Medallion’s shares commence trading on the U.S. OTCQX

Vancouver, BC — Medallion Resources Ltd (TSX-V: MDL; OTCQX: MLLOF — “Medallion” or the “Company”) is pleased to announce that the Company’s shares commenced trading today on the U.S. Over-the-Counter (OTC) market’s highest tier, OTCQX(r), under the symbol MLLOF. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.OTCQX.com and www.OTCMarkets.com.

The OTCQX is the most prestigious of the three OTC tiers and is recognized as a quality-controlled marketplace for investor-friendly companies. The OTC market is the world’s largest electronic marketplace for broker-dealers to trade over 10,000 unlisted securities. In 2010, securities on the OTC platform traded over $144 billion in dollar volume, making it the third largest U.S. equity trading venue after NASDAQ and the New York Stock Exchange.

“Companies use the OTCQX marketplace to expand their access to investors, engage them with quality disclosure of their financials, and provide trading transparency to stimulate liquidity,” said R. Cromwell Coulson, President and Chief Executive Officer of OTC Markets Group. “We are pleased to welcome Medallion Resources to OTCQX.”

Medallion has engaged the services of Merriman Capital, Inc. to serve as the Company’s Principal American Liaison (“PAL”) on OTCQX and to provide guidance on OTCQX requirements. Merriman Capital is a wholly-owned subsidiary of Merriman Holdings, Inc. (NASDAQ: MERR), a financial services firm based in San Francisco, focused on fast-growing companies and their institutional investors.

“We are very pleased to join the impressive and rapidly growing list of international companies whose shares trade on the OTCQX. In keeping with our plans to increase recognition for Medallion outside of Canada, the OTCQX platform offers U.S. investors greater trading liquidity with an improved marketplace that is both efficient and transparent,” commented Medallion President Donald Lay.

About Medallion Resources

Medallion Resources Ltd (TSX-V: MDL; OTCQX: MLLOF) 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.