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Mkango Identifies New Zones of High Grade Uranium, Tantalum and Niobium at Thambani

CALGARY, ALBERTA--(Marketwired - May 24, 2017) - Mkango Resources Ltd. (TSX VENTURE:MKA) (MKA.L) (the "Corporation" or "Mkango"), announces results from recent sampling at the Thambani Project in southern Malawi:

  • Assay results from 85 rock grab samples returned high grade uranium, tantalum and niobium values, ranging up to 3.3 % U3O8, 1.9 % Ta2O5 and 6.0 % Nb2O5. 35 of the samples graded above 500ppm U3O8 and 24 graded above 1,000ppm U3O8. Results associated with the twenty best U3O8 assays are summarised in the table below.
  • The main objectives of the programme were to confirm previously identified high grade mineralisation at the Little Ngona target, ground-truth new geophysical targets and complete further reconnaissance sampling along the East and West Ridges.
  • New areas of high grade uranium, tantalum and niobium mineralisation were identified at the foot of the West Ridge and on the East Ridge. Most significantly, a radiometric high at the foot of the West Ridge yielded two of four highest grade samples of this phase of exploration.

Alexander Lemon, President of Mkango, said: "These results further support Thambani's exploration potential. Not only are the uranium results highly encouraging, but the equally positive tantalum and niobium results support that Thambani has significant multi-commodity potential."

Assays from the 20 highest grade U3O8 samples from the Thambani sampling programme

Sample no. U3O8ppm U3O8% Ta2O5ppm Ta2O5% Nb2O5ppm Nb2O5%
U3141 32590 3.26 19029 1.90 59200 5.92
U3183 31812 3.18 15224 1.52 60055 6.01
U3136 10131 1.01 4845 0.48 32478 3.25
U3111 8826 0.88 4191 0.42 14871 1.49
U3127 5468 0.55 3084 0.31 15138 1.51
U3135 5265 0.53 2747 0.27 13183 1.32
U3122 5250 0.52 2431 0.24 10820 1.08
U3125 4518 0.45 2028 0.20 8461 0.85
U3115 4352 0.44 2221 0.22 9789 0.98
U3121 4191 0.42 2390 0.24 13585 1.36
U3137 3988 0.40 1896 0.19 8707 0.87
U3124 3952 0.40 2100 0.21 9600 0.96
U3168 3664 0.37 2022 0.20 7137 0.71
U3129 3562 0.36 1625 0.16 6469 0.65
U3176 3264 0.33 1905 0.19 5864 0.59
U3131 2768 0.28 1293 0.13 5314 0.53
U3133 2231 0.22 1235 0.12 5971 0.60
U3118 2163 0.22 1330 0.13 3838 0.38
U3172 1749 0.17 1351 0.14 3924 0.39
U3119 1741 0.17 916 0.09 4592 0.46

Sampling was primarily focused on zones of anomalous uranium and associated niobium and tantalum targets across the Thambani Massif, a nepheline-bearing syenite gneiss which dominates the north-eastern part of the licence. Grab samples are selective samples and are not necessarily representative of the mineralization hosted on the property. The average grades for the 85 samples were 1,892 ppm U3O8, 1,029 ppm Ta2O5 and 4,562 ppm Nb2O5. The median grades for the 85 samples were 343 ppm U3O8, 222 ppm Ta2O5 and 958 ppm Nb2O5. The ranges of grades for the 85 samples were 1 - 32,590 ppm U3O8, 2 - 19,029 ppm Ta2O5 and 0 - 60,055 ppm Nb2O5.

Mkango is currently evaluating strategic options for Thambani, including opportunities to joint venture or spin-off the project, and other potential avenues to create value.

Thambani Project

Mkango's exploration activities to date include acquisition of Landsat7 and ASTER satellite imagery for the licence area, interpretation of airborne geophysical data, systematic ground radiometric surveys, reconnaissance geological mapping and litho-geochemical sampling programmes. The work has identified a number of potential uranium and associated niobium-tantalum targets over the Thambani Massif, which is mainly composed of nepheline-bearing syenite gneiss, forming two prominent ridges known as Thambani East Ridge and West Ridge.

Radiometric surveys revealed two distinct uranium anomalies occurring across the Thambani East and West Ridges: a strong uranium anomaly, measuring approximately 3 kilometres ("km") by 1.5 km, occurs along the length of the Thambani East ridge, with a north-south trend, and a second NW-trending uranium anomaly, measuring approximately 1.5 km by 0.4 km, occurring along the foot of the West Ridge coincident with the western contact of the nepheline-bearing syenite body with granodioritic augen gneiss.

Scientific and technical information contained in this release has been approved and verified by Dr. Scott Swinden of Swinden Geoscience Consultants Ltd, who is a "Qualified Person" in accordance with National Instrument 43-101 --Standards of Disclosure for Mineral Projects.

Sample preparation and analytical work for the sampling programme is being provided by Intertek-Genalysis Laboratories (Johannesburg, South Africa and Perth, Australia) employing assay methods suitable for the analysis of uranium, niobium and tantalum. Mkango inserted its own blanks and standards into the sample stream, and internal laboratory QAQC was also completed to include blanks, standards and duplicates.

About Mkango Resources Ltd.

Mkango's primary business is the 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". Mkango holds, through its wholly owned subsidiary Lancaster Exploration Limited, a 100% interest in two exclusive prospecting licences in southern Malawi, the Phalombe licence and the Thambani licence.

The main exploration target in the Phalombe licence is the Songwe Hill rare earths' deposit, which 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. Mkango's strategy for Songwe is to further optimise the project with a view to maximising efficiency and reducing costs, thereby providing a strong platform for entering into partnerships, marketing and offtake arrangements. In December 2016, Mkango entered into an agreement with Noble Resources International to collaborate in the rare earths sector. In March 2017, Mkango entered into a MOU with Metalysis Limited to jointly research, develop and commercialise novel rare earth metal alloys for use in three-dimensional (3D) printed permanent magnets.

The main exploration targets in the Thambani licence are uranium, niobium, tantalum and other associated minerals.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements. 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, delays in obtaining financing or governmental or stock exchange approvals. 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 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.

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.

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