TORONTO, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Melior Resources Inc. (TSX-V:MLR) (“Melior” or the “Company”) today announced it has, through its subsidiary Goondicum Resources Pty Ltd, engaged the Commonwealth Scientific Institute and Research Organisation (CSIRO) to assist in advancing Melior’s innovative Browne processing technology. The Browne processing technology incorporates a niche area of physics with a conventional pyro-metallurgical process. It has previously recorded benchtop test results which the Company believes are unique and potentially transformative to mineral sands processing. The Browne process works to upgrade the TiO2 content of standard sulphate ilmenite from approximately 50% TiO2 up to +80% TiO2 at temperatures as low as 1,300 degrees Celsius compared to conventional slagging processes which require temperatures in excess of 1,600 degrees Celsius. The lower temperature process has potential to significantly reduce the capital costs, energy consumption, and operational complexity compared with conventional slagging facilities.
The research will involve a review of the work that has already been done with a view to enhancing the scientific understanding of the mechanisms involved. Further stages will establish the feasibility of scaling the technology up from benchtop level to pilot plant scale.
Mr Mark McCauley, Melior’s CEO stated, “We are thrilled to be engaging with CSIRO and are looking forward to advancing this innovative technology to the next level. In addition to potentially enhancing the economics of Goondicum, if successful, a commercially viable process could allow several options for monetization of the technology such as through the direct sale of the IP, the sale of equipment utilizing the technology, and/or utilizing the technology to upgrade purchased ilmenite and profitably value add. Our immediate focus is to transition the Browne process from a benchtop technology to a pilot plant scale and we believe that CSIRO are best positioned to explore that.”
As Australia’s innovation catalyst, CSIRO has advanced innovations that have had a positive impact on people, the planet and industry around the world, across a diverse range of fields. This project leverages CSIRO’s expertise in process science and engineering, including high temperature processing of minerals.
About Melior
Melior is the owner and operator of the Goondicum mine, a past-producing ilmenite and apatite mine strategically located in Queensland Australia. Further details on Melior and the Goondicum mine can be found at www.meliorresources.com and regulatory filings are available on SEDAR.
Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Toronto, Ontario. Melior is classified as a Tier 1 Mining Issuer under the policies of the TSX-V.
Forward Looking Statements Disclaimer
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can typically be identified by terminology such as ‘‘may’’, ‘‘will’’, ‘‘could’’, ‘‘should’’, ‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘possible’’, ‘‘continue’’, “objective” or other similar expressions concerning matters that are not historical facts. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Melior does not undertake to update any forward-looking statements; such statements speak only as at the date made.
Going Concern Risk
As described in Melior’s most recent MD&A, the continuing operations of the Company are dependent upon its ability to continue to raise adequate financing, to commence profitable operations in the future, and repay its liabilities arising from normal business operations as they become due. There remains a significant risk that the Company is unable to find alternative sources of financing for on-going working capital requirements. These material uncertainties cast significant doubt upon the Company’s ability to continue as a going concern.
Failure to obtain sufficient financing could result in a delay or abandonment of the Goondicum Mine and could force the Company into reorganization, bankruptcy or insolvency proceedings. Additional financing may not be available when needed or, if available, the terms of such financing might not be favorable to the Company and might involve substantial dilution to existing shareholders. Failure to raise capital when needed would have a material adverse effect on the Company’s ability to pursue its business strategy, and accordingly could negatively impact the Company’s business, financial condition and results of operations.
For further information please contact:
MELIOR RESOURCES INC.
Mark McCauley
Chief Executive Officer
+61 7 3233 6300
info@meliorresources.com
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.