Mediterranean Resources Ltd (TSX -- MNR) is developing four projects located along the 12 kilometre Yusufeli Property in northeastern Turkey. Current NI 43-101 compliant resource estimates for the Tac and Corak projects, 8 km apart, total 1.58 million ounces gold Indicated and 0.29 million ounces Inferred. These estimates, completed in April 2009 by SRK Consulting are constrained within Whittle pit shells, providing a materially enhanced level of confidence in the economic potential of the Yusufeli Property. The new resource estimates demonstrate that both Corak and Tac are amenable to open-pit mining with a reasonable assumption of economic viability.
To date, less than 20% of the 100 square kilometre Yusufeli Property has received drill exploration, and several targets remain to be addressed. In December 2008 MNR announced initial drilling results from the Celtik project area, located at the eastern end of the Yusufeli Trend. Assays from three holes confirmed a significant new discovery at Celtik, with multiple intercepts from surface to 314 metres. An intercept of 18.4 metres assayed 6.51 g/t gold and 0.9% copper.
MNR acquired the Corak and Tac properties from Teck in 2005, and currently controls these core areas under a mining license. Acquisition of contiguous areas has been conducted by obtaining new exploration licenses. The properties are well serviced by roads, water and access to power, providing for highly cost-effective exploration. To date, exploration costs have averaged less than $8 per ounce. As well, Turkey's modernized mining code and permitting process provide attractive incentives to exploration ventures, including rebates on expenditures.
MNR's plans for 2009 include 6,000 metres of diamond core drilling to an average depth of 300 metres at Corak and Tac to upgrade and expand resources within the new pit shell modeling, and a drill program to follow up on the significant new discovery at Celtik.
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