Sep. 13, 2010 (TheNewswire.ca) --
Medallion Resources Ltd. (MDL: TSX.V) today announced that it has, pursuant to its stock option plan, approved a grant of stock options to directors, officers, consultants and advisors to purchase an aggregate of 1,245,000 common shares of the company at an exercise price of $.265 per common share. The stock options expire five years from the date of grant.
Medallion Resources Ltd (TSX-V: MDL) is exploring low-production-cost, large-tonnage "heavy" rare-earth-element (REE) deposits with a clear metallurgical path and cost-effective infrastructure. REE's are key components required by many new energy-saving technologies including wind turbines, electric and hybrid vehicles, super magnets and all modern electronics.
Medallion is headed by REE veteran Dr Bill Bird with support from an expert technical team that can meet the challenges of evaluating and cost-effectively exploring the best REE projects. Medallion is exploring the Eden Lake REE property in western Manitoba, under an option agreement with Rare Element Resources (NYSE:REE) (TSXV:RES) (TSX-V: RES, NYSE AMEX: REE) to earn a 65% interest. Eden Lake is a recent discovery with potential for high neodymium values and significant heavy REE by-products. The Company also explores over 42 square kilometres of the Red Wine peralkaline intrusion in southern Labrador under an agreement to option six mineral licenses. The Red Wine intrusion is known to contain elevated values of the "heavy" REE's.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H Bird", PhD, PGeo
President & CEO
For further information visit www.medallionresources.com or contact:
William H Bird PhD PGeo (604) 681-9558 williambird@medallionresources.com
Erica C Bearss MBA (604) 681-9558 ebearss@medallionresources.com
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 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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