Calgary, Alberta: February 2, 2017 – Mkango Resources Ltd. (TSXV / AIM: MKA) (the “Company” or “Mkango“) is pleased to provide an update on its 100% owned Thambani uranium project in Malawi.
Following recent management site visits, Mkango plans to commence its 2017 exploration programme in the Thambani licence area during the first quarter.
The programme will comprise follow up of the results of the World Bank airborne geophysics survey reported in 2016 (http://www.mkango.ca/s/news.asp?ReportID=755345) and of previous exploration programmes completed by Mkango, and will include but is not limited to further mapping, soil and rock chip sampling, trenching and ground truthing of new geophysical anomalies.
Whilst uranium (and associated tantalum and niobium) is the primary focus of the exploration programme, Mkango will also evaluate the licence for its lithium potential. The Thambani licence area is host to pegmatite occurrences, which can be a potential host rock for lithium. Furthermore, historical reports refer to an occurrence of a lithium mineral in the licence area. However, these need further geological investigation to determine the significance, and the main focus is on uranium.
The Company aims to commence field work following the end of the rainy season in Malawi, usually late February or early March.
All costs associated with the work programme will be covered out of existing cash resources.
Alexander Lemon, President of Mkango, stated: “The market is clearly seeing renewed interest in uranium projects in recent months following moves by Kazakhstan to cut production and the increasingly apparent lack of supply for new reactors being brought online over the next five years in countries such as India and China. Our strategy for the project remains to bring in a joint venture partner, but we believe that we will enhance value for our shareholders in the near term by pushing ahead with a clearly defined, low cost exploration programme following the end of the rainy season in Malawi. We look forward to updating shareholders in the near future.”
In relation to the Songwe Hill rare earths project, Mkango will be providing an update on flow sheet optimization in due course.
About Mkango Resources Limited
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 licenses 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. The main exploration targets in the Thambani licence are uranium, niobium, tantalum and other associated minerals.
For more information, please visit www.mkango.ca.
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. Such factors and risks include, without limiting the foregoing, delays in obtaining financing or governmental or stock exchange approvals. The forward-looking statements contained in this press release are made as of the date of this press 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
Chief Executive Officer
UK: +44 207 3722 744
Canada: +1 403 444 5979
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Jeff Keating , Caroline Rowe
UK: +44 20 3470 0470
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.