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Monday, 03/16/2009 1:08:15 PM

Monday, March 16, 2009 1:08:15 PM

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Ocelot Property Returned to Vendors

13 March 2009

Vancouver, BC – Medallion Resources Ltd (“Medallion” or the “Company” - TSX.V: MDL) announces that it has terminated its rights and returned the Ocelot, Nevada, gold-exploration property to the vendors. With present market conditions, the Company’s Romaine Iron-Titanium Project, which is in a more advanced state and offers greater potential value to shareholders, must take funding precedence. Medallion will continue to focus on the advancement of the Romaine Project to build shareholder value.

Medallion’s Romaine Iron-Titanium Project

The Romaine Iron-Titanium Project, located 40 kilometres north of Havre-Saint-Pierre, Quebec, is centred on a historical resource estimated to be 234 million tonnes grading 10.8% titanium oxide (TiO2) and 17.9% iron.* Area infrastructure includes nearby roads, rail, hydroelectric power and a deepwater port on the Gulf of St Lawrence. The Province of Quebec is one of the top mining jurisdictions in the world, with a government and a mining culture that provides significant support to the mining industry.

Medallion’s fall field mapping program indicates a potential to increase the historical tonnage. The mapping expanded the outcrop area of iron-titanium mineralization to a total length of over three kilometres and a width that ranges from 200 metres to 460 metres. The mineralization remains open along strike and down dip.

Fall field program sampling, along with information from the 1960’s and 1970’s, suggests that there also is good potential for increasing the grade over that which was reported for the historical resource.* Assays of 67 surface-core samples, collected systematically along the full length of the main body of mineralization, average 13.66% titanium oxide (TiO2) and 30.39% iron oxide (Fe2O3). These averages represent a significant increase over those of the historical resource, which are 10.8% titanium oxide (TiO2) and 17.9% iron (17.9% iron is approximately 26.5% Fe2O3).*

The Romaine 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 roughly 50-million- tonne reserve (as of 2007) 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 property reports supporting the estimate were prepared before the introduction of 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 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 and field observations, 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 estimate in accordance with the requirements of NI 43-101.


ON BEHALF OF THE BOARD OF DIRECTORS

“William H Bird”, PhD, PGeo

President & CEO

For Further Information, check the website www.medallionresources.com or contact
David Fry (888) 827-6611, dfry@medallionresources.com

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 NI 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.


PEAK OIL #board-6609
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