed geotechnical information
that is required to finalize the detailed engineering design plans,
prior to the completion of the Definitive Feasibility Study in Q1
2022.
Alexander Lemon, President of Mkango Resources
Limited, commented: “This major geotechnical investigation program
is currently employing and training over 120 local Malawian skilled
and unskilled personnel. We are very proud to be working with
leading Malawian companies such as Geoconsult and also Torrent a
local Blantyre based plant hire company, promoting Malawian local
content and community participation in the ongoing development of
this exciting Rare Earths project.”
To stay up to date with our current activity on
the ground, you can join Mkango on Twitter @mkangoresources and
LinkedIn https://ca.linkedin.com/company/mkango-resources-ltd-
Market Abuse Regulation (MAR)
Disclosure
The information
contained within this
announcement is deemed by the Company to
constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ('MAR')
which has been incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this
inside information is now considered to be in the public
domain.
About Mkango
Resources Limited
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 Songwe Hill in Malawi with
a Feasibility Study targeted for completion in Q1 2022. Malawi is
known as "The Warm Heart of Africa", a stable democracy with
existing road, rail and power infrastructure, and new
infrastructure developments underway.
In parallel, Mkango recently announced that
Mkango and Grupa Azoty PULAWY, Poland's leading chemical
company and the second largest manufacturer of nitrogen and
compound fertilizers in the European Union, have agreed to
work together towards development of a rare earth Separation Plant
at Pulawy in Poland. The Separation Plant will process the purified
mixed rare earth carbonate produced at Songwe.
Through its ownership of Maginito
(www.maginito.com), Mkango is also 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. Maginito holds a 25%
interest in UK rare earth (NdFeB) magnet recycler, HyProMag
(www.hypromag.com) with an option to increase its interest to
49%.
Mkango also has an extensive exploration
portfolio in Malawi, including the Mchinji rutile project, in
addition to the Thambani uranium-tantalum-niobium-zircon project
and Chimimbe nickel-cobalt project.
For more information, please
visit www.mkango.ca .
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, the
Separation Plant and Songwe. Generally, forward looking statements
can be identified by the use of words such as “plans”, “expects” or
“is expected to”, “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 and pricing for
the metals and associated downstream products for which Mkango is
exploring, researching and developing, factors relating the
development of the Separation Plant, including the outcome and
timing of the completion of the feasibility studies, cost overruns,
complexities in building and operating the Separation Plant,
changes in economics and government regulation, the positive
results of a feasibility study on Songwe Hill and delays in
obtaining financing or governmental approvals for, and the impact
of environmental and other regulations relating to, Songwe Hill and
the Separation Plant. 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
Chief
Executive Officer
will@mkango.ca
Alexander Lemon
President alex@mkango.ca
Canada: +1 403 444
5979www.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 Wood, Keith DowsingUK: +44 20 7186
9004/5
Bacchus Capital
AdvisersStrategic and Financial AdviserRichard Allan,
Andrew KrelleUK: +44 20 3848 1642 / +44 79 5636 2903
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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