Medallion Acquires Lodi Hills, Nevada Gold-Exploration Property



    TSX-V: MDL

    VANCOUVER, Dec. 6 /CNW/ - Medallion (TSX.V: MDL) announces that it has
signed a Letter Agreement that grants the Company a mineral lease over, and an
option to acquire 100% of the Lodi Hills ("LH") gold-exploration property,
1.6 kilometres southeast of Quartz Mountain, Nye County Nevada. The property
comprises 39 federal mineral claims covering 780 acres (over three square
kilometers). The Letter Agreement anticipates that the Company and the Vendor
will prepare and execute a definitive mineral lease and option agreement as
soon as possible. The definitive mineral lease and option agreement will be
subject to the acceptance of the TSX Venture Exchange.

    The LH gold-exploration target is located in Nevada's highly productive
Fallon-Manhattan mineral trend, which hosts the major Manhattan, Round
Mountain, and Rawhide gold mines. The target is in an area of hydrothermal
alteration, prospect pits and dumps and placer gold showings. A reconnaissance
rock-chip sampling program has outlined a zone of approximately 900 metres by
750 metres with anomalously high geochemical values of gold and silver. The
mainly carbonate and andesite host rocks are laced with vein structures and
intrusive rhyolite. These geological features support the potential for a deep
mineralized rhyolite-dome gold target.

    The Letter Agreement provides for Medallion to obtain a mineral lease on
the LH property and an Option to acquire 100% of the property, subject to a 2%
net-smelter-return royalty in favour of the Vendor. At execution of the Letter
Agreement, Medallion paid the Vendor US$5,000 and reimbursed it for
claim-filing fees of US$7,603.50. At the acceptance by the TSX Venture
Exchange of a definitive mineral lease and option agreement, Medallion will
pay to the Vendor 50,000 common shares of Medallion. To exercise the option to
acquire 100% of the property, Medallion must pay to the Vendor
advance-minimum-royalty payments as follows: US$20,000 on or before April 30,
2008, an amount equal to the sum of the last property payment plus US$5,000 on
or before April 30 of each succeeding year after April 30, 2008 until
Medallion has paid an aggregate of US$500,000 in advance-minimum-royalty
payments. Medallion will be the operator of exploration programs on the
property.

    The Ocelot and Amazing Grace Gold property mineral rights and interests
are also held by Medallion. At Ocelot, northwest of Austin, Nevada,
exploration targets potentially deep, high-grade gold mineralization of the
epithermal quartz-adularia gold-exploration model. At Amazing Grace, southeast
of Castlegar, British Columbia, the exploration target is an extensive surface
exposure of gold-bearing veins and altered wall rock that holds the potential
for a bulk-tonnage open-pit gold operation. Medallion's strategy is to create
a portfolio of high-impact gold-exploration projects in North America. The
Company is currently evaluating and negotiating for additional projects in
Nevada and British Columbia; however, it will require additional financing to
carry out its acquisition and exploration plans.

    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.
This news release was prepared by Company management, who take full
responsibility for content. The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release.





For further information:

For further information: check the website www.medallionresources.com or
contact William H Bird, (888) 827-6611, e-mail birdwill@aol.com; Wayne
Marsden, (888) 366-4464, e-mail jwmarsden@aol.com

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MEDALLION RESOURCES LTD.

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