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 |   Wed Mar 18, 2009
Mediterranean Announces Major Shareholder
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| | Vancouver, BC, March 18, 2009 - Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1) in conjunction with Grafton Resource Investments Limited ("Grafton") of Grand Cayman, Cayman Islands, announces that Grafton has acquired an aggregate of 13,157,900 common shares of Mediterranean, representing 15.09% of Mediterranean's 87,219,248 outstanding shares. The common shares were acquired through a series of private transactions, for investment purposes only. No other persons currently act jointly or in concert with Grafton. Grafton may acquire additional shares of Mediterranean, or may dispose of some or all of its present shares, in the future.
This portion of the press release is being issued pursuant to Section 5.1 of Multilateral Instrument 62-104, and section 3.1 of National Instrument 62-103. Grafton has filed a report in the form required by MI 62-104 and NI 62-103; a copy of which may be obtained from Mediterranean (contact Doug Hickey at 604-629-4807).
Update on Cengiz
Further to Mediterranean's news release of December 3, 2009, Mediterranean reports that the previously announced letter of intent with Cengiz Holding Inc. has lapsed without any formal joint venture being finalized. Mediterranean is in negotiations with other mining companies (some Turkish based) for the future joint venture of Mediterranean's gold properties in Turkey.
About Mediterranean Resources
Mediterranean acquired an undivided interest in the Tac and Corak properties from a major mining company in 2006. Approximately $14.5 million in cumulative expenditures have been made to date, resulting in over 2 million ounces (gold equivalent) combined resource estimates. Additionally, the Cevreli and Celtik properties were acquired directly by MNR. Mediterranean is well financed for continued exploration, with a working capital of approximately $4,226,000 reported for December 31, 2008.
For further information please contact:
Dr. Peter J. Guest
President & CEO
604-669-3397
Mr. Douglas Hickey
Manager, Investor Relations
604-629-4807
www.medresources.ca |
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