January 23, 2013

Mediterranean Resources Announces Appointment Of Turkish IPO Advisor

Vancouver, BC, Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) (“Mediterranean” or the “Company”) is pleased to announce that it has appointed Mehmet Urcu of Istnvest as advisor to the company on the planned IPO of Akdeniz Resources Madencilik A.S. (Akdeniz). It is envisioned that an IPO shall occur on the Istanbul Stock Exchange, with Akdeniz issuing new shares of its subsidiary to local and international investor’s equivalent to 15% of the expanded capital. The sole assets of Akdeniz at this time are the Taç and Çorak deposits located in northeastern Turkey, which represent sizeable gold/polymetallic resources.

If successful, the IPO will make Akdeniz the second listed mining stock on the Istanbul Stock Exchange after the substantial gold mining group, Koza. 

Istnvest is an investment bank in Istanbul, headed by Mehmet Urcu, where he is a Founder and a Managing Partner. Prior to forming Istnvest, he was the Co-Founder and the Managing Partner of Danista Capital Partners based in Istanbul. Prior to that, he had run YF Securities as Executive Vice President and Orion Investment, a Dubai based investment firm, as CEO. Prior to this, he served in a variety of positions during his five-year tenure at TSKB, a leading investment bank in Turkey. He started his financial career at Prudential Investments, part of Prudential Financial. He then worked as an Executive Country Director in USAID/IESC Business Development and JVs program. A selected transaction history is listed below:

IPO:  Denizbank, AFM Sinemaları, Favori Dinlenme Tesisleri, Başkent Y.O (Lead Manager) and more than 50 Initial Public Offerings as a consortium member.

SPO: Lead Manager in TSKB, İş Finansal Kiralama, Ege Seramik, Marmaris Martı placements (Private Placement to major international equity funds and pension funds).

M&A: Alarko/Carrier, Arbel Makarna/Saskcan Pulse (Canada), Borkim/Almana Group.

Privatizations: Başkent Doğalgaz Dağıtım A.Ş (Buy-side Advisor), Derince Port (Advised for the purpose of securing the acquisition finance).

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.