MDL Medallion Resources Ltd

Medallion Resources Ltd. (TSX VENTURE:MDL)(OTCQX:MLLOF)(FRANKFURT:MRD)
("Medallion" or the "Company") today announced that it has closed a non-brokered
private placement, announced June 10, 2013, for gross proceeds of $400,000
comprising 2,000,000 common shares of Medallion at a price of $0.20 per share
(the "Private Placement").


The shares were subscribed by Medallion's President, Don Lay, the subscription
funded in his accounts, or accounts he controls, from proceeds of an arranged
sale of approximately 2,000,000 shares executed through the facilities of the
TSX Venture Exchange (the "TSXV") at a price of $0.20 per share (the
"Disposition"). As Mr. Lay or accounts he controls were the sole subscriber to
the Private Placement, the transaction constitutes a related party transaction
under applicable securities laws, however the Private Placement is exempt from
the formal valuation and minority shareholder approval requirements of
Multilateral Instrument 51-101 Protection of Minority Security Holders in
Special Transactions, as neither the fair market value of any shares issued to
Mr. Lay or account he controls, nor the consideration paid by Mr. Lay, exceeded
25% of the Company's market capitalization. The Disposition and the Private
Placement on a net basis did not materially affect the number of common shares
of Medallion held or controlled by Mr. Lay.


The proceeds of the offering will be used toward the Company's pro rata share of
funding of an independent financial and technical study of the Company's
proposed rare-earth extraction facility in Oman and for working capital.


The common shares issued in the Private Placement are subject to a four-month
hold period ending October 24, 2013, pursuant to securities legislation and the
policies of the TSX Venture Exchange (the "Exchange").


About Medallion Resources Ltd.

On June 20, 2013, Medallion announced that it had signed a Memorandum of
Understanding with Takamul Investment Company, a subsidiary of government-owned
Oman Oil Company, to conduct studies investigating the viability of constructing
and operating a monazite-based, rare-earth extraction facility in the industrial
city of Duqm, Oman. A Duqm-based facility is fully aligned with Medallion's
production strategy, which is to exploit available supplies of the mineral
by-product monazite from heavy-mineral-sand mines in the Indian Ocean basin in
order to extract and produce significant quantities of rare-earth products. More
about Medallion (TSX VENTURE:MDL)(OTCQX:MLLOF)(FRANKFURT:MRD) can be found at
medallionresources.com.


Medallion management has prepared this news release and takes full
responsibility for content. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts 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 Medallion's future development,
production and financing plans, objectives or goals, including words to the
effect that Medallion 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 business, acquisitions or development plans. Also, in order to proceed
with Medallion's plans, additional funding will be necessary and, depending on
market conditions, this funding may not be forthcoming on a schedule or on terms
that facilitate Medallion's plans.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Medallion Resources Ltd.
Donald Lay
President
+1.604.681.9558
info@medallionresources.com
www.medallionresources.com


Hamza Thindal Capital Corp.
Kam Thindal
Partner
+1.888.371.9098
kam@htcapitalcorp.com

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