Madison Metals Extends Closing of Khan Uranium Project in Namibia

Rhea-AI Summary

Madison Metals Inc. (CSE: GREN, OTCQB: MMTLF) announced an extension of the closing date for the Khan Project agreement, which includes key Mining Licence 86A and Exclusive Prospecting Licence 8905 in Namibia. These licences expand Madison's land holdings near significant uranium mines in Erongo province, forming a contiguous land package of 7.86 km² close to the Rössing Mine. The company has made advanced payments of US$125,000 for the project, which is aimed at sustainable uranium production. Encouraging results from initial ground prospecting will be released after data analysis. Namibia is a leading uranium-producing country with robust mining infrastructure to support operations.

Positive

• Extension of the Khan Project agreement allows for strategic land expansion.
• Advanced payments of US$125,000 demonstrate commitment to the project.
• Initial ground prospecting results are encouraging, indicating potential for future positive outcomes.

Negative

• None.

TORONTO, April 27, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (the “Company” or “Madison”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce that the Company and an arm’s length vendor have mutually agreed to extend the closing of the Khan Project agreement covering Mining Licence 86A (“ML86A”) and Exclusive Prospecting Licence 8905 (“EPL-8905”) in Namibia. ML86A and EPL-8905 are key strategic licences to expand Madison’s land holdings around producing uranium mines in the Namibian province of Erongo. Together, they form a contiguous land package of 7.86 km² immediately southwest of the Rössing Mine.

“Results from our initial ground prospecting survey are extremely encouraging and will be released once all the data has been fully analyzed,” says Duane Parnham, Executive Chairman and CEO of Madison Metals. “We look forward to continuing to advance our regional-scale portfolio in Namibia’s highly prospective Erongo province.”

Madison has made advanced payments of US$125,000 towards the final closing price of the Khan Project transaction.

Namibia is the world’s second-largest uranium-producing country and holds the world’s fifth-largest uranium total resource. A mining-friendly jurisdiction, Madison’s mining activities in Namibia are supported by excellent infrastructure including a seaport, airport, a well-established road network, water and power.

About Madison Metals Inc.

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. Using cutting-edge technologies and modern strategies, Madison Metals Inc. is positioned to move advanced uranium assets to market quickly.

With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.

Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR profile at www.sedar.com.

For further information, please contact:

Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
ir@madisonmetals.ca

Media inquiries:

Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
media@primorisgroup.com

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the timing and amount of estimated future exploration and the anticipated use of funds by the Company that were received from the Placement. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the demand for digital assets such as tokens and NFTs, the fulfillment of the conditions of the contract with LUX, interest rates, the global economic climate, dilution, share price volatility, competition, labour shortages, and unanticipated expenses of the Company. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future metal prices; the market for digital assets such as NFTs, accidents, labour disputes and shortages; environmental risks; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities that are available on the Company’s SEDAR profile page at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

FAQ

What does the extension of the Khan Project agreement mean for MMTLF?

The extension provides Madison Metals additional time to finalize the acquisition of key uranium mining licences, crucial for expanding their operations in Namibia.

What are the key licences involved in Madison Metals' Khan Project?

The key licences are Mining Licence 86A and Exclusive Prospecting Licence 8905, which together cover a land package of 7.86 km².

How much has Madison Metals invested in the Khan Project to date?

Madison Metals has made advanced payments of US$125,000 towards the final closing price of the Khan Project transaction.

Where is Madison Metals' Khan Project located?

The Khan Project is located in the Erongo province of Namibia, near the Rössing Mine, which is one of the world's largest uranium mines.

When will Madison Metals release the results of their ground prospecting survey?

The results from the initial ground prospecting survey will be released after all data has been fully analyzed.