January 22, 2013

Mediterranean Resources Announces Initiation Of New Ni 43-101 Resource Estimate

Vancouver, BC, Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("Mediterranean") is pleased to announce that it has awarded the task of preparing an updated NI 43-101 resource estimate to H & S Consultants Pty Ltd (H&SC) of Melbourne, Australia.

This task will be under the control of Robert Spiers, BSc Hons, DM Appl Geol /Geophy MAIG, a Qualified Person under National Instrument 43-101. Prior to joining H&SC, he worked for various mining companies throughout the world, and within Australia, on a variety of commodities ranging from, Au/Ag through to base metals for over fifteen years, these include, Plutonic Res – Darlot, Melita Mining – Kookynie, Mt Edon – Tarmoola, Aurora – Mt Muro, Placer Pacific – Granny Smith, SMD – Lero, BSCG – various clients and most recently, Rob worked as the Chief Mine Geologist with Kingsgate – Chatree Gold Mine in Thailand.

The last NI 43-101 resource estimate for Mediterranean was published in May 2009 with the open pit mineral resources utilising metal prices of US$900 per ounce gold, US$12 per ounce silver, US$1.00 per pound for both zinc and lead, and US$2.00 per pound for copper.

The calculations of new reserve estimates will incorporate updated metals prices and the drill results of the five Corak holes and five Tac holes undertaken in the winter of 2011-12.

On behalf of the Board of Directors,
“Christopher Ecclestone”
President and CEO

For further information please contact:
Christopher Ecclestone
President and CEO

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction.  The securities to be issued pursuant to the Offering by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any states of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

Certain information set out in this News Release constitutes forward-looking information, which may include information relating to exploration and development of the Company’s properties.  Forward-looking statements (often, but not always, identified by the use of words such as “expect”, “may”, “could”, “anticipate”, or “will”, and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties.  Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements.  Those factors include, but are not limited to risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses.  In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information.  In particular, there is no assurance that the private placement will close in the manner or on the terms outlined above; or that either the Preliminary Economic Assessment or the Environmental Impact Assessment will be prepared in a manner acceptable to the Company or any governmental regulatory authority.  Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct.  The forward-looking statements of the Company contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.