Romaine Iron-Titanium Assays Support Higher-Grade Mineralization

    TSX-V: MDL

    VANCOUVER, Jan. 15 /CNW/ - Medallion Resources Ltd ("Medallion" or the
"Company" - TSX.V: MDL) announces that the assays for surface-core samples,
collected during the Romaine Iron-Titanium Project fall field program, support
the potential for higher-grade iron-titanium mineralization than recorded for
the historical resource. Of the 74 samples assayed, 67 were taken from the
main body of presently defined mineralization. These 67 averaged 30.39% iron
oxide (Fe(2)O(3)) and 13.66% titanium oxide (TiO(2)). The data represent
percentage increases over the historical grade of 14.76% for iron oxide and
26.46% for titanium oxide.
    President William Bird reports, "The new data from our recent Romaine
Iron-Titanium Project mapping and sampling program are very encouraging. These
results continue to add evidence for potentially higher grades and tonnages
than expressed in the historical work. First, our fall field work outlined
additional outcrop area that could lead to higher tonnages. Now, we have
assayed a significant population of representative samples, collected
systematically over the entire continuous 2.5-kilometre outcrop of the main
body of mineralization, that support potentially higher grades."
    The surface-core samples were collected along 20 evenly spaced traverses,
which were perpendicular to the 2.5-kilometre strike length of the
mineralization, using a technique designed to produce suitable material for
chemical and mineralogical analyses and for metallurgical testing. A concrete
drill extracted, from each sample site, two closely spaced 30- to
35-centimetre cores. Each of these cores is four centimetres in diameter and
weighs 1.8 to 2.0 kilograms. This method is more reliable than channel
sampling and it provides a sample of the surface mineralization that is free
of most weathering effects and of the potential high- or low-grading problems
that are often associated with the usual surface-sampling techniques.
    Seventy-four surface core samples, collected during the program, were
analyzed at SGS Lakefield Research Limited using the industry-standard assay
method of whole-rock lithium borate fusion with X-Ray-Fluorescence finish. The
results for the 67 samples collected from the main mineralization area are as

    Sample    % Fe(2)O(3)    % TiO(2)      Sample    % Fe(2)O(3)    % TiO(2)
    ------    -----------    --------      ------    -----------    --------

      A1          23.6          9.37         M1            28          11.5
      A2            28          12.6         M2          27.4          11.5
      B1          35.5            17         M3          25.6          10.5
      B2          24.1          9.87         M4          26.2          11.2
      C1            35          16.9         N1          32.7          14.7
      C2          16.4          5.75         N2          32.7          14.2
      D1          31.2          13.3         N3          32.3          13.6
      D2          24.8          10.3         N5          19.3          7.27
      E1          34.1            16         O1          22.6          8.65
      E2          29.6          13.4         O2          39.5          18.2
      E3          40.7          20.2         O3          36.5          17.4
      F1          34.4          16.1         O4          31.1          13.7
      F2          29.8          13.1         R1          32.2          14.4
      F3          35.8          17.5         R2          34.1          15.8
      G1          30.5          13.5         R3          31.1          14.2
      G2          27.9          11.8         R4          31.3          14.6
      G3          30.5          13.7         P1          32.6          15.6
      H1          27.9          12.1         P2          24.7          9.88
      H2          29.1          13.5         P3          33.1          15.8
      H3          38.5          19.6         P4          32.6          14.1
      I1            27          11.7         Q1          25.5          10.4
      I2          26.6            12         Q2          36.9          17.2
      I3          28.9          12.9         Q3          31.8          15.3
      I4          35.5          17.3         Q4          32.1          13.8
      J1          33.8          15.9         S1          35.4          17.4
      J2          27.4          11.2         S2          31.5          14.4
      J3          30.8          13.8         S3          34.5          16.4
      J4          25.6          11.4         S4          30.5          13.1
      K1            29          12.6         T1          26.4          11.5
      K2          30.6          12.9         T3          30.5            14
      K3          34.2          16.1         T4          25.8          11.5
      L1          30.8          13.1         Blast 2     35.3          17.4
      L2          26.2          11.3         Blast 4     39.1          19.4
                                             -------     ----          ----
      L3          21.3          8.99
                                             Average    30.39         13.66

    About the Romaine Iron-Titanium Project

    Medallion is presently completing definitive documentation and seeking
regulatory approval to obtain an option to acquire a 100% interest in the
Romaine iron-titanium property in Quebec.
    The Romaine Iron-Titanium Project, 40 kilometres north of Havre St
Pierre, Quebec, includes a historical resource estimate of 234 million tonnes
grading 10.8% titanium oxide (TiO(2)) and 17.9% iron.(*) The body of
iron-titanium mineralization crops out along a known total length of over
three kilometres and a width that ranges from 200 metres to 460 metres. It is
open along strike and down dip. Recent check sampling and mapping, along with
information from the 1960's and 1970's, suggests that there is a significant
potential for increasing both the size and grade of the historical resource.(*)
    The Romaine Project minerals are hematite (Fe(2)O(3)) and ilmenite
(FeTiO(3)), which also are the minerals mined at the nearby QIT mine. Rio
Tinto's QIT mine, with a 50-million- tonne reserve (as of 2006) 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 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 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 and field observations, 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 estimate in accordance with the requirements of NI 43-101.


    "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 or
contact: David Fry, (888) 827-6611, e-mail

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