Medallion Resources Announces Results From 2013 Annual and Special Meeting of Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 30, 2013) - Medallion Resources Ltd. (TSX VENTURE:MDL)(OTCQX:MLLOF)("Medallion" or the "Company") is pleased to advise on the results of the voting on the matters submitted to the annual and special meeting (the "Meeting") of the shareholders (the "Shareholders") of the Company held on September 25, 2013.

Shareholders voted in favour of all items of business at the Meeting, including: (i) the reappointment of Lancaster and David, Chartered Accountants as auditors of the Company; (ii) the election of each director nominee, being William Bird, Donald Lay, David Haber, Rod McKeen and Andrew Morden; (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; and (iv) the approval of an advance notice policy (the "Policy"), for the purpose of providing Shareholders, directors and management of Medallion with a clear framework for nominating directors.

The Policy is meant to: (a) facilitate an orderly and efficient annual general or, where the need arises, special meeting process; (b) ensure all Shareholders receive adequate notice of the director nominations and sufficient information with respect to all director nominees; and (c) allow Shareholders to register an informed vote having been afforded reasonable time for appropriate deliberation. The board of directors of the Company has determined that the Policy to be effective and in full force and effect as of September 25, 2013. The full text of the Policy is available via SEDAR under Medallion's issuer profile at www.sedar.com or upon request by contacting the Corporate Secretary at 604-681-9558.

About Medallion Resources Ltd.

Medallion is rethinking rare earths. Led by Dr Bill Bird and supported by an experienced technical team, the Company focuses on low-cost, near-term, rare-earth production opportunities using the rare-earth mineral monazite, which is available as a by-product from existing mining and mineral-sands sources principally in the Indian Ocean basin. Medallion, partnered with Takamul Investment Company, is currently evaluating a proposal to import monazite feedstock and produce rare-earth products at a proposed processing facility in the industrial city of Duqm, Oman. 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 mining, mineral processing and the safe management of waste materials. More about Medallion (TSX-V: 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 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. 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.