|  |  | 
|
 |   Tue Dec 12, 2006
Mediterranean Set To Acquire 100% Ownership Of Tac And Corak Upon Conclusion Of Option Agreement
|
| | Vancouver, B.C., December 12, 2006 - Mediterranean Resources Ltd. (TSX-V: MNR) (the "Company") is pleased to announce that it has fulfilled the expenditure requirements under the Property Option Agreement entered into with Teck Cominco Limited's Turkish subsidiary (TCAM) in September 2004 (as amended) to acquire an undivided 100% interest in the Tac and Corak mineral properties located in the Province of Artvin, Turkey.
The Company incurred the minimum required expenditures of US$2,000,000 as of November 30, 2006, which was well ahead of the September 30, 2007 deadline. In order to acquire a 100% interest in the properties, the Company has agreed to issue to Teck Cominco a total of 2,780,000 common shares as settlement for the final option payment and payment due pursuant to an October 2005 amendment to the Property Option Agreement. Teck Cominco will hold an aggregate 9% of the issued and outstanding Shares of the Company following such issuance.
The final share issuance is subject to the approval of the TSX Venture Exchange.
Peter Guest, Mediterranean President & CEO said, "We have achieved our goal of earning an undivided interest by completing an intensive 15,000 metre advanced exploration drill program at Tac in one year instead of two. This was accomplished under the operational management of Teck Cominco in Turkey. These efforts are enabling the Company to bring the property to a NI 43-101 compliant resource estimate in early 2007."
For further information please contact:
Peter J. Guest
President & CEO
604-669-3397
www.medresources.ca
Andreas Curkovic
The Equicom Group
416-815-0700 x262 or
1-800-385-5451 x262
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
| |
| You can return to the Top of this page
|
|
|
