Medallion Resources Applies for Warrant Extension

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 18, 2013) - Medallion Resources Ltd. (TSX VENTURE:MDL) ("Medallion") - Medallion wishes to announce that it has applied to the TSX Venture Exchange (the "Exchange") for acceptance to amend the terms of an aggregate of 4,499,993 common share purchase warrants (the "Warrants") issued pursuant to a non-brokered private placement (the "Private Placement") which closed in two tranches, on October 25, 2010 and November 9, 2010, respectively. The Warrants originally issued are exercisable into common shares in the capital of the Company at an exercise price of $0.40 per common share, with 1,958,331 of the Warrants expiring on October 25, 2013 and 2,541,662 Warrants expiring on November 9, 2013. These Warrants will be amended by extending the expiry date of the Warrants to May 30, 2014. No Warrants issued under the Private Placement have been exercised to date. The amendment to the terms of the Warrants is subject to Exchange approval.

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.

This news release contains forward-looking statements that are based on the Medallion's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the planned amendment of the Warrants. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks associated with the Company's ability to obtain Exchange approval of the amendment of the Warrants. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Medallion disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.