Mkango Resources Ltd (AIM / TSXV: MKA) filing of the Technical Report, next tranche of investment, totalling £7M due

MKANGO FILES TECHNICAL REPORT IN RELATION TO RESOURCE UPDATE FOR THE SONGWE HILL RARE EARTHS PROJECT IN MALAWI

London / Vancouver: March 22, 2019 – 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, totalling £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.

 


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