VANCOUVER, Sept. 17 /CNW/ - Medallion Resources Ltd ("Medallion" or the
"Company" - TSX.V: MDL) announces that the due-diligence and historical-data
confirmation program for the Romaine River Iron-Titanium Project is underway
(See September 2, 2008 news release). Medallion president William Bird visited
the property with two geologists and an engineer. Traverses across the
hematite (Fe(2)O(3))-ilmenite (FeTiO(3)) mineralized outcrops confirmed the
location and extensive size of the mineralization that comprises the
historical iron-titanium resource.
Dr. Bird reports, "My initial on-site impressions of the Romaine River
property are very favourable. The mineralized material is easily recognizable
and crops out over broad areas. It's clear that the historical data properly
locates and maps this extensive occurrence." Nine check samples were sent to a
petrographer to confirm mineral content and to SGS Lakefield Research Limited,
one of Canada's leading titanium specialists, to confirm iron and titanium
content. Results from these analyses are expected in about one month. Planning
sessions with local geologists were very productive. Mapping and sampling
crews could be in the field within a week. "I'm impressed with the caliber of
the people that have been engaged to work on the property and it's clear they
share my enthusiasm for this exceptional project."
Amazing Grace Project
A preliminary report is due shortly from Coast Mountain Geological Ltd,
the contractor for exploration at the Amazing Grace Gold Project in BC.
Results will include sample analyses, potential trench and drill sites and
recommended follow-up work that can be completed during the remainder of the
In Nevada, the Company will concentrate efforts on the Ocelot property.
Other projects, including the Lodi Hills property have been dropped. Due to
financial-market conditions, the vendors of the Ocelot property have granted a
temporary extension of the Medallion property payment, which was originally
due 31 July 2008. They have also agreed to pay the assessment fees. Subject to
financing, Medallion intends to make the property payment and reimburse the
vendors for the assessment fees.
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.
For further information:
For further information: check the website www.medallionresources.com or
contact David Fry, (888) 827-6611, e-mail firstname.lastname@example.org