Medallion Resources Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported net loss and comprehensive loss was CAD 475,022 or CAD 0.01 per basic and diluted share compared to CAD 760,058 or CAD 0.02 per basic and diluted share a year ago. For the nine months, the company reported net loss and comprehensive loss was CAD 1,598,119 or CAD 0.04 per basic and diluted share compared to CAD 1,817,967 or CAD 0.04 per basic and diluted share a year ago. Net cash used in operating activities was CAD 1,253,281 compared to CAD 995,879 a year ago.

Medallion Resources Ltd. announced that, working with metallurgical consultants, it has produced preliminary processing technical plans, including flow sheets and initial capital and operating financial models, for a monazite-based rare-earth processing facility, which is expected to be constructed in the Middle East. The proposed facility, based on assumed annual rare-earth-oxide production of 10,000 tonnes per year, incorporates modules for monazite feedstock upgrading, total rare-earth extraction from monazite, and separation of individual light and heavy rare-earth oxides. Medallion's rare-earth production strategy is to exploit available supplies of monazite, a rare-earth phosphate mineral that is a by-product of heavy-mineral-sands mining operations and that has a proven, metallurgical extraction process. This model fits exceptionally well with the goals of potential Middle East joint-venture partners. Negotiations to locate and finance a major rare-earth production facility in the Middle East are moving forward steadily and positively. The Middle East offers first-class transportation and industrial infrastructure, low-cost power, and ready availability of necessary chemicals and skilled labour. These positive and practical attributes are supported by industry-friendly jurisdictions.

Medallion Resources Ltd., Annual General Meeting, Sep 26, 2012., at 14:00 Pacific Daylight. Location: Suite 1160 ­ 595 Howe Street. Agenda: To receive the audited consolidated financial statements of the Company for the fiscal year ended March 31, 2012, together with the report of the auditors thereon; to determine the number of directors at five; to elect directors; to appoint the auditors and to authorize the directors to fix their remuneration; to approve the company's amended stock option plan, as more particularly described in the accompanying Information Circular; and to transact such further or other business as may properly come before the meeting or any adjournment or adjournments thereof.