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 |   Thu May 8, 2008
Mediterranean Commences 2008 Drilling Campaign In Turkey
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| | Vancouver, B.C., May 8, 2008 - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) (the "Company") is pleased to announce that drilling has begun on its Tac and Corak gold properties in northeastern Turkey.
The Company's focus will be the continued exploration and development of Tac and Corak through a significant 15,000 metre drill campaign planned this year. This campaign will also include conducting an IP 16 line kilometre survey for chargeability and resistivity at Celtik and drilling targets identified by ground exploration programs performed in 2007. Celtik, a third exploration property, held under an exploration license and located on the south side of the Coruh River, is approximately 2 kilometres to the northeast of Tac. The drilling campaign will lead to an expansion of the NI 43-101 gold and base metals resource estimates announced for Tac and Corak on March 11, 2008 by September, 2008
An 8,000 metre drill program at Corak is designed to significantly expand the known zones of mineralization by conducting drilling to the northeast where the greatest concentration of high-grade mineralization has been encountered to date. Drilling will also be conducted to the southwest and north of the mineralized area identified in 2007 which was the subject of the resource estimate calculated in March, 2008. Two diamond drill rigs have been mobilized to site. Concurrently, an IP 10 line kilometre chargeability and resistivity survey to a depth of 350 metres is being conducted to assist with identifying drill targets. (Please refer to http://www.medresources.ca/s/Maps.asp for a map of the Corak project area showing the mineralized zones and drill hole locations from 2007 and the location for an initial 18 drill holes to an average depth of 250 metres planned for 2008.)
A 5,000 metre drill program at Tac is planned to provide limited infilling to permit additional confidence with the interpretation of the extent and limits of the resource area identified in the resource estimate announced March, 2008. Additionally, exploration drilling will be conducted to the southwest of Sezai Creek and towards Kirmezitepe where drilling in 2006 resulted in strongly anomalous gold assays up to 0.9 g/t gold. The purpose of this will be to expand on the mineralization found in the existing resource by extending the 800 metre long mineralized zone located along the gold corridor to the southwest. (Please refer to http://www.medresources.ca/s/Maps.asp for a map of the Tac project area showing the mineralized zones and drill hole locations from 2007 and the location for an initial 12 drill holes to an average depth of 250 metres planned for 2008.)
The core from diamond drill holes will be split, with one-half securely stored and the other half processed and airlifted to the ALS Chemex Laboratory in Vancouver, B.C. for analysis. Assay results are expected to be received up to eight weeks from the time the hole is drilled and logged.
About Mediterranean Resources
Mediterranean Resources Ltd. (the "Company") acquires and develops advanced stage mineral properties of demonstrated potential. Currently the Company is actively working on its two 100% owned properties in Turkey, Tac and Corak, that lie along a common mineralized trend with Corak approximately 8 kilometres to the southwest of Tac. These properties experienced more than US$4 million of exploration
by a major international mining company during the early 1990's, US$3.1 million of exploration by the Company in 2006 which led to the Company acquiring them with an undivided interest and US$5.2 million of exploration in 2007. The Company also initiated ground exploration programs at Cevreli, approximately two kilometres to the southwest of Tac and at Celtik; approximately two kilometres to the northeast of Tac on the south side of the Coruh River. Both areas are located along the common mineralized trend linking Tac and Corak. The purpose is to identify drill targets and open up two additional areas of exploration along the 11 kilometre trend in 2008.
During 2008, the Company outlined at the Tac Property an updated NI 43-101 compliant indicated resource of 1,055,954 ozs of gold on a gold equivalent basis at an average gold grade of 1.61 g/t using a threshold value of $13/tonne contained metal value. An inferred resource was also outlined of 123,965 ozs of gold on a gold equivalent basis at an average grade of 1.71 g/t and $13/tonne contained metal value.
The Company also outlined at the Corak property in March, 2008 a NI 43-101 compliant indicated resource of 542,163 ozs of gold on a gold equivalent basis at an average grade of 1.74 g/t and $13/tonne contained metal value. An inferred resource was also outlined of 606,925 ozs of gold on a gold equivalent basis at an average grade of 1.6 g/t and $13/tonne contained metal value.
The Company has $8.1 million in cash and no debt.
For further information please contact:
Peter J. Guest
President & CEO
604-669-3397
Jag S. Sandhu
Manager, Investor Relations
604-306-1950
www.medresources.ca
The TSX does not accept responsibility for the adequacy or accuracy of this release. |
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