CALGARY, ALBERTA--(Marketwired - Aug 23, 2017) - Mkango Resources Ltd. (TSX VENTURE:MKA)(MKA.L) (the "Company" or "Mkango"), is pleased to announce that the Government of Malawi has granted a further two year renewal, from September 8, 2017, for Exclusive Exploration Licence ("EPL") 0303/10R3 ("the Thambani Licence"), in southwest Malawi.
The main exploration targets in the Thambani licence are uranium, niobium, tantalum, zircon and other associated minerals. In May 2017, Mkango announced the results of recent exploration at Thambani. Assay results from 85 rock grab samples returned high grade uranium, tantalum and niobium values, ranging up to 3.3 % U3O8, 1.9 % Ta2O5 and 6.0 % Nb2O5. 35 of the samples graded above 500ppm U3O8 and 24 graded above 1,000ppm U3O8. The May 2017 press release can be accessed via the following link: http://www.mkango.ca/s/news.asp?ReportID=790626. Mkango is currently evaluating strategic options for Thambani, including opportunities to joint venture or spin-off the project, and other potential avenues to create value.
About Mkango Resources Ltd.
Mkango's primary business is the 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". Mkango holds, through its wholly owned subsidiary Lancaster Exploration Limited, a 100% interest in two exclusive prospecting licences in southern Malawi, the Phalombe licence and the Thambani licence.
The main exploration target in the Phalombe licence is the Songwe Hill rare earths' deposit, which 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. Mkango's strategy for Songwe is to further optimise the project with a view to maximising efficiency and reducing costs, thereby providing a strong platform for entering into partnerships, marketing and offtake arrangements. In December 2016, Mkango entered into an agreement with Noble Resources International to collaborate in the rare earths sector. In March 2017, Mkango entered into a MOU with Metalysis Limited to jointly research, develop and commercialise novel rare earth metal alloys for use in three-dimensional (3D) printed permanent magnets.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements. 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.