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 |   Tue Apr 4, 2006
Mediterranean Announces Services Agreement with Teck Cominco to Implement and Manage Exploration Program in Turkey Beginning in April
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| | Vancouver, B.C., April 4, 2006 - Mediterranean Resources Ltd. (TSX-V: MNR) (the "Company") today reported that it has entered into a Services Agreement with a Turkish subsidiary of Teck Cominco Limited, Teck Cominco Arama Ve Madencilik Sanayi Ticaret A.S. ("Teck Cominco") under which the Company will commence a comprehensive exploration program in April 2006 on its Tac and Corak gold properties located in the province of Artvin, Turkey.
The Company's focus will be the continued exploration and development of Tac and Corak, which are held under option from Teck Cominco. While the Company will be the operator of the exploration programs, it has engaged Teck Cominco under the Services Agreement to provide certain contract services whereby Teck Cominco's Turkish based technical team will be utilized to implement and manage the exploration programs. Initially, target definitions will be completed on both properties followed thereafter by approximately 10,000 meters of both reverse circulation and diamond drilling which is scheduled to be completed by October 2006.
"This agreement is not only an important milestone in the development of Tac and Corak", said Dr. Peter J. Guest, President and CEO of Mediterranean, "it also secures for Mediterranean access to the invaluable expertise and experience that Teck Cominco offers in Turkey".
About Mediterranean Resources
Mediterranean Resources is focused on the emerging mineral region of Turkey, where it is developing two advanced exploration stage gold properties in the northeast, Tac and Corak, that are held under option from a Turkish subsidiary of Teck Cominco Limited. As reported in our news release of November 8, 2005, the Company suggests that the geological potentials, surmised from historical exploration drill and soil sampling results completed in the early 1990's, are 5 million tonnes grading 3 to 4 g/t gold at Tac and 1.8 million tonnes averaging 10 g/t gold at Corak. The historical data is considered relevant and reliable; however the Company has planned an exploration/drilling programme for 2006 and 2007 that intends to verify the historical resource and to significantly expand the known mineralization. Geological models of the resource areas will be developed and used for a NI 43-101 compliant resource estimate to be completed by the end of 2006. For a complete description of the Company's option to acquire the Tac and Corak properties, historical work done on the properties, and risks applicable to the Company and its operations in Turkey, please refer to the Company's filing statement dated February 24, 2006 and the technical reports on the properties dated November 20, 2005, all as filed on SEDAR.
ON BEHALF OF THE BOARD
"Peter J. Guest"
CEO and President
604 - 669-3397
www.medresources.ca
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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