Two Private Placements Closed to Fund Romaine Iron-Titanium Project

Medallion Resources Ltd. announces the closure of two non-brokered Flow-Through private placements of the Company’s shares. The gross proceeds raised totals $397,632.00, which will be used to fund exploration at the Romaine Iron-Titanium Project.

The first placement involved the issue of 1,266,999 flow-through common shares at $0.15 per share to raise gross proceeds of $190,049. Two of the Company’s directors participated. Medallion paid cash finders’ fees of $8,572.45 to finders of arm’s-length placement participants.

The second placement, with MineralFields Group (a division of Pathway Asset Management), involved the issue of 1,383,886 flow-through common shares at $0.15 per share, which raised gross proceeds of $207,583. Medallion paid a cash finder’s fee of $16,606.64.

The shares issued in the placements have a four-month hold period, which will expire 1 May 2009.

Medallion is presently completing definitive documentation and seeking regulatory approval to obtain an option to acquire a 100% interest in the Romaine iron-titanium property in Quebec.

Historical drilling and metallurgical work support the Romaine property’s historical resource estimate of 234 million tonnes grading 10.8% titanium oxide (TiO2) and 17.9% iron.(x) The body of iron-titanium mineralization crops out along a known length of three kilometres and a width that ranges from 200 metres to 460 metres. It is open along strike and down dip. Information from the 1960’s and 1970’s suggests that there is a significant potential for increasing both the size and grade of the body.(x)

The Romaine Iron-Titanium Project minerals are hematite (Fe(2)O(3)) and ilmenite (FeTiO(3)), which are the minerals mined at the nearby QIT mine (three kilometres to the west). Rio Tinto’s QIT mine, with a 50-million-tonne reserve, is a leading producer of high-quality titanium and steel and is presently the largest iron-titanium mine of its type in the world.