Medallion Increases Non-Brokered Private Placement Financing



    TSX.V:MDL

    VANCOUVER, Oct. 7 /CNW/ - Medallion Resources Ltd. ("Medallion" or the
"Company" - TSX.V: MDL) is pleased to announce that due to strong demand, it
has increased its previously announced non-brokered private placement (see 1
October 2008 news release) from $250,000 to up to $330,000 by the issuance of
an aggregate of up to 1,650,000 units at a purchase price of $0.20 per unit
(each "Unit").
    Each Unit will consist of one common share of the Company and one-half of
one non-transferable common share purchase warrant. Each whole warrant will
entitle the holder to purchase one common share at an exercise price of $0.25
per share at any time during the period of two years following the closing of
the private placement. All securities issued pursuant to the private placement
will be subject to a four-month hold period from the date of the closing of
the private placement. The private placement is subject to regulatory
approval.
    The net proceeds of the private placement will be used to fund the
initial work program on the Romaine River Iron-Titanium Project (see 2
September 2008 news release) and for general corporate purposes.

    
    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.

    %SEDAR: 00006083E




For further information:

For further information: www.medallionresources.com, Corporate
Communications: David Fry, (888) 827-6611, mdlcorpcom@shaw.ca

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MEDALLION RESOURCES LTD.

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