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| | July 14, 2009
Medallion in Renegotiations to Advance Romaine Iron-Titanium Project
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| | Vancouver, BC - Medallion Resources Ltd ("Medallion" or the "Company" - TSX.V: MDL) announces that, due to market conditions, the Company's financing efforts to date have not developed sufficient funding to advance the Romaine Iron-Titanium Project. Medallion is working diligently with the project property vendor and with potential investors to renegotiate the terms of the property acquisition and the financing to better reflect the state of the financial markets and the world economy. The Company also withdraws its financing previously announced on February 27, 2009; although, it continues to work with Jordan Capital Markets Inc to construct an acceptable financing mechanism. As a result of the Company's incomplete financing efforts, Medallion has failed to make an $80,000 property payment, which was due to the property owner on 30 June 2009. To maintain the property, Medallion must cure this default by 9 August 2009, either by completion of the financing or by renegotiating the property acquisition agreement. Medallion fully intends to meet its obligations and advance the Romaine Iron-Titanium Project; however, there is no certainty that Medallion will be able to renegotiate the agreement or complete the financing and cure the default.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo, President & CEO
For Further Information: check Medallion's web site www.medallionresources.com,
Call (888) 827-6611 or e-mail williambird@medallionresources.com
Company Management, 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 financing plans, objectives or goals. 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 financing expectations. In order to proceed with the Company's 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. |
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| | You can view the Next News Releases item: Thu Aug 13, 2009, Romaine Everett Property Returned to Vendor
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