Fri Dec 8, 2006 Mediterranean Announces Private Placement To Raise Up To Cdn$3,000,000
Vancouver, B.C., December 8, 2006 - Mediterranean Resources Ltd. (TSX-V: MNR) (the "Company") today announces that it intends to undertake a private placement of up to 10,000,000 units at a price of $0.30 per unit; each unit to be comprised of one share and one half warrant, each whole warrant entitling the holder to subscribe for one additional common share of the Company at a price of $0.38 per share for a period of two years from the date of issuance.
The financing will be led by Loeb Aron & Company Ltd. of London with whom the Company has signed an agency agreement.
The net proceeds received by the Company from the sale of these units will be used for continued mineral exploration on the Tac and Corak gold properties located in Turkey and both preparation of a NI 43-101 compliant resource estimate and a preliminary assessment in early 2007 and for general working capital purposes.
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.
