High grade results continue to extend gold & base metal mineralization at the Corak property



    VANCOUVER, Oct. 30 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR,
Frankfurt: MHM1) announces results from four infill diamond core holes drilled
at the Corak property confirming the continuity of very high grade
near-surface gold and base metal values. MNR owns 100% of the Corak and Tac
advanced exploration properties together with six other properties situated
along a contiguous 12 kilometre mineralized trend in northeastern Turkey.
Drilling of two new areas, Celtik and West Corak, is now under way.

    
    Highlights
    -   Gold values up to 71.4 g/t; one interval of 5.15 g/t over
        22.2 metres.
    -   Multiple intercepts in each hole reported, from 12 to 126 metres
        depth.
    -   Four high grade intercepts from drill hole CD-191 and three from
        drill hole CD-193.
    -   Associated silver, lead and zinc values up to 203 g/t silver, 7.89 %
        lead, 14.95 % zinc.
    -   An updated Corak resource estimate incorporating current results is
        expected by year end.
    

    Current Corak Drilling Program

    Approximately 7,000 metres of the 8,000 metre 2008 Corak drill campaign
have been completed to date. Four infill drill holes are reported in this
release: CD-191, 193 and 194 drilled in the Village Zone and CD-196, drilled
in the South Zone, confirming the presence of high grade gold and base metal
mineralization along the 700 metre corridor comprising both mineralized zones.
The attached map (or link to www.medresources.ca/s/Maps.asp ) correlates the
mineralized zones with the new drill holes.
    A resource of over 1 million ounces (indicated and inferred gold
equivalent) has already been established at Corak in an NI 43-101 compliant
report released earlier this year. Current drilling will provide an updated
resource estimate, expected by year end.

    Results are tabled below. True widths of the high grade veins reported
are indeterminable at this stage. Depths of the reported holes range from 130
to 230 metres.

    
    -------------------------------------------------------------------------
              From     To   Interval    Au      Ag      Cu      Pb      Zn
    CD-191    (m)     (m)      (m)    (g/t)   (g/t)    (%)     (%)     (%)
    -------------------------------------------------------------------------
               27.2    28.2      1.0   36.90   21.40    0.06    0.52    1.28
    -------------------------------------------------------------------------
    and        36.3    37.3      1.0   53.70   23.30    0.30    4.05    5.18
    -------------------------------------------------------------------------
    and        59.2    60.2      1.0   37.60  203.00    0.12    1.90    1.12
    -------------------------------------------------------------------------
    and        72.1    73.1      1.0    8.70   33.80    0.09    5.53   14.95
    -------------------------------------------------------------------------
    inc        92.5    93.8      1.3    0.93   14.20    0.21    2.27    9.57
    -------------------------------------------------------------------------
    and       121.0   122.0      1.0    0.14    5.80    0.06    1.22    6.09
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
              From     To   Interval    Au      Ag      Cu      Pb      Zn
    CD-193    (m)     (m)      (m)    (g/t)   (g/t)    (%)     (%)     (%)
    -------------------------------------------------------------------------
               26.9    28.0      1.1   56.50   36.50    0.05    1.56    1.60
    -------------------------------------------------------------------------
    and        49.5    51.2      1.7    6.22   19.50    1.06    1.02    2.54
    -------------------------------------------------------------------------
    and       125.0   126.0      1.0   12.90    5.30    0.04    0.44    1.66
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
              From     To   Interval    Au      Ag      Cu      Pb      Zn
    CD-194    (m)     (m)      (m)    (g/t)   (g/t)    (%)     (%)     (%)
    -------------------------------------------------------------------------
               21.1    22.1      1.0    1.45   22.40    0.32    7.89    8.59
    -------------------------------------------------------------------------
    and        27.0    28.0      1.0    4.17   10.40    0.63    2.15    8.94
    -------------------------------------------------------------------------
    and        29.0    30.0      1.0    0.15   10.90    0.09    1.72    6.97
    -------------------------------------------------------------------------
    and        35.9    36.9      1.0    0.15   20.70    0.14    1.86    9.34
    -------------------------------------------------------------------------
    and        44.1    48.4      4.3    1.99   11.88    0.04    1.77    1.29
    -------------------------------------------------------------------------
    and        69.1    81.8     12.7    1.12    3.03    0.03    0.32    0.68
    -------------------------------------------------------------------------
    inc        77.7    79.8      2.1    2.24    7.88    0.14    1.50    3.22
    -------------------------------------------------------------------------
    and       113.0   114.0      1.0    0.29    6.80    0.05    1.27    4.59
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
              From     To   Interval    Au      Ag      Cu      Pb      Zn
    CD-196    (m)     (m)      (m)    (g/t)   (g/t)    (%)     (%)     (%)
    -------------------------------------------------------------------------
               12.0    13.2      1.2    2.05   39.20    1.43    6.23   11.50
    -------------------------------------------------------------------------
    and        21.7    25.8      4.1    1.41   12.98    0.61    1.66    3.69
    -------------------------------------------------------------------------
    and        72.2    94.4     22.2    5.15    2.08    0.02    0.09    0.17
    -------------------------------------------------------------------------
    inc        72.2    73.2      1.0    9.79    1.00    0.01    0.12    0.06
    -------------------------------------------------------------------------
    inc        83.9    85.0      1.1   71.40   19.00    0.04    0.14    0.58
    -------------------------------------------------------------------------
    and       117.0   118.0      1.0    0.24    1.00    0.04    0.20    3.37
    -------------------------------------------------------------------------
    

    Qualified Person and QA/QC

    Dr. Peter Guest is the qualified person who has reviewed the data in this
news release. The ALS Chemex Vancouver laboratory used standard fire assay and
atomic absorption methods in performing all gold and multi-element analyses.

    Project Overview

    NI 43-101 compliant resource estimates (over 2 million ounces in total,
Au equivalent, indicated and inferred) have been established at the Tac and
Corak properties; drilling has begun on the Celtik property and also on the
West Corak property on targets identified by ground exploration programs
including soil geochemistry and IP geophysical surveys. Ground exploration to
develop drilling targets is ongoing at the Cevreli property. Additional
exploration licenses have been obtained which allow an uninterrupted property
holding along a 12 kilometre mineralized trend.

    
    Corak Resource Estimate - 1.15 Million Ounces Gold Equivalent, Indicated
    and Inferred
    

    In 2007 MNR drilled approximately 17,500 metres at Corak over a
mineralized area including the Village and South Zones. A NI 43-101 compliant
resource estimate (March 11, 2008) outlined 542,163 ozs of gold, indicated, on
a gold equivalent basis at an average grade of 1.74 g/t using a threshold
value of $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.

    
    Tac Resource Estimate - 1.18 Million Ounces Gold Equivalent, Indicated
    and Inferred
    

    Tac is situated approximately 8 km northeast of Corak. Tac has an 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.

    About Mediterranean Resources

    Mediterranean acquired an undivided interest in the Tac and Corak
properties from a major mining company in 2006. Approximately $14 million in
cumulative expenditures have been made to date, resulting in over 2 million
ounces (gold equivalent) combined resource estimates. The Cevreli and Celtik
properties were acquired directly by MNR. Mediterranean is well financed for
continued exploration, with a cash position of $5.5 million as of the date of
this release.





For further information:

For further information: 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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Mediterranean Resources Ltd.

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