Medallion Announces Management Changes and Reports 2014 Annual Meeting of Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 8, 2014) - Medallion Resources Ltd. (TSX VENTURE:MDL)(OTCQB:MLLOF)(FRANKFURT:MRD) ("Medallion" or the "Company"), today announced that Mr Donald Lay has been appointed CEO and Dr Bill Bird will serve as Medallion's new Chief Technical Advisor. These changes will enhance the Company's ability to move quickly in advancing key financial relationships and securing long-term monazite feedstock agreements, as the Company prepares for economic studies on its proposed rare-earth processing facility.

David Haber, a long-standing Director of the Company, has accepted the position of non-executive Chairman of the Board. Mr Haber is the principal at Vancouver-based consultancy Adler Business Solutions, serves as the BC & Yukon Honorary Consul General for the Republic of Austria and sits as the Chair, or director-at-large, of several corporate and non-profit boards. "We're pleased that Don is going to lead Medallion in getting the business deals completed and raising the capital required to pave the path to rare-earth production," said David Haber. "Bill is exceptionally well-known and a respected figure in the rare-earth industry, and in his new role, he will direct all technical aspects of the Company's business."

Medallion's annual meeting (the "Meeting") of the Company's shareholders (the "Shareholders") was held on September 17, 2014. Shareholders voted in favour of all items and matters of business submitted at the Meeting, including: (i) the appointment of Davidson & Company LLP, Chartered Accountants as auditors of the Company; (ii) the election of each director nominee, being Bill Bird, Donald Lay, David Haber, Rod McKeen, Andrew Morden and David Shaw; (iii) the annual ratification and approval of the Company's existing 10% "rolling" stock option plan as mandated by the policies of the TSX Venture Exchange.

The Company also reports that further to its extension of the Memorandum of Understanding ("MOU") with Arab Mining Company ("ARMICO") to September 30, 2014, the Company remains in active discussions with ARMICO with respect to the MOU and will provide updates as they become available. Additionally, further to the closing of its $700,000 private placement announced June 4, 2014, Medallion will not be proceeding with the balance of the originally announced $1 million placement at this time and continues to seek equity capital.

About Medallion Resources

Medallion Resources is focused on the opportunity for low-cost, near-term, rare-earth production by exploiting the mineral monazite. Monazite is a rare-earth phosphate that is available as a by-product from existing mining and mineral-sands sources, principally in the Indian Ocean basin. Rare earths are used in critical components for virtually all computing and mobile electronic products, as well as wind turbines, electric and hybrid vehicles, and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral processing and the safe management of waste materials. More about Medallion (TSX VENTURE:MDL)(OTCQB:MLLOF)(FRANKFURT:MRD) can be found at medallionresources.com.

Medallion management takes full responsibility for content and has prepared this news release. 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 statements relating to completion of transactions under the MOUs, and estimates and statements that describe Medallion's future exploration, 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, including the risks inherent in completing complex business arrangements in international jurisdictions and other risks outlined in the Company's management discussions and analysis of financial results. 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.