MDL Medallion Resources Ltd

Medallion Resources Ltd (TSX VENTURE:MDL)(OTCQX:MLLOF) ("Medallion" or the
"Company") today announced that it has completed six-month extensions of the
existing Memorandums of Understanding (the "MOUs") with Oman-based Takamul
Investment Company ("Takamul") and Jordan-based Arab Mining Company ("Arab
Mining"). The original MOUs, which were executed earlier this year, commit the
partners to investigating the viability of financing, constructing and operating
a monazite-based, rare-earth production project in the industrial city of Duqm,
Oman. Renewing these agreements confirms the regional partners' interest in, and
desire to advance Medallion's monazite-based rare-earth production strategy.


"Over the initial six months, our management team, working with Takamul and Arab
Mining, has advanced the Oman rare-earth production project and heightened our
profile within the Middle East. The extension of the MOUs demonstrate the
strength of these valuable partnerships, as we jointly work to secure monazite
feedstock sources and confirm the viability of the proposed rare-earth
production facility. We have been pushing on many fronts-all are progressing and
all are equally important to the project's success," said Don Lay, President of
Medallion. 


Under Medallion's MOU with Takamul, a unit of state-owned Oman Oil Company, the
parties agreed, subject to acceptance of an independent project validation
provided by co-funded financial, technical and environmental assessment studies,
and definitive documentation, to establish a joint venture to produce rare
earths allocating a 60% interest to Medallion and a 40% interest to Takamul.
Each party will provide project funding proportional to its interest. 


With respect to Medallion's MOU with Arab Mining, the parties have agreed to
exclusively negotiate Arab Mining's investment or participation in a joint
venture, (controlled and majority-owned by Medallion), which will focus on
rare-earth production and processing opportunities within the Arab League
nations, including the proposed Duqm, Oman facility. 


Medallion is helping to re-establish monazite as a significant economic mineral
and major source of rare earths. It is in advanced negotiations with a number of
major heavy-mineral-sand producers to purchase by-product monazite. With the
advancement of the Oman rare-earth production project, Medallion looks to meet
the producers' business requirements for long-term contracts from a reliable
purchaser that will safely process the monazite in well-regarded jurisdictions,
such as the Arab Gulf States.


About Medallion Resources

Led by Dr Bill Bird and supported by an experienced technical team, the Company
focuses on low-cost, near-term, rare-earth production opportunities using the
rare-earth mineral monazite, which is available as a by-product from existing
mining and mineral-sands sources principally in the Indian Ocean basin.
Medallion, partnered with Takamul Investment Company, is currently evaluating a
proposal to import monazite feedstock and produce rare-earth products at a
proposed processing facility in the industrial city of Duqm, Oman. Rare earths
are used in critical components for virtually all computing and mobile
electronic products, as well as wind turbines, electric and hybrid vehicles, and
strategic defense systems. Medallion is committed to following best practices
and accepted international standards in all aspects of mining, mineral
processing and the safe management of waste materials. More about Medallion (TSX
VENTURE:MDL)(OTCQX:MLLOF)(FRANKFURT:MRD) can be found at
www.medallionresources.com.


Medallion management takes full responsibility for content and has prepared this
news release. Neither 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. Some of the
statements contained in this release are forward-looking statements, such as
statements relating to completion of transactions under the MOUs, and estimates
and statements that describe Medallion's future exploration, production and
financing plans, objectives or goals, including words to the effect that
Medallion or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties, including the risks
inherent in completing complex business arrangements in international
jurisdictions and other risks outlined in the Company's management discussions
and analysis of financial results. Actual results in each case could differ
materially from those currently anticipated in these statements. Such risks
include expectations that may be raised by discussing potential business,
acquisitions or development plans. Also, in order to proceed with Medallion's
plans, additional funding will be necessary and, depending on market conditions,
this funding may not be forthcoming on a schedule or on terms that facilitate
Medallion's plans.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Medallion Resources Ltd
Donald Lay
President
+1.604.681.9558
info@medallionresources.com
www.medallionresources.com


Hamza Thindal Capital Corp.
Kam Thindal
+1.888.371.9098

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