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Medallion Resources Ltd. - Romaine River Iron-Titanium Mapping & Sampling Underway

Tuesday October 14, 9:30 am ET

http://biz.yahoo.com/cnw/081014/mdl_romaine_sampling.html?.v=1

VANCOUVER, Oct. 14 /CNW/ - Medallion Resources Ltd ("Medallion" or the "Company" - TSX.V: MDL) announces that a crew of geologists and samplers is in the field at the Romaine River Iron-Titanium Project, 40 kilometres north of the town of Havre St Pierre, Quebec. Latest reports from the project site confirm that geological mapping is well underway and 40 of 89 planned new sample sites have been mapped and sampled. Initial work is slated to provide due-diligence technical information; however, in order to take advantage of the remaining field season, the program includes a more detailed geological and mineralogical investigation.

The fall 2008 program goals are to construct a detailed geological map, to confirm the extent of the known iron-titanium mineralization, and to systematically collect samples for assay and metallurgical tests. The results, along with an analysis of historical drilling and sampling, will be compiled as an NI43-101-compliant technical report, which is required to complete regulatory approval of Medallion's acquisition of the Romaine River property (see 2 September 2008 news release). The technical report also will provide recommended drill targets and a work program for an NI43-101 resource estimate.

Over the past three weeks, the crew has re-established a property-access route and campsite originally used by drillers in 1968. The route provides access to the iron-titanium mineralized area 375 metres to the north of the campsite. The campsite, on the north shore of Lac Puyjalon, is supplied by helicopter from Havre St Pierre.

A northeast-trending 1968 survey baseline, which runs the full 2.3-kilometre length of the known iron-titanium mineralization, also has been re-established for use by geologists and samplers and for the drill program planned for 2009. Traverses perpendicular to the baseline provide control for mapping and sampling. Surface samples are taken using portable concrete drills that produce a 25- to 35-centimetre core length of the sampled material. This method of surface sampling, which is not to be confused with diamond-drilling methods, assures a relatively uniform sample and it minimizes the collection of weathered surface material. Weathered material is not suitable for metallurgical tests. Completion of the sampling is planned for early November with results expected by the end of the year. Additional financing will be necessary to complete the fall and winter work programs.

About the Romaine River Iron-Titanium Property

Historical drilling and metallurgical work support the Romaine River Project's historical resource estimate of 234 million tonnes grading 10.8% titanium oxide (TiO2) and 17.9% iron(x). The body of iron-titanium mineralization crops out along a known length of 2.3 kilometres and a width that ranges from 180 metres to 485 metres. It is open along strike and down dip. Information from the 1960's and 1970's suggests that there is a significant potential for increasing both the size and grade of the body(x).

The Romaine River Project minerals are hematite (Fe2O3) and ilmenite (FeTiO3), which also are the minerals mined at the nearby QIT mine. Rio Tinto's QIT mine, with a 50-million-tonne reserve three kilometres to the west, is a leading producer of high-quality titanium and steel products and it is presently the largest iron-titanium mine of its type in the world.

*The historical resource estimate and the Romaine River property reports supporting the estimate were prepared before the introduction of National Instrument 43-101 - Standards of Disclosure for Mineral Projects("NI 43-101"). They may not be relied upon until they are confirmed using methods and standards that comply with those required by NI 43-101. The potential for the Romaine River property mineralization to replicate the historical resource estimate, or for new data to expand its tonnage and grade, is conceptual and is based on historical reports, which cite approximate lengths, widths, depths, grades, metallurgical test work and projections of the historical resource. Investors are cautioned that a qualified person has not yet completed sufficient exploration, test work or examination of past work to define a resource that is currently compliant with NI 43-101. The Company further cautions that there is a risk that exploration and test work will not result in the delineation of such a currently compliant resource. Neither the Company nor its personnel treat the historical resource estimate or the historical data as defining a current mineral resource, as defined under NI 43-101, nor do they rely upon the estimate or the data for evaluation purposes; however, these data are considered relevant and will be used to guide exploration as the Company develops new data to support a current mineral-resource estimates in accordance with the requirements of NI 43-101.

About Medallion

Medallion also holds mineral rights and interests in gold exploration projects in British Columbia and Nevada. Medallion's strategy is to create a portfolio of high-impact world-class mineral projects. The Company's immediate focus is to explore and advance the Romaine River Iron-Titanium Project.


ON BEHALF OF THE BOARD OF DIRECTORS

"William H Bird", PhD, PGeo

President & CEO



William H. Bird, PhD, PGeo, serves the Board of Directors of the Company as an internal, technically Qualified Person. Technical information in this news release has been reviewed by Dr Bird and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. Company Management, which takes full responsibility for content, prepared this news release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company 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. 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 mine types and by comparing the Company's projects to other projects. Also, in order to proceed with the Company's exploration and acquisition plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.

For further information

http://www.medallionresources.com
David Fry, [phone], [e-mail]

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Source: Medallion Resources Ltd.