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| | August 13, 2009
Romaine Everett Property Returned to Vendor
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| | Vancouver, BC - Medallion Resources Ltd ("Medallion" or the "Company" - TSX.V: MDL) announces that the Everett property, which is the focus of the Company's Romaine Iron-Titanium Project, has been returned to the vendor. Difficult market conditions thwarted financing efforts to meet the terms of the original Everett property acquisition agreement, which caused a default. To cure the default, the Company attempted to negotiate new acquisition terms that would be more in line with present market conditions; however, the attempt was unsuccessful.
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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