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Madison Metals Announces Physical Uranium Inventory Strategy and Technical Report Update Progress
TORONTO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce further developmen
About this update from Critical One Energy Inc.
[{"type":"text","content":" TORONTO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce further developments regarding its forward sales agreement with Sanmiguel Capital Investments Ltd., an international banking organization responsible for the provisioning of the RWA (Real World Assets) Token (“$U Token”) project. In support of the token redemption protocol, Madison may execute uranium spot market purchases; build an in-house uranium inventory; purchase futures contracts; and/or purchase storage facility swap orders for the approved parties redeeming the $U Token for physical settlement, facilitated by Madison. In addition, Madison announces that in early 2024, SRK Consulting (UK) Limited (“SRK”) will deliver an NI 43-101-compliant technical report on the resource at Exclusive Prospecting Licence 8531 (“EPL-8531”). Concurrently, Madison will launch an expanded drill program, consisting initially of 5,400 metres of reverse circulation drilling. This initial drill program is designed to verify, expand and test Madison’s geological model at EPL-8531, a vital step in realizing the full potential of Madison’s strategic assets. “Madison is focused on the development of its uranium assets in light of the robust uranium market fundamentals. The demand for sustainable energy solutions is escalating, positioning uranium as a key resource in the global energy market,” said Duane Parnham, Executive Chairman and CEO of Madison Metals. “Through responsible exploration and development practices, Madison is strategically poised to meet these market demands.” Parnham added, “Our upcoming drill programs are integral to Madison’s strategy for advancing our uranium assets. We are committed to exploring and developing these assets while prioritizing environmental stewardship and maximizing shareholder value.” Qualified Person Dr. Robert Bowell, a professional geologist registered in Canada (PEGNL), a chartered chemist of the Royal Society of Chemistry, a chartered geologist of the Geological Society of London, and a Fellow of the Institute of Mining, Metallurgy and Materials, who is an independent Qualified Person under the terms of NI 43-101 for uranium deposits, as defined by Canadian regulatory guidelines under NI 43-101, has read and approved the technical information contained i...