VANCOUVER, Sept. 24 /CNW/ - Medallion Resources Ltd ("Medallion" - TSX.V: MDL) announces that it has changed its focus to the exploration for lithium, rare-earth elements (REE's) and related energy-technology metals. Medallion is presently negotiating to acquire significant properties that contain these commodities, which are critically important to new technologies found in transportation, energy storage and energy production.
Increasing commitments to energy conservation and the environment are fuelling intense interest in lithium and the REE's. Medallion's president and CEO, Dr. William H. Bird, has significant experience in the geology, mineralogy and chemistry of these important commodities. Bird was formerly the President and CEO of Rare Element Resources Ltd. (TSXV:RES), where he developed a practical knowledge of the exploration, extraction and marketing of rare-earth and related elements. Dr. Bird remains closely associated with Rare Element Resources as a member of its Advisory Board.
"We believe there is a major opportunity in the exploration and development of lithium and REE properties," said Dr. Bird. "It's exciting to focus again on these elements at a time when the financial markets and the general public are beginning to realize their incredible value. The exploration for larger deposits of these elements is at an early stage; but, as it happened with gold mining 25 years ago, an exploration breakthrough could soon be realized. It will likely result from both the discovery of huge bulk-mining sources and new technologies to process them. Medallion is determined to get involved early and to take part in the breakthroughs."
Lithium and REE markets are driven by new high-volume uses in energy-efficient consumer and industrial products. There are approximately 20 kilograms of REE's in a hybrid car's batteries, motors and generators. New high-tech wind generators each use about 250 kilograms of REE's. The potential for the new lightweight lithium electric-car battery is fuelling the rush for new lithium sources. This increasing demand for lithium is expected to dwarf past markets for the metal. New energy-efficient technologies, such as those found in already-operational magnetic heating, air-conditioning and refrigeration equipment, will further drive major markets for the REE's.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo, President & CEO
Company Management, which takes full responsibility for content, prepared this news release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with the Company's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.
SOURCE MEDALLION RESOURCES LTD.
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