Gabo Mining Ltd (MLLOF)

[Caution]

Jan 27, 2011 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)

Medallion Resources Ltd. (TSX-V: MDL - "Medallion" or the "Company"), a rare-earth-element (REE) explorer, is pleased to announce that it has appointed Mr Donald M Lay, presently a director of the Company, to the position of President, effective immediately. Concurrently, Dr William Bird has been appointed as Chairman of the Board, while remaining Medallion's CEO.

"It is important to now build on the strengths of our management team and I welcome Don's new role with the Company. Don has been contributing as an active director with Medallion for many years and has made significant contributions. Don will focus on the capital side of our business and it will be great to have additional help on the business strategy as the rare earth industry evolves," said Dr Bird, Medallion's new Chairman & current CEO.

Mr Lay has over 25 years of experience with public and private venture capital, communications and startup companies. He has also served as a director for a number of private and public companies, including several mineral-exploration companies such as International Taurus Resources Inc, American Bonanza Gold Corp Inc (TSX: BZA) and Medallion.

The Company also announces that pursuant to its stock option plan it has, subject to Exchange approval, granted 1,460,000 options for five years at an exercise price of $.50 to directors, officers, advisors and consultants of the Company.