May 23, 2014

Mediterranean Resources Ltd. Board of Directors and Management Replaced by Overwhelming Majority and Changes Made to Officers, Audit Committee, Head Office and Registered and Records Office

Vancouver, B.C., Mediterranean Resources Ltd. (TSX:MNR) ("Mediterranean" or the "Company") is pleased to announce that its general meeting (the "Meeting") which was requisitioned by Waratah Capital Ltd. and Waratah Investments Limited (collectively, the "Requisitioners") was held today. The Meeting was requisitioned by the Requisitioners on January 7, 2014. The Meeting was successful in its intention to replace the Company's board of directors and management with those persons nominated by the Requisitioners.

In the motions put forth at the Meeting to remove Christopher Ecclestone, David Taylor, Peter Lukesch, Mike Hirschberger and all other directors of the Company, including Yilmaz Manisali, and to approve the election of Robert Abenante, Cedric Wilson, Anthony Pickett and Robert Ironside as directors of the Company, a total of 73,379,863 shares were voted, of which over 99% voted in favor of the motions and less than 1% withheld. The result of the vote confirms that an overwhelming majority of shareholders agree with the Requisitioners' concerns regarding the previous directors and officers of the Company.

Immediately following the Meeting, the Company's new board of directors held a directors' meeting to remove David Taylor and Yilmaz Manisali as officers of the Company, and to replace them with Robert Abenante as Chairman, President, and Chief Executive Officer. The directors also appointed Robert Ironside, Cedric Wilson, and Anthony Pickett as independent members of the audit committee. In addition, the new directors of the Company approved changes to the Company's signing authorities with its banks, to the Company's registered and records office and to the Company's head office. The Company's new registered and records office is located at 800 - 885 West Georgia Street, Vancouver, British Columbia V6C 3H1 and the Company's new head office is located at 500 - 666 Burrard Street, Vancouver, BC V6C 3P6.

The Company hereby formally terminates all currently outstanding offers of financings.

Mediterranean is now focused on urgently completing its audit and filing its financial statements, MD&A;, and Annual Information Form in order to revoke the Cease Trade Orders ("CTO's") issued by the applicable securities commissions. The Company has now formally appealed the TSX delisting order which was announced on May 20, 2014 and is scheduled to become effective on June 16, 2014.

In addition to bringing the Company back to good standing, Mediterranean is also focused on restoring good relations with its Turkish partners and wishes to continue the development of its primary assets in Turkey. Once the CTO's have been revoked, the Company intends to raise the required capital to fund operations and continue development of the primary Turkish assets.

The Company expects to report several material changes and developments in the coming weeks.

The Company thanks all of its shareholders for their continued support during this transitional time.

On behalf of the Board of Directors,

Robert Abenante

Robert Abenante
Chairman, President, & CEO

[email protected]
(604) 669-3397

About Mediterranean Resources Ltd.

Mediterranean Resources Ltd. is an exploration and mining company with activities in Turkey and Albania. The Company is listed on the Toronto Stock Exchange, the Frankfurt Stock Exchange, and the OTC under the following stock symbols: TSX: MNR, FSE: MHM1, OTC: MNRUF.

Disclaimer for Forward Looking Information

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this news release includes, but is not limited to, statements regarding expectations of the Company regarding: (i) the positive impact of changes to the Company, (ii) the preparation, filing and timing thereof for the Company's financial statements, MD&A;, Annual Information Form and related filings, (iii) the revocation of the cease trade orders imposed against the Company by the British Columbia Securities Commission, Ontario Securities Commission and Manitoba Securities Commission, (iv) the Company's appeal of the order made by the Toronto Stock Exchange with respect to the Company's de-listing; (v) relations with the Company's Turkish partners and the Turkish assets, (vi) development of the Company's assets, (vii) financing of the Company's activities, and (viii) other material changes and developments to occur in the coming weeks. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that: (1) the results of the recent and proposed changes may not be positive, (2) the Company's late filings may not be prepared and filed in the foreseeable future, (3) that the cease trade orders remain in effect, (4) the Company may be de-listing from the Toronto Stock Exchange despite its appeal, (5) relations with the Company's Turkish partners may not be restored, (6) the Company may not be able to develop its assets as expected or at all, (7) the Company may not be able to finance its activities, (8) there may not be any further material changes with respect to the Company in the coming weeks, and (9) such other risks as are beyond the control of the Company. Except as required by law, the Company does not intend to update these forward-looking statements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.