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The Company holds a mineral lease on, and an option to acquire 100% of the Lodi Hills ("LH") gold-exploration property, located on the Fallon-Manhattan trend, 1.6 kilometres southeast of Quartz Mountain, Nye County Nevada. The lease/purchase option agreement grants Medallion a lease on the LH property and an option to acquire 100% of the property, subject to a 2% net-Smelter-return royalty in favour of the vendor. At execution of a Letter Agreement, Medallion paid the vendor US$5,000 and reimbursed it for claim-filing fees of US$7,603.50. At the acceptance by the TSX Venture Exchange of a definitive lease and option agreement, Medallion will pay to the vendor 50,000 common shares of the capital of Medallion. To exercise the Option to acquire 100% of the property, Medallion must pay to the Vendor advance-minimum-royalty payments as follows: US$20,000 on or before April 30, 2008. An amount equal to the sum of the last property payment plus US$5,000 on or before April 30 of each succeeding year after April 30, 2008 until Medallion has paid the aggregate of US$500,000 in advance-minimum-royalty payments. One-half of the 2% NSR can be purchased by Medallion for US$1 million. Property Details Lodi Hills comprises 39 federal mineral claims covering 780 acres (over three square kilometres). The LH gold-exploration target is located on Nevada's Fallon-Manhattan mineral trend, which contains the Manhattan, Round Mountain, Wonder, Berlin, and Rawhide gold deposits The target is in an area of hydrothermal alteration, prospect pits and dumps and placer gold showings. A reconnaissance rock-chip sampling program has outlined a zone of approximately 900 metres by 750 metres with anomalously high geochemical values of gold and silver. The mainly carbonate and andesite host rocks are laced with vein structures and intrusive rhyolite. These geological features support the potential for a deep mineralized rhyolite-dome gold target. Acquisition Program Medallion will conduct a geophysical program as well as geological mapping of the property. This will include rock chip and soil sampling in addition to petrographic and mineralogical studies. |
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