|  |  | 
|
 |   Thu Jan 4, 2007
Mediterranean Acquires 100% Ownership Of Tac And Corak
|
| | Vancouver, B.C., January 4, 2007 - Mediterranean Resources Ltd. (TSX-V: MNR) (the "Company") is pleased to announce that it has received the approval of the TSX Venture Exchange to issue to Teck Cominco Limited ("Teck Cominco") a total of 2,780,000 common shares as the last payment to acquire an undivided 100% interest in the Tac and Corak mineral properties located in the Province of Artvin, Turkey. This share issuance fulfills the Company's final obligation pursuant to a Property Option Agreement entered into with Teck Cominco's Turkish subsidiary (TCAM) in September 2004 (as amended).
As a consequence of issuing these shares, Teck Cominco will hold an aggregate 9% of the issued and outstanding Shares of the Company.
As announced on December 12, 2006 the Company incurred the minimum required expenditures of US$2,000,000 on the properties as of November 30, 2006, which was well ahead of the September 30, 2007 deadline.
Peter Guest, Mediterranean President & CEO said, "We have achieved our goal of acquiring an undivided interest in these valuable properties and now look forward to bringing the Tac gold property to a NI 43-101 compliant resource estimate in early 2007."
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. |
| |
| You can return to the Top of this page
|
|
|
