MKANGO RESOURCES LTD. : http://www.mkango.ca/ : QwikReport

News

#September 09, 2019
Mkango Appoints Senet As Lead Engineer For The Songwe Hill Rare Earths Project Feasibility Study In Malawi

 London / Vancouver: September 9, 2019 - Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango"), the rare earths development company focused on the advanced stage Songwe Hill project ("Songwe") in Malawi, is pleased to announce that it has appointed SENET, a DRA Global company, as lead engineer and project manager for completion of the Feasibility Study. The Feasibility Study is being funded by Mkango's strategic partner, Talaxis Limited ("Talaxis"), a wholly-owned subsidiary of Noble Group Holdings Limited.

SENET has longstanding experience in project management and in providing detailed multidiscipline engineering, procurement, logistics management, and construction services to the mining, mineral processing, infrastructure and materials handling industries. It has extensive project and construction experience throughout Africa and boasts the largest and most advanced hydrometallurgical process engineering team on the continent.

SENET's appointment is another key milestone for completion of the Feasibility Study and development of the project. A number of workstreams for the study are underway, including mining studies, comminution, flotation, hydrometallurgical test work, and studies in relation to the environmental, social and health impact assessment.

William Dawes, Chief Executive of Mkango stated: "We are very pleased to appoint SENET for the Songwe feasibility study. The selection of SENET was measured against a range of criteria, and its technical capabilities and African experience were key factors in the decision. Mkango has the right financial and technical partnerships in place to enable development of Songwe into Africa's leading producer of rare earths."

Darren Naylor, Managing Director of SENET stated: "SENET is looking forward to working with Mkango and all stakeholders on this project, which offers a unique opportunity for SENET to continue demonstrating its diverse capability across the African Continent."

Daniel Mamadou, Executive Director of Talaxis stated: "We are delighted to continue with our funding and strategic support of the Songwe Hill project, which has the potential to become a leading rare earths producer in Africa. Songwe Hill plays an important part in Talaxis' upstream investment portfolio, as we aim to become a global leader in technology metals project development and the partner of choice for the technology metal and rare earth industry."

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.

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 four exclusive prospecting licenses in Malawi: the Phalombe licence, the Thambani licence, the Chimimbe Hill licence and the Mchinji licence.

The main exploration target in the 51% held Phalombe licence is the Songwe Hill rare earths deposit. 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 an updated mineral resource estimate, announced in February 2019. In March 2019, the Company announced receipt of a £7 million (C$12.3 million) investment from Talaxis to fund completion of the Feasibility Study. Following completion of the Feasibility Study, Talaxis has an option to acquire a further 26% interest in Songwe by arranging financing for project development including funding the equity component thereof.

Mkango also holds a 75.5% interest in Maginito, with the balance owned by Talaxis. Maginito is focused on downstream opportunities relating to the rare earths supply chain, in particular neodymium alloy powders, magnet and other technologies geared to accelerating growth in the electric vehicle market.

The main exploration targets in Mkango's remaining three 100% held licences are, in the Thambani licence, uranium, niobium, tantalum and zircon, in the Chimimbe Hill licence, nickel and cobalt and, in the Mchinji licence, nickel, cobalt, base metals and graphite.

For more information, please visit www.mkango.ca.

About SENET

SENET, a wholly owned subsidiary of DRA Global, was founded in 1989 and has its head office in Johannesburg, South Africa. For nearly three decades, SENET has provided project management, detailed multidiscipline engineering, procurement, logistics management, and construction services to the mining, mineral processing, infrastructure and materials handling industries. SENET has extensive project and construction experience in remote countries throughout Africa, as well as in the Middle East, Asia, and Central and South America. SENET has successfully completed more than 500 projects and studies in Africa and has completed more copper-cobalt solvent extraction (SX) and electrowinning (EW) plants on the African Copperbelt than any other firm in the market. SENET employs over 300 people and boasts the largest and most advanced hydrometallurgical process engineering team in Africa.

For more information, please visit: www.senet.co.za

About Talaxis

Founded in 2016, Talaxis is a wholly-owned subsidiary of Noble Group Holdings Limited and invests in and develops projects that are related to technology metals, with a special focus on rare earth elements. Talaxis focuses on battery and electric vehicle materials such as nickel, lithium, graphite and vanadium. Talaxis has supply chains partners in the upstream and midstream segments, and also focuses on research and development solutions for industrial consumers in the downstream segment. Talaxis prioritises sustainable ventures with a strong emphasis on corporate social responsibility. These include projects that contribute to the decarbonisation of the economy and that are aligned with the United Nations Sustainable Development Goals.

For more information, please visit www.talaxis.com

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 and its business. 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 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 such 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
Chief Executive Officer
[email protected]

Alexander Lemon
President
[email protected]

UK: +44 207 3722 744
Canada: +1 403 444 5979

www.mkango.ca
@MkangoResources

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

For more information about Talaxis, please visit www.talaxis.com or contact:

Finsbury
Alastair Hetherington / Dorothy Burwell / Humza Vanderman
Tel: +44 20 7251 3801
Email: [email protected]

Citadel-MAGNUS
Peter Brookes / Helen McCombie
Tel: +61 2 8234 0100
Email: [email protected]

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.
File: http://www.mkango.ca/i/pdf/nr/2019-09-06_NR-ga876a8632kjaw.pdf
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#August 29, 2019
Mkango Releases Financial Statements and Management's Discussion and Analysis for the Period Ending June 30, 2019

 London / Vancouver: August 29, 2019 - Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce that it has released the Financial Statements and Management's Discussion and Analysis for the period ending June 30, 2019. The reports will be available under the Company's profile on SEDAR (www.sedar.com) and on the Company's website (http://www.mkango.ca/s/financials.asp).

For further information on Mkango, please contact:
Mkango Resources Limited

William Dawes
Chief Executive Officer

UK: +44 207 3722 744
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources

Alexander Lemon
President

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.

File: http://www.mkango.ca/i/pdf/nr/2019-08-29_NR_MKA_9IIjhGF5al.pdf
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#August 19, 2019
Mkango Provides Update On Songwe Hill Rare Earths Project And Thambani Uranium-Tantalum-Niobium Project In Malawi

 London / Vancouver: August 19, 2019 - Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango"), is pleased to provide an update on the Songwe Hill rare earths project and Thambani uranium-tantalum-niobium project in Malawi.

Songwe

The feasibility study for the Songwe Hill Rare Earths project continues to progress, fully funded by strategic partner, Talaxis Limited, a subsidiary of Noble Group.

Mkango is pleased to confirm that the recently shipped 60 tonne bulk rock sample for mineral processing and metallurgical pilot test work studies has now arrived into Fremantle Port in Western Australia. Optimisation of the mineral processing flowsheet continues to progress well and we look forward to updating shareholders further in due course.

On August 7th, Mkango welcomed the recently appointed Honourable Minister of Natural Resources, Energy and Mining, the Honourable Binton Kutsaira, Deputy Minister Mungasulwa Mwambande and Chief Director Oliver Kambambe, leading a large government delegation visiting the Songwe Hill rare earths project and local corporate social responsibility initiatives.

Honourable Binton Kutsaira, Minister of Natural Resources, Energy and Mining for Malawi, said "I am overwhelmed with the progress being made by Mkango Resources at the Songwe Hill Rare Earths exploration project in Phalombe District. I commend Mkango for being exemplary in the field of Corporate Social Responsibility and for being transparent with all stakeholders regarding its operations, as it continues to fast track its Rare Earth mineral exploration and bankable feasibility studies. The advancement of the Songwe Hill project offers real hope to the nation of Malawi that it will have a producing rare earths mine in the near future. The government of Malawi is 100% committed to supporting investors in the mining sector such as Mkango Resources Limited, as mining is a priority on the government's agenda of transforming the economy of the Malawi."

Alexander Lemon, President of Mkango, said: "We believe that the Songwe Rare Earths project will be transformational for the Nation of Malawi, enabling it to become an important sustainable producer of Rare Earth Elements which are so necessary for the efficient future electrification of transport systems and renewable energy such as direct drive wind turbines, as well as many other hi-tech applications. At the same time empowering local communities and validating Malawi's credentials as one of Africa's premier investment destinations. We are very appreciative of the support received from the Government of Malawi and all stakeholders as we develop the project through its Definitive Feasibility Study."

Thambani

Mkango's Chief Geologist, Dr Paul Armitage, and a team of 5 geologists with logistical support are currently carrying out a detailed exploration work programme in the Thambani exclusive prospecting license, which features multiple zones of nepheline-syenite-hosted uranium, tantalum and niobium mineralization, with a number of extensive uranium radiometric anomalies.

The programme is following up on the previous Mkango exploration results and includes further ground truthing of radiometric anomalies, rock sampling on outcrop, and collection of samples from new trenches. In parallel, Mkango are continuing to evaluate partnership opportunities for the project.

All costs associated with the work programme are being covered out of existing cash resources and further updates will be provided on Thambani in due course.

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.

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 four exclusive prospecting licences in Malawi: the Phalombe licence, the Thambani licence, the Chimimbe Hill and Mchinji licences.

The main exploration target in the 51% held Phalombe licence is the Songwe Hill rare earths deposit. 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 an updated mineral resource estimate, announced in February 2019. In March 2019, the Company announced receipt of a £7 million (C$12.3 million) investment from Talaxis to fund completion of the Feasibility Study. Following completion of the Feasibility Study, Talaxis has an option to acquire a further 26% interest in Songwe by arranging financing for project development including funding the equity component thereof.

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

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 such 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
Chief Executive Officer
[email protected]
UK: +44 207 3722 744
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources

Alexander Lemon
President
[email protected]

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.
File: http://www.mkango.ca/i/pdf/nr/190819-RNS-Mkango-Final.pdf
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#July 04, 2019
Mkango Granted New 869 km2 Exclusive Prospecting Licence in Malawi

 

London / Vancouver: July 4, 2019 - Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango"), is pleased to announce that it has been granted a new Exclusive Prospecting License (EPL0544/19) (the "Mchinji" license) in Mchinji district, central Malawi.

Highlights

The Mchinji licence covers an area of 868.69 km2 and is adjacent to licences with known mineral potential including the Company's Chimimbe Hill nickel-cobalt licence to the south.

Mkango will evaluate all historical data over the Mchinji licence area for exploration targets in the context of geophysical data produced by a countrywide airborne survey completed by the World Bank in 2016. Exploration will focus on nickel-cobalt, gold, base metals, and graphite.

The evaluation of the licence will be funded from the Company's existing working capital.

Alexander Lemon, President of Mkango, said: "We are delighted to have been granted the Mchinji exploration licence, which strengthens the Company's strategic licence position in Malawi. We are commencing a full historical data review to identify exploration targets, and look forward to updating shareholders on this new licence in due course."

Mchinji Exploration Licence

The Mchinji licence has been granted for the exploration of nickel, cobalt, gold, base metals, graphite, Platinum Group Metals, ilmenite, vanadium, chrome, uranium, rare earth elements and other minerals. The licence is initially awarded for a three-year term, after which it can be renewed twice for further two-year periods with a 50% reduction in the licence size required with each renewal.

Scientific and technical information contained in this release has been approved and verified by Dr. Scott Swinden of Swinden Geoscience Consultants Ltd, who is a "Qualified Person" in accordance with National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

The feasibility study for the Songwe Hill Rare Earths project continues in parallel, fully funded by strategic partner, Talaxis Limited, a subsidiary of Noble Group.

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.

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 four exclusive prospecting licences in Malawi: the Phalombe licence, the Thambani licence, the Chimimbe Hill and Mchinji licences.

The main exploration target in the 51% held Phalombe licence is the Songwe Hill rare earths deposit. 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 an updated mineral resource estimate, announced in February 2019. In March 2019, the Company announced receipt of a 7 million (C$12.3 million) investment from Talaxis to fund completion of the Feasibility Study. Following completion of the Feasibility Study, Talaxis has an option to acquire a further 26% interest in Songwe by arranging financing for project development including funding the equity component thereof.

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

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 such 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
Chief Executive Officer

UK: +44 207 3722 744
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources

Alexander Lemon
President

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.

File: http://www.mkango.ca/i/pdf/nr/2019-07-04-mka-nr-3mnq7d.pdf
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#June 28, 2019
Mkango to Commence Exploration on 100% Owned Thambani Uranium Licence Following Termination of Agreement with Metalnrg

 

London / Vancouver: June 28, 2019 - Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango"), announces that the Company and MetalNRG plc ("MetalNRG") have agreed to terminate their Non-Binding Heads of Terms Agreement announced on April 29, 2019, which set out their intention to enter into an earn-in agreement for Mkango's Thambani Licence ("Thambani"). The parties were to have entered into the Transaction Agreement on or before 30th June 2019.

Following the inflow of 1.1 million from the recent warrant exercise, Mkango has decided to commence a further exploration programme at Thambani in 2019, therefore retaining 100% of the Thambani exploration exclusive prospecting licence, which features multiple zones of high-grade uranium, tantalum and niobium, with a number of extensive uranium radiometric anomalies. In parallel, Mkango will continue to evaluate partnership opportunities for the project.

Further updates will be provided on Thambani in due course.

The feasibility study for the Songwe Hill Rare Earths project continues in parallel, fully funded by strategic partner, Talaxis Limited, a subsidiary of Noble Group.

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.

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.

The main exploration target in the 51% held Phalombe licence is the Songwe Hill rare earths deposit. 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 an updated mineral resource estimate, announced in February 2019. In March 2019, the Company announced receipt of a 7 million (C$12.3 million) investment from Talaxis to fund completion of the Feasibility Study. Following completion of the Feasibility Study, Talaxis has an option to acquire a further 26% interest in Songwe by arranging financing for project development including funding the equity component thereof.

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.

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 such 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
Chief Executive Officer

UK: +44 207 3722 744
Canada: +1 403 444 5979
@MkangoResources

Alexander Lemon
President

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.

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