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 |   Tue Sep 5, 2006
Mediterranean Announces New Discovery At Tac In Northeastern Turkey
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| | Vancouver, B.C., Sept. 5, 2006 - Mediterranean Resources Ltd. (TSX-V: MNR) (the "Company") today announced that a new zone of high grade mineralization has been intersected on Sezai Ridge at the Tac gold property held under option from Teck Cominco Limited's Turkish subsidiary (TCAM).
Significant gold intersections have been returned from a reverse circulation drill hole, T-63 drilled to a depth of 223 metres which is one of four holes in a drill fence drilled along the top of the ridge which had not been previously explored by TCAM. Two significant intervals (37 to 57 metres and 209 to 215 metres) were intersected with up to 40.6 g/t Au over 1 metre. These results confirm a new discovery along the 300 metre wide "gold corridor" and represent a 500 metre extension to the southwest of the one kilometre long mineralized zones at T-6 and Karsibayir.
Further significant gold intersections were returned from T-60 and T-61, drilled to depths of 142 and 259 metres respectively, which verify both the continuity and resource potential of the mineralization between the T-6 and Karsibayir zones. These drill holes were drilled along the southern boundary of the "gold corridor" and approximately 80 and 160 metres respectively from T-58 for which results were reported August 21, 2006.
Peter Guest, President & CEO of Mediterranean said, "Results from Tac continue to exceed our expectations and will be incorporated into a new resource calculation that will support a pre-feasibility study that we plan to initiate as soon as possible. With these continuing good results from our drilling campaign we are closer to our goal of putting a mine into production."
Please see the table below for detailed results and use the following http://www.medresources.ca/s/Maps.asp for a map of the Tac project area showing the mineralized gold zones and drill hole locations.
Hole No. Zone From To Interval Au
(m) (m) (m) (g/t)
==================================================
T-63 Sezai 37 57 20 0.65
Including 37 40 3 1.82
Including 38 39 1 4.43
Including 52 57 5 1.00
And 209 215 6 11.40
Including 209 210 1 19.65
Including 213 214 1 40.60
T-60 T-6 Valley 88 105 17 0.95
Including 88 97 9 1.32
Including 88 94 6 1.58
T-61 T-6 Valley 149 151 2 5.31
And 236 259 23 1.68
Including 236 242 6 0.73
Including 249 259 10 3.37
Including 251 254 3 7.46
Including 258 259 1 9.18
Approximately 8,800 metres of a 12,000 metre drill campaign have been completed. Seven diamond drill holes have been completed in the Karsibayir mineralized zone and three in the Ugur zone. Nine reverse circulation holes and one diamond drill hole have been completed in the T-6 mineralized zone together with nine reverse circulation holes to the southwest in the Sezai Ridge zone. Six diamond drill holes have been completed in the Kirmizitepe zone. All holes have been drilled to an average depth of 250 metres. Drilling is proceeding in the Ugur zone to the north of Karsibayir and at Kirmizitepe, which represents a 1.5 kilometre southwest extension of the mineralized "gold corridor" from the Sezai Ridge, T-6 and Karsibayir zones. Assay results for 15 of 35 drill holes have been reported to date.
A geologic model of the mineralized zones contained within the "gold corridor" will be developed and used for a NI 43-101 compliant resource estimate scheduled to be completed by mid-November, 2006. A preliminary assessment or "economic scoping study", based on the results of the resource estimate and metallurgical testing with input from an ongoing environmental baseline study, will be initiated at the end of 2006.
Dr. Peter Guest is the qualified person who has reviewed the data in this news release.
About Mediterranean Resources
Mediterranean Resources is focused on an emerging mineral region of Turkey, where it is developing two advanced exploration stage gold properties, Tac and Corak, which are held under option from Teck Cominco Limited's Turkish subsidiary (TCAM). The Company suggests that the resource potential which predates and is noncompliant with NI 43-101, surmised from historical exploration drilling and soil sampling completed by TCAM in the early 1990s in the T-6 mineralized zone, is 5 million tonnes grading 3 to 4 g/t gold at Tac and 1.8 million tonnes averaging 10 g/t gold at Corak. For a complete description of the Company's option to acquire the Tac and Corak properties, historical work done on the properties, and risks applicable to the Company and its operations in Turkey, please refer to the Company's filing statement dated February 24, 2006 and the technical reports on the properties dated November 20, 2005, all as filed on SEDAR.
Estimates of gold resources are historical in nature, predate and are noncompliant with NI 43-101. Mediterranean is not treating the historical estimates as current mineral resources or reserves. Mediterranean has not undertaken any independent investigation of the resource estimates nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and therefore the historical estimates should not be relied upon. However, Mediterranean believes that these historical estimates provide a conceptual indication of the potential of the occurrences and are relevant to ongoing exploration.
For further information please contact:
Peter J. Guest
President & CEO
604-669-3397
www.medresources.ca
Andreas Curkovic
The Equicom Group
416-815-0700 x262 or
1-800-385-5451 x262
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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