Streetwire on Medallion Resources - Stockwatch reporterDiamonds & Specialty Minerals Summary for Jan. 7, 2015 2015-01-07 18:25 ET - Market Summary
by Will Purcell
Don Lay and Dr. William Bird's
Medallion Resources Ltd. (MDL), down one-half cent to 4.5 cents on 40,000 shares, has sold five million shares at five cents. That is $50,000 more than planned when Mr. Lay launched the placement in November. Medallion's website says the company is "rethinking rare earths." Most of its Howe Street rivals are rethinking them as well, although "having second thoughts" would be a better description as many of them have decided to shelve their projects. Not Medallion: it wants the cash for lab-scale testing of its plan to recover rare earth elements from monazite. Monazite is a by-product of large-scale mines that handle billions of tonnes of mineral sands 352172. The material contains rare earth elements and Mr. Lay says it is a source "almost totally ignored by others." The "almost" hedge covers several of Mr. Lay's Howe Street rivals who are also on the monazite bandwagon. The group includes Alan Shefsky, who says
Pele Mountain Resources Inc. (GEM: $0.04) wants to acquire monazite from the big mines and process it in Elliot Lake. It also includes Tracy Moore, who has been touting monazite plans for his
Canada Rare Earth Corp. (LL: $0.03).