MDL Medallion Resources Ltd

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Medallion Resources Ltd.
Donald Lay
President
+1.604.681.9558
info@medallionresources.com

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