Business
Two Private Placements Closed to Fund Romaine Iron-Titanium Project
TSX.V:MDL VANCOUVER, Jan. 6 /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. 6 /CNW/ - Medallion Resources Ltd. ("Medallion" or the\n"Company" - TSX.V: MDL) announces the closure of two non-brokered Flow-Through\nprivate placements of the Company's shares. The gross proceeds raised totals\n$397,632.00, which will be used to fund exploration at the Romaine\nIron-Titanium Project.\n\n\nThe first placement involved the issue of 1,266,999 flow-through common\nshares at $0.15 per share to raise gross proceeds of $190,049. Two of the\nCompany's directors participated. Medallion paid cash finders' fees of\n$8,572.45 to finders of arm's-length placement participants.\n\n\nThe second placement, with MineralFields Group (a division of Pathway\nAsset Management), involved the issue of 1,383,886 flow-through common shares\nat $0.15 per share, which raised gross proceeds of $207,583. Medallion paid a\ncash finder's fee of $16,606.64.\n\n\nThe shares issued in the placements have a four-month hold period, which\nwill expire 1 May 2009.\n\n\nDavid Fry Resigns From Board\n\n\nThe Company announces that David Fry, a member of the Board of Directors\nsince 2006, has resigned from the Board to pursue other interests. Medallion\nthanks Mr Fry for his active service over the past two years.\n\n\nAbout the Romaine Iron-Titanium Project\n\n\nMedallion is presently completing definitive documentation and seeking\nregulatory approval to obtain an option to acquire a 100% interest in the\nRomaine iron-titanium property in Quebec.\n\n\nHistorical drilling and metallurgical work support the Romaine property's\nhistorical resource estimate of 234 million tonnes grading 10.8% titanium\noxide (TiO2) and 17.9% iron.(x) The body of iron-titanium mineralization crops\nout along a known length of three kilometres and a width that ranges from 200\nmetres to 460 metres. It is open along strike and down dip. Information from\nthe 1960's and 1970's suggests that there is a significant potential for\nincreasing both the size and grade of the body.(x)\n\n\nThe Romaine Iron-Titanium Project minerals are hematite (Fe(2)O(3)) and\nilmenite (FeTiO(3)), which are the minerals mined at the nearby QIT mine\n(three kilometres to the west). Rio Tinto's QIT mine, with a 50-million-tonne\nreserve, is a leading producer of high-quality titanium and steel and is\npresently the largest iron-titanium ...