VANCOUVER, Sept. 20, 2012 /CNW/ - Mediterranean Resources Ltd. (TSX:
MNR; Frankfurt: MHM1) - ("MNR" or the "Company") wishes to announce
that it has signed an MOU with Remzi Gur, the principal of an important
Turkish industrial enterprise, the Ramsey Group (Gurmen), to
incorporate this group as a strategic partner in the Company's main
subsidiary in Turkey, Akdeniz Resources Madencilik. This subsidiary
holds the Company's licenses on the north side of the Coruh River which
include the Company's Tac and Corak deposits (also known as the
Kizildag project), which have been the subject of past resource
statements and a preliminary economic assessment in September 2011.
As part of MNR's plan to make the Kizildag project self-funding and to
also "Turkify" the project, the Company will be incorporating an as yet
unspecified company in the Ramsey Group as a 20% shareholder in
Akdeniz, and a further 5% stake will be in the hands of another Turkish
strategic partnership. Thereafter, MNR intends to float 15% of Akdeniz
to the investing public in Turkey via an IPO on the "venture exchange"
(the GIP) or the Secondary National Market of the Istanbul Stock
Exchange in coming months in one or more tranches. To this end the
Company has initiated talks with various Turkish investment banks with
a view to appointing a Lead Manager for the transaction.
The consideration for the Ramsey entity's subscription to new shares in
Akdeniz will be calculated in relation to the balance sheet of Akdeniz,
adjusted for MNR converting 11 million Turkish Lira (out of loans of
TL14mn) in debt owed to it by the subsidiary, Akdeniz, into equity.
As part of this transaction, the Ramsey Group interests and their
associates will also have the option to acquire 49% of Celtik
Madencilik, MNR's other Turkish subsidiary. Celtik Madencilik holds the
two licenses on the south side of the Coruh River which encompass the
Celtik deposit on which two drilling campaigns have been conducted but
on which no resource has been calculated as yet.
About Mediterranean Resources Ltd.
Mediterranean acquired an undivided interest in the Tac and Corak
properties from Teck Cominco in 2006. Approximately $18 million in
cumulative expenditures have been made to date. The Cevreli and Celtik
properties were acquired directly by MNR. Mediterranean is well
financed for continued exploration.
Neither Toronto Stock Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Toronto Stock Exchange)
accepts responsibility for the adequacy or accuracy of this News
Certain information set out in this News Release constitutes
forward-looking information, which may include information relating to
the exploration and development of the Company's properties.
Forward-looking statements (often, but not always, identified by the
use of words such as "expect", "may", "could", "anticipate" or "will"
and similar expressions) may describe expectations, opinions or
guidance that are not statements of fact and which may be based upon
information provided by third parties. Forward-looking statements are
based upon the opinions, expectations and estimates of management of
the Company as at the date the statements are made and are subject to a
variety of known and unknown risks and uncertainties and other factors
that could cause actual events or outcomes to differ materially from
those anticipated or implied by such forward-looking statements. Those
factors include, but are not limited to risks, uncertainties and other
factors that are beyond the control of the Company, risks associated
with the industry in general, commodity prices and exchange rate
changes, operational risks associated with exploration, development and
production operations, delays or changes in plans, risks associated
with the uncertainty of reserve estimates, health and safety risks and
the uncertainty of estimates and projections of production, costs and
expenses. In light of the risks and uncertainties associated with
forward-looking statements, readers are cautioned not to place undue
reliance upon forward-looking information. Although the Company
believes that the expectations reflected in the forward-looking
statements set out in this press release or incorporated herein by
reference are reasonable, it can give no assurance that such
expectations will prove to have been correct. The forward-looking
statements of the Company contained in this News Release, or
incorporated herein by reference, are expressly qualified, in their
entirety, by this cautionary statement. The Company does not undertake
any obligation to update any forward-looking statements or information
to reflect information, events, results, circumstances, realities or
otherwise after the date on which such statement is made or to reflect
the occurrence of unanticipated events, except as required by law.
SOURCE: Mediterranean Resources Ltd.
For further information:
President and CEO