Medallion Appoints New President and Chairman
Medallion Resources Ltd. (TSX-V: MDL — “Medallion” or the “Company”), a rare-earth-element (REE) explorer, is pleased to announce that it has appointed Mr Donald M Lay, presently a director of the Company, to the position of President, effective immediately. Concurrently, Dr William Bird has been appointed as Chairman of the Board, while remaining Medallion’s CEO.
“It is important to now build on the strengths of our management team and I welcome Don’s new role with the Company. Don has been contributing as an active director with Medallion for many years and has made significant contributions. Don will focus on the capital side of our business and it will be great to have additional help on the business strategy as the rare earth industry evolves,” said Dr Bird, Medallion’s new Chairman & current CEO.
Mr Lay has over 25 years of experience with public and private venture capital, communications and startup companies. He has also served as a director for a number of private and public companies, including several mineral-exploration companies such as International Taurus Resources Inc, American Bonanza Gold Corp Inc (TSX: BZA) and Medallion.
The Company also announces that pursuant to its stock option plan it has, subject to Exchange approval, granted 1,460,000 options for five years at an exercise price of $.50 to directors, officers, advisors and consultants of the Company.
About Medallion Resources
Medallion Resources Ltd (TSX-V: MDL) is exploring for large, low-production-cost, heavy-rare-earth-element (REE) deposits with straightforward metallurgy and cost-effective infrastructure. Headed by Dr. Bill Bird and supported by a technical team second to none, the company is well-positioned to efficiently evaluate the best prospective REE projects, incorporating new discovery methods and short-cuts to production. REEs are essential for many products and applications including wind turbines, electric and hybrid vehicles, super magnets, and all modern electronics.
Medallion is exploring the Eden Lake REE property in western Manitoba under an option agreement with Rare Element Resources Ltd (AMEX: REE, TSX-V: RES) that gives the right to earn a 65% interest in the exploration joint venture. A recent discovery, Eden Lake is one of North America’s most prospective REE projects, with potential for high values of neodymium and significant levels of the high-value heavy REEs. The company is also exploring over 42 square kilometres of the Red Wine peralkaline intrusion in southern Labrador under an agreement to option a 100% interest in six mineral licenses (subject to a 3% royalty). The portions of the Red Wine intrusion covered by the licenses host the mineral eudialyte, known to contain elevated values of the heavy REEs.
ON BEHALF OF THE BOARD OF DIRECTORS
“William H Bird”, PhD, PGeo,
Chairman & CEO
For further information visit www.medallionresources.com or contact:
Donald Lay
President
Tel (604) 681-9558 or Email don.lay@medallionresources.com
Medallion 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 medallion’s future exploration 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 acquisitions or exploration plans. Also, in order to proceed with Medallion’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 Medallion’s plans.
