March 31, 2011

Mediterranean Management Update

Vancouver, B.C., Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("Mediterranean") wishes to provide an update on its activities.

As previously announced, the EGM called by concerned shareholders has been cancelled in recognition of changes made to the Company's Board and management structure. Since the 15th of March the Board has instituted an interim management team and set to put the Company's house in order and address the shortcomings highlighted by the shareholders as well as long-held concerns in the marketplace. To this end the new team has moved swiftly to:

  1. Reduce costs and improve operational efficiency
  2. Determine the final timetable for the receipt of its long-awaited PEA on the Tac/Corak mine project in North-Eastern Turkey
  3. Initiate activities relating to the environmental permitting on the project as soon as the PEA is received.
  4. Re-establish the Compensation Committee
  5. Re-activate the long-paused drilling efforts on the Celtik deposit, which the Company believes has the potential to enhance the Company's resource base.

The Company's Acting Chairman, Dr. John A. Clarke, is currently visiting Turkey, meeting with local staff and contractors, and gathering information that will assist in fast-tracking further development.

Signed on behalf of the Board of Directors.

For further information please contact:

Christopher Ecclestone
Interim Chief Executive Officer

The TSX does not accept responsibility for the adequacy or accuracy of this release