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 |   Mon May 12, 2008
Mediterranean Continues Services Agreement with Dama Engineering in the Implementation of Exploration Programs in Turkey
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| | Vancouver, B.C., May 12, 2008 - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) (the "Company") is pleased to report it has extended its Services Agreement with DAMA Muhendislik A.S. ("DAMA"), a Turkish engineering firm, under which the Company will continue with its exploration programs for 2008 on its Tac and Corak gold properties located in the province of Artvin, Turkey.
While the Company will be the operator and manager of the exploration programs, DAMA will provide certain contract services including the utilization of DAMA's Turkish based technical team to implement the exploration programs and assist in the area of community relations.
"This agreement enables the Company to access DAMA's invaluable Turkish expertise and experience to assist with the development of its Tac and Corak gold properties", said Dr. Peter J. Guest, President and CEO of Mediterranean.
About Mediterranean Resources
Mediterranean Resources Ltd. (the "Company") acquires and develops advanced stage mineral properties of demonstrated potential. Currently the Company is actively working on its two 100% owned properties in Turkey, Tac and Corak, that lie along a common mineralized trend with Corak approximately 8 kilometres to the southwest of Tac. These properties experienced more than US$4 million of exploration by a major international mining company during the early 1990's, US$3.1 million of exploration by the Company in 2006 which led to the Company acquiring them with an undivided interest and US$5.2 million of exploration in 2007. The Company also initiated ground exploration programs at Cevreli, approximately two kilometres to the southwest of Tac and at Celtik; approximately two kilometres to the northeast of Tac on the south side of the Coruh River. Both areas are located along the common mineralized trend linking Tac and Corak. The purpose is to identify drill targets and open up two additional areas of exploration along the 11 kilometre trend in 2008.
During 2008, the Company outlined at the Tac Property an updated NI 43-101 compliant indicated resource of 1,055,954 ozs of gold on a gold equivalent basis at an average gold grade of 1.61 g/t using a threshold value of $13/tonne contained metal value. An inferred resource was also outlined of 123,965 ozs of gold on a gold equivalent basis at an average grade of 1.71 g/t and $13/tonne contained metal value.
The Company also outlined at the Corak property in March, 2008 a NI 43-101 compliant indicated resource of 542,163 ozs of gold on a gold equivalent basis at an average grade of 1.74 g/t and $13/tonne contained metal value. An inferred resource was also outlined of 606,925 ozs of gold on a gold equivalent basis at an average grade of 1.6 g/t and $13/tonne contained metal value.
For further information please contact:
Peter J. Guest
President & CEO
604-669-3397
www.medresources.ca
OR
Jag S. Sandhu
Manager, Investor Relations
604-306-1950
The TSX does not accept responsibility for the adequacy or accuracy of this release. |
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