Mediterranean Resources updates on finance closing and Annual General Meeting date
VANCOUVER, April 21, 2014 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR) (Frankfurt: MHM1) ("MNR" or the "Company") wishes to advise that a previous announcement dated March 18, 2014, regarding its finance closing date of March 21, 2014, is postponed to April 25, 2014. The Private Placement discussions with the Swiss & Turkish investors and the Waratah investors and the company's former chairman, John Clarke are still ongoing.
The Company also wishes to advise that a previously issued news release dated January 8, 2014 acknowledging it had received a requisition from two shareholders, Waratah Investments Limited and Waratah Capital Ltd., for a general meeting of shareholders, which the Company had determined will be held on May 7, 2014, is no longer in effect. The Company Annual General Meeting will be held June 30, 2014.
About Mediterranean Resources
The company is developing two mine projects located at its 100%-owned Red Mountain (Kızıldağ) Project in Northeastern Turkey. The projects consist of the Tac (gold/copper) deposit and the Corak (gold/zinc/lead) deposit.
Tac and Corak were the subject of an NI 43-101 resource statement prepared by SRK in 2009 and a Preliminary Assessment (also by SRK) prepared in September 2011. Current NI 43-101 compliant resource estimates for the Taç and Çorak projects total 1.58 million ounces gold Indicated and 0.29 million ounces Inferred, as well as an Indicated resource of 64 million lbs of copper, 141 million lbs of Lead and 340 million lbs of Zinc. The company plans on advancing these deposits into production through open-pit mining.
Signed on behalf of the Board of Directors.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This Mediterranean Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Mediterranean which are based on the beliefs of Mediterranean management, as well as assumptions made by and information currently available to Mediterranean management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.
SOURCE Mediterranean Resources Ltd.For further information: Christopher Ecclestone, Chairman of the Board, 604-669-3397, www.medresources.ca