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TSX.V:MDL
VANCOUVER, Sept. 17 /CNW/ - Medallion Resources Ltd ("Medallion" or the "Company" - TSX.V: MDL) announces that the due-diligence and historical-data confirmation program for the Romaine River Iron-Titanium Project is underway (See September 2, 2008 news release). Medallion president William Bird visited the property with two geologists and an engineer. Traverses across the hematite (Fe(2)O(3))-ilmenite (FeTiO(3)) mineralized outcrops confirmed the location and extensive size of the mineralization that comprises the historical iron-titanium resource.
Dr. Bird reports, "My initial on-site impressions of the Romaine River property are very favourable. The mineralized material is easily recognizable and crops out over broad areas. It's clear that the historical data properly locates and maps this extensive occurrence." Nine check samples were sent to a petrographer to confirm mineral content and to SGS Lakefield Research Limited, one of Canada's leading titanium specialists, to confirm iron and titanium content. Results from these analyses are expected in about one month. Planning sessions with local geologists were very productive. Mapping and sampling crews could be in the field within a week. "I'm impressed with the caliber of the people that have been engaged to work on the property and it's clear they share my enthusiasm for this exceptional project."
Amazing Grace Project
A preliminary report is due shortly from Coast Mountain Geological Ltd, the contractor for exploration at the Amazing Grace Gold Project in BC. Results will include sample analyses, potential trench and drill sites and recommended follow-up work that can be completed during the remainder of the field season.
Ocelot Project
In Nevada, the Company will concentrate efforts on the Ocelot property. Other projects, including the Lodi Hills property have been dropped. Due to financial-market conditions, the vendors of the Ocelot property have granted a temporary extension of the Medallion property payment, which was originally due 31 July 2008. They have also agreed to pay the assessment fees. Subject to financing, Medallion intends to make the property payment and reimburse the vendors for the assessment fees.
ON BEHALF OF THE BOARD OF DIRECTORS "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.
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