Medallion Completes Helicopter Geophysical Survey Of Amazing Grace Gold Property



    TSX-V: MDL

    VANCOUVER, June 24 /CNW/ - Medallion (TSX.V: MDL) announces that
Aeroquest Limited of Mississauga, Ontario, has completed the helicopter
geophysical survey of the Company's Amazing Grace gold-exploration property
(the "Property"), located 15 kilometres southeast of Castlegar, British
Columbia. The property comprises 17 Crown mineral claims covering
approximately 4867 hectares (48.67 square kilometres). Exploration logistics
in this area of British Columbia are excellent and forestry roads provide good
access from a nearby paved highway.
    The first-phase gold-exploration program includes the helicopter
geophysical survey and extensive detailed geological mapping and sampling. The
helicopter survey, using Aeroquest's AeroTEM II / mag system with gamma-ray
spectrometer, provides time-domain electromagnetic, magnetic and radiometric
data. The survey is specifically designed to locate and project the key
structural controls for the gold mineralization and the results are expected
to immediately benefit the exploration program. The initial results of the
survey are a series of enhanced maps of the data, with interpretations, which
indicate structure and rock types. This information is being incorporated into
the present field geological studies. The entire 48-square-kilometre Property
was covered by the helicopter survey at a cost of approximately $125,000.
    The geological mapping and sampling field program is subcontracted to
Coast Mountain Geological Ltd, which deployed its field crew in early June.
This work is concentrating on the Maud-Meister target. A reconnaissance is
also in progress over the entire Property, which contains four additional
targets. The Maud-Meister target lies along an extensive
north-northwest-trending structural zone and includes the formerly producing
Maud S gold mine, the Meister prospect and the roughly 300-metre zone that
lies between the two. Mineralization consists of gold, with minor sulfide
minerals, in multiple vein sequences and in altered wall rock. The gold of the
known occurrences is typically coarse and free. The target is open to the
north and south within over four kilometres of favourable geological
structure. Up to 2,000 rock and soil samples will be collected during this
program.
    The goal of the first-phase gold-exploration program is to locate trench
sites and drill stations suitable to produce data for the definition of a gold
resource. The gold-bearing altered wall rock and veins within the Maud-Meister
target hold the potential for a gold resource. The first-phase program, which
is expected to cost approximately $350,000, is being funded by the
$500,000-flow-through-share financing completed at the end of 2007.

    Gold Exploration Portfolio - Medallion also holds the mineral rights to
the Lodi Hills and the Ocelot gold properties in Nevada. At Lodi Hills, in
northern Nye County, a reconnaissance rock-chip sampling program, in an area
of hydrothermal alteration and old prospect pits, has outlined a zone of
approximately 900 metres by 750 metres with anomalously high geochemical
values of gold and silver. At Ocelot, northwest of Austin, exploration targets
potentially deep, high-grade gold mineralization of the epithermal
quartz-adularia gold-exploration model.
    Medallion's strategy is to create a portfolio of high-impact mineral
projects in North America. The Company is currently evaluating and negotiating
for additional projects in Nevada and Canada.

    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 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 such
statements.





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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