Mediterranean Resources Ltd.
TSX: MNR

LAST: 0.03

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200

Mediterranean Resources

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Mediterranean Resources Ltd. (TSX: MNR) (FRANKFURT: MHM1) is an exploration and mining company with activities in Turkey and Albania.

The company is developing four projects located along its 12-km Red Mountain (Kızıldağ) Project in Northeastern Turkey. The projects consist of the Tac (gold/copper) deposit, the Corak (gold/zinc/lead) deposit, the Celtik (gold) exploration target and the Cevreli (gold/polymetallic) exploration target. To date, less than 20% of the 100 square kilometre Red Mountain (Kizildag) Project has received drill exploration.

Tac and Corak were the subject of an NI 43-101 resource estimate prepared by SRK in 2009 and a Preliminary Economic Assessment (also by SRK) prepared in September 2011. Current NI 43-101 compliant Indicate Resource estimate for the Taç and Çorak projects (which are 4 km apart) totals 49.5 Mt ore grading 0.99 g/t Au, 0.12% Cu, 0.12 g/t Ag, 0.25% Pb, and 0.60% Zn to a total of 2.1 Moz Au Equivalent at 1.32 g/t AuEq and Inferred Resource estimate totals 11 Mt ore grading 0.83 g/t Au, 0.14% Cu, 1.42 g/t Ag, 0.20% Pb, and 0.48% Zn. The company is currently considering its options to bring these deposits into production through open-pit mining.

The company is evolving a business line in Antimony in and around the Mediterranean basin, with initial efforts focussed in Turkey and Spain.

In Albania the company is actively seeking prospects with Gold/Copper, Chromite and PGEs. The company will be targeting properties that require low exploration effort and with a fast track to production.

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