Medallion Reports Exercise of Warrants for Approximately $400,000

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 17, 2013) - Medallion Resources Ltd. (TSX VENTURE:MDL) (OTCQX:MLLOF) (FRANKFURT:MRD) ("Medallion" or the "Company") is pleased to announce the recent exercise of 1,571,000 common-share purchase warrants, resulting in gross proceeds of $392,750 to Medallion. The warrants were issued as part of the Company's July 2010 financing, entitling the holders to purchase one common share of Medallion stock at a price of $.25, and expired July 12, 2013. Of the total available warrants from the July 2010 financing, over 99% have been exercised by their holders.

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 VENTURE: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 transactions, joint ventures, acquisitions or development plans, where all conditions to completing them have not been met. There can be no assurance that any proposed potential business transactions, joint ventures, acquisitions or development plans, as discussed, will be successfully negotiated or completed, or that the board of directors of Medallion or potential venture partners will approve such agreements. 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.