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Definitive Agreement Finalized to option 100% Interest in the Everett Iron-Titanium Property
TSX-V: MDL VANCOUVER, Jan. 21 /CNW/ - Medallion Resources Ltd ("Medallion" or the "Company" - TSX...
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX-V: MDL\n\n\nVANCOUVER, Jan. 21 /CNW/ - Medallion Resources Ltd ("Medallion" or the\n"Company" - TSX.V: MDL) announces that, following extensive due diligence, it\nhas executed, with privately held Romaine River Titanium Inc ("RRT"), a\ndefinitive option agreement that grants to Medallion the option (the "Option")\nto acquire a 100% legal and beneficial interest ("Option Agreement") in the\nEverett iron-titanium property ("Everett Property"). The Everett Property\nconsists of 60 claims, located three kilometres east of the Rio Tinto-owned\nLac Allard iron-titanium mine in Duplessis County, Quebec. The Everett\nProperty, the centre piece of Medallion's Romaine Iron-Titanium Project, is\npotentially one of the world's largest iron-titanium occurrences, with a\nhistorical 234-million-tonne estimated resource.(x) The Option Agreement has\nbeen conditionally accepted by the TSX Venture Exchange (the "Exchange");\nhowever, it remains subject to final Exchange acceptance pending the\ncompletion of a technical report prepared and filed in accordance with\nNational Instrument 43-101 ("NI 43-101") - Standards of Disclosure for Mineral\nProjects, and a financial plan to support the recommended advancement of the\nEverett Property. The technical report and financial plan are in progress.\n\n\nPresident William Bird reports, "Over the past four months, Medallion's\nRomaine Project completed a rigorous due-diligence study of the Everett\nProperty. The property has surpassed expectations. The potential size of the\nhistorical resource and its location in Quebec, near deep-water port\nfacilities and planned new hydroelectric power projects, rank the Everett\nProperty as an exceptional opportunity for Medallion shareholders. Add to this\nthe advantages provided by the ground-breaking technical work of the\nneighboring QIT mine, with its environmental success and good community\nrelations, the Everett Property could potentially become one of the largest\nhard-rock iron-titanium projects in the world. It's very rare that a project\nof this magnitude is available to any company."\n\n\nTerms of the Option Agreement\n\n\nIn consideration of the grant of the Option, the Company, among other\nthings, must pay to RRT an aggregate of $30,000 in installmen...