May 20, 2010 (TheNewswire.ca) --
Vancouver, BC - Medallion Resources Ltd (TSXV:MDL) (TSX.V: MDL) announces that the first-phase exploration program at the Eden Rare-Earth Project has been finalized and the crew is preparing to mobilize. The goals for the first phase are to sample for mineralogical studies and to define previously outlined targets to establish drill sites for a second-phase program, which could be completed before the end of 2010. The crew plans to be in the field before June 1st and the first-phase program is expected to be complete by August.
The program will be overseen by Hamid Mumin, PhD, PGeo, PEng. Dr Mumin, Medallion's consultant and a recognized expert on the Eden rare-earth-element (REE) occurrences, has written and published numerous studies of the Eden Lake REE-bearing carbonatite intrusions since he discovered them in 2002. Dr Mumin teaches geology at Brandon University in Manitoba, where he is an Associate Professor and Director of the Laboratory of Applied Resource Geology.
"I am especially pleased to have Hamid Mumin as our leader for the Eden REE field work. His expertise is an important addition to our team. We anticipate rapid progress this summer with our first Eden field studies," reports Dr Bill Bird, Medallion President & CEO. "We will concentrate on defining the REE mineralogy and chemistry, which is the first and most important step in any REE exploration. For these critical studies, Dr Tony Mariano, the pre-eminent REE mineralogist, and Dr Jim Clark, one of our Advisors and also an REE expert, will join us in the field and with follow-up laboratory work.
"Medallion's first-phase work also will re-examine previously outlined targets to locate drill sites for expanding the volume of the REE mineralization. Drill sites will be selected to expand known outcrops of REE mineralization and to locate additional bodies of carbonatite, which is a key host rock for the REE mineralization. There is evidence that such carbonatite bodies exist in low-lying areas beneath shallow deposits of glacial moraine. Dr Mumin will use a series of geophysical, geochemical and geobotanical surveys, which he has specifically designed to locate these buried carbonatite bodies."
Medallion would also like to direct investor attention to the Pinnacle Digest Radio Show, which features CEO Bill Bird commenting on rare-earth elements and Medallion's objectives. The radio show can be accessed at PinnacleDigest.com.
Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements, which are key components required by many new energy-saving technologies including wind turbines, electric and hybrid vehicles, supermagnets and virtually all modern electronics. Medallion is well positioned to take part in potential breakthroughs in the exploration for these rare metals.
Medallion has concluded an agreement with Rare Element Resources (TSXV:RES) to option a 65% interest in a joint venture to explore the Eden Lake REE property in Western Manitoba. The Eden Lake property is a recent discovery and one of North America's most promising REE prospects. Distribution studies indicate that the property has a potential for high neodymium and significant heavy REE by-products. The agreement with Rare Element Resources and the related filing of a Technical Report on the Eden property remain subject to final regulatory approval.
Medallion also has an agreement to option four western Labrador mineral licences that cover 3325 hectares of the Red Wine peralkaline intrusion. The peralkaline rocks of the Red Wine intrusion are noted for REE occurrences and high concentrations of the mineral eudialyte which often contains the heavy REE's. The agreement to option the Red Wine licences remains subject to due diligence and final regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo
President & CEO
For information: check Medallion's web site www.medallionresources.com or contact
William H Bird (888) 827-6611 williambird@medallionresources.com
Erica C Bearss (604) 681-9558 ebearss@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 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 acquisitions. Also, in order to proceed with the Company's exploration 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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