VANCOUVER, May 6, 2014 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("MNR" or the "Company") wishes to update changes to its Board of Directors and Officers.
The Company would like to announce the resignations of Victoria Kuklina, CFO, Peter Lukesh, Director, and Christopher Ecclestone, Chairman and Director. The Company wishes to thank Ms. Kuklina, Mr. Lukesh and Mr. Ecclestone for their contributions to the Company.
The Company is pleased to announce the appointment of Yilmaz Manisali as Director and COO.
Mr. Manisali is a native of Istanbul, Turkey. He holds a Bachelors Degree in Industrial and Systems Engineering from Virginia Tech, USA and a Master's Degrees in Economics and Finance from Bogazici University of Istanbul, Turkey. Over the past decade, Mr. Manisali held various investment banking positions at Istanbul-based international banks including Unicredit and Standard Bank. As of 2013, Mr. Manisali joined Manisali family-owned MANEKS Dis Ticaret as the Director of Business Development. MANEKS Dis Ticaret, established in 1985, is the distributor in Turkey for iron and steel products of Severstal, ThyssenKrupp and Salzgitter. MANEKS has been involved in resource projects over the past 2 years with investments in iron ore production and chrome ore trading.
The Company also announces it has restructured its Executive Committee. Yilmaz Manisali shall replace Victoria Kuklina on the Executive Committee. He joins Dr Mike Hirschberger, Leading Director, and David Taylor, Interim CEO, on the existing committee, which is now tasked with a search for a new CFO, and managing CFO functions in the interim.
The Company would also like to announce that David Taylor has been appointed Interim CEO, following the recent vacancy created by the departure of Christopher Ecclestone.
The Company expects the new management changes will add depth and experience to the local project for MNR's flagship gold projects in Turkey. These new additions were also made to support MNR efforts to be reinstated as a TSX-compliant company in good standing. The Company looks forward to unlocking shareholder value.
There has been no change to any other material information concerning the affairs of the reporting issuer that has not been generally disclosed.
Additional Company information is also obtainable on the Company's web site: www.medresources.ca
Signed on behalf of the Board of Directors.
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: David Taylor, Interim CEO, 778-318-8186, www.medresources.ca