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



    TSX-V: MDL

    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(*). 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(*).
    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.

    %SEDAR: 00006083E




For further information:

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

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MEDALLION RESOURCES LTD.

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