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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2010) – Medallion Resources Ltd. ("Medallion" or the "Company") (TSX VENTURE:MDL) announces the closure, on 31 December 2009 (the "Flow-Through Closing Date"), of its non-brokered flow-through private placement offering (the "Flow-Through Offering"). The Flow-Through Offering was originally announced in the Company's news releases of 15 & 23 December 2009). A total of 2,066,429 Flow-Through shares were sold at $0.175 per share for gross proceeds of $361,625.

Medallion has agreed to pay a cash finders' fee of 9% of the gross proceeds raised from purchasers introduced to the Company by certain finders at arm's length to the Company and grant finders' warrants equal to 9% of the number of Flow-Through shares sold to such purchasers. Each finders' warrant shall be exercisable to acquire one non-flow-through common share at an exercise price of $0.225 per share for a period of 24 months from the Flow-Through Closing Date.

Medallion also is offering a non-brokered private placement of units (each a "Unit) to a maximum of 2.1 million Units at $0.175 per Unit for gross proceeds of up to $376,250 (the "Unit 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 ("Unit 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 certain finders at arm's length to the Company 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 $0.225 per share for a period of 24 months from the Unit Closing Date. The Unit Offering is expected to close shortly.

Pursuant to securities legislation and policies of the Exchange, the Flow-Through Offering and Unit Offering are subject to final TSX Venture Exchange approval and all securities issued to purchasers and finders under the Flow-Through Offering and Unit Offering will be subject to a four-month hold period from the Flow-Through Closing Date and Unit Closing Date, respectively.

The proceeds of the Flow-Through Offering and Unit Offering will be used for 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. 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 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.