Mkango Resources Ltd. Announces Appointment of Ashlee Utterback as Corporate Communications Manager
Calgary, Alberta: December 11th, 2012 -- Mkango Resources Ltd. (TSXV-MKA) (the "Corporation" or "Mkango") is pleased to announce that it has entered into an investor relations consulting agreement, effective December 10, 2012, with Ashlee Utterback (the "Agreement").
Ms. Utterback has worked in investor relations most recently with Castle Peak Mining Limited and has been in sales and marketing management for the last 10 years. Ms. Utterback will assist Mkango Resources Limited with providing investor relations, marketing and communications services to existing and potential investors, creating marketing materials, providing feedback to management and assisting with trade shows and other media relations.
The Agreement provides for a monthly consulting fee of £3,333.33 and the issuance of 200,000 incentive stock options (the "Options") exercisable for a three-year period at a strike price of C$0.50 per share, as well as approved expenses. The Options will vest according to the following schedule: 50% at the six month anniversary of the signing of the agreement; and 50% at the twelve month anniversary of the signing of the Agreement. The Agreement is for an initial term of one year, with a thirty-day notice of termination provision at any time by either party.
The Agreement and grant of the Options are subject to TSX Venture Exchange approval. Ms. Utterback has no interest in the Corporation or its securities other than the previously mentioned Options.
The Songwe Hill Rare Earth Project
The Songwe Hill rare earth project is located within a 100% owned exclusive prospecting licence covering an area of 1,283 km2 in southeast Malawi (the "Phalombe Licence"). Songwe is accessible by road from Zomba, the former capital, and Blantyre, the principal commercial town of Malawi. Total travel time from Zomba is approximately 2 hours, which will reduce as infrastructure continues to be upgraded in the area.
Mkango Resources Ltd.
Mkango's primary business is the exploration for rare earth elements and associated minerals in the Republic of Malawi. It holds, through its wholly owned subsidiary Lancaster, a 100% interest in two exclusive prospecting licenses covering a combined area of 1,751 km2 in southern Malawi. The main exploration target is the Songwe Hill rare earth deposit, which features carbonatite hosted rare earth mineralisation and was subject to previous exploration in the late 1980s.
The Corporation recently filed a 43-101 compliant resource on Sedar and its corporate strategy is to further delineate and develop the rare earth mineralisation at Songwe Hill and secure additional rare earth element and other mineral opportunities in Malawi and elsewhere in Africa.
For further information, please contact:
Mkango Resources Ltd.
Office +1 (403) 444 -- 5979
Fax +1 (403) 351 -- 1703
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements relating to the Corporation. 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, among others, the interpretation and actual results of current exploration activities; uncertainty of estimates of mineral resources, changes in project parameters as plans continue to be refined; future commodity prices; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assume 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 securities law. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
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