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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2009) - Medallion Resources Ltd ("Medallion" or the "Company") (TSX VENTURE:MDL) announces that, subject to TSX Venture Exchange ("Exchange") approval, it has arranged a non-brokered private placement of up to 1.75 million units (each a "Unit") at $0.175 per Unit for gross proceeds of up to $306,250 (the "Offering"). Each Unit consists of one common share and one transferable common share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one common share at an exercise price of $0.30 for a period of 24 months from closing of the Offering ("Closing Date"). Medallion has agreed to pay a cash finders' fee of 9% of the gross proceeds raised from purchasers introduced to the Company by finders and grant finders' warrants equal to 9% of the Units sold to such purchasers. Each finders' warrant shall be exercisable to acquire one common share at an exercise price of $0.175 per share for a period of 24 months from the Closing Date.

Medallion also announces that it has arranged, subject to Exchange approval, a non-brokered private placement of up to 1.75 million flow-through shares (each a "Share") for gross proceeds of up to $306,250 (the "Flow-Through Offering"). Medallion has agreed to pay a cash finders' fee of 9% of the gross proceeds raised from, and grant finders' warrants equal to 9% of the number of Shares sold to, purchasers introduced to the Company by the finders. Each finders' warrant shall be exercisable to acquire one non-flow-through common share at an exercise price of $0.175 per share for a period of 24 months from the Closing Date.

All securities issued to purchasers and finders under the Offering and Flow-Through Offering will be subject to a four month hold period from the Closing Date, pursuant to securities legislation and the policies of the Exchange.

The proceeds of the Offering and Flow-Through Offering will be used for the exploration of the Company's Eden REE Project, acquisition of new properties and working capital.

Medallion focuses on exploration for rare-earth elements (REE's), lithium and other metals required by the new energy-saving technologies. The Company's first project, announced 1 Dec 2009, is the Eden REE project in Western Manitoba.

ON BEHALF OF THE BOARD OF DIRECTORS

William H Bird, PhD, PGeo, President & CEO

Company Management, takes full responsibility for content, prepared this news release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company 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. Also, in order to proceed with the Company'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 the Company's plans.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.