LONDON and VANCOUVER, British Columbia, March 22, 2019 (GLOBE NEWSWIRE) -- 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, totaling £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.
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.
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
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.
