Mediterranean announces 1,598,417 indicated ounces and 730,889 inferred ounces in its resource estimate for gold and base metals at Tac and Corak



    VANCOUVER, March 11 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR;
Frankfurt: MHM1) (the "Company") today announced that it has received positive
results of both a NI 43-101 compliant resource estimate update for the
Company's Tac property and a NI 43-101 compliant resource estimate for the
Company's Corak property in northeastern Turkey, as undertaken by Wardrop
Engineering Inc. in Vancouver. The technical report on the Tac property
updates the NI 43-101 compliant resource estimate reported February 7, 2007,
and the report for Corak is the first estimate since the outlining of a
historical resource by a major mining company during the early 1990s.

    
    Highlights of the Study:
    ------------------------

    -   Indicated resource of 1,598,417 ozs of gold at both Tac and Corak on
        a gold-equivalent basis with a threshold of US$13/tonne contained
        metal value (and inferred resource of 730,889 ozs);

    -   Indicated resource of 1,335,249 ozs of gold at both Tac and Corak on
        a capped basis with a threshold of US$13/tonne contained metal value
        (and inferred resource of 484,276 ozs);

    -   At Tac, indicated resource of approximately 58.0 million lbs of
        contained copper; (and inferred resource of approximately
        8.0 million lbs of contained copper);

    -   At Corak: indicated resource of approximately 107 million lbs of
        zinc, (and inferred resource of 132 million lbs of zinc); and
        indicated resource of approximately 64.0 million lbs of lead, (and
        inferred resource of 78.0 million lbs of lead);

    -   Also at Corak, indicated resource of approximately 654,334 ozs of
        silver on a capped basis with a threshold of US$13/tonne contained
        metal value (and inferred resource of 887,627 oz of silver);

    -   Metallurgical testing has clearly indicated flotation to be the most
        appropriate method of metal recovery and concentration.
    

    The Tac resource estimate update was performed on two mineralized zones
within the property which exhibit the essential characteristics of epithermal
gold and base-metal mineralization. These zones, the Copper Creek - Ugur
Thrust Zone (CCUTZ) and Karsibayir (KB) have been determined to contain gold
and copper mineralization in quantities of potential economic significance. In
February 2007 resource estimates were conducted for both zones, and these
estimates have been updated on the basis of 7,500 metres of drilling completed
in 2007.
    At a threshold of US$13/tonne contained metal value, capped gold values
and trailing three year metal price averages, the Inverse Distance Squared
(ID2) resource estimate contains an Indicated Resource of approximately
20.4 million tonnes at an average gold-equivalent grade of 1.61 grams/tonne
gold. The corresponding Inferred Resource is approximately 2.3 million tonnes
at an average gold-equivalent grade of 1.71 grams/tonne gold.
    The Corak resource estimate has been carried out on the basis of both
historical drill data and a 16,500 metre 2007 drill program conducted by the
Company on the property. Between 1989 and 1992, a major mining company focused
its drilling on two areas, the Village and South Zones where vein systems and
gold mineralization were determined to have occurred within fault zones of
regional extent. The Company's 2007 drill program focused on these zones has
demonstrated the probable continuity of mineralization between the Village and
South Zones and extensions to the northeast and southwest with a total strike
length of approximately 1,000 metres.
    At Corak, using a threshold of US$13/tonne contained metal value, capped
gold values and trailing three year metal price averages, the ID2 resource
estimate contains an Indicated Resource of approximately 9.7 million tonnes at
an average gold-equivalent grade (capped gold, silver, lead and zinc) of
1.74 grams/tonne gold. The corresponding Inferred Resource is approximately
11.8 million tonnes at an average gold-equivalent grade of 1.6 grams/tonne
gold.
    Given that the Tac and Corak properties are on the same mineralized
trend, and applying the above tonnages and gold grades, threshold contained
metal value of US$13/tonne, capped gold values and trailing three year metal
price averages, the combined ID2 estimate contains an Indicated Resource of
1,056,154 gold-equivalent ozs at Tac and 542,263 gold-equivalent ozs at Corak
for a combined gold-equivalent 1,598,417 ozs (combined Inferred Resource of
730,889 oz). Similarly, an ID2 resource estimate on a capped basis contains an
Indicated Resource estimated to be 1,079,432 gold ozs at Tac and 740,093 gold
ozs at Corak for a combined 1,335,249 gold ozs (combined Inferred Resource of
484,276 oz).
    The value of contained base metals is evident by the significant
difference between the combined resource estimates on a gold-equivalent basis
with that on a capped basis. The tables below show an indicated copper
resource content at Tac of approximately 58 million lbs (inferred copper
resource of 8 million lbs); and at Corak 107 million lbs of indicated resource
of zinc, (132 million lbs of inferred resource of zinc), and 64.0 million lbs
of indicated resource of lead, (78.0 million lbs of inferred resource of
lead). The contained metal value difference is also enhanced by an indicated
resource on a capped basis of 654,334 ozs of silver at Corak (inferred
resource of 887,627 oz of silver).
    The resource estimates summarized below calculated for both Tac and Corak
properties are tabulated on the basis of the cash value of metal contained in
each block determined in the block models interpolated using ID2 as an
appropriate approximation of the resource present and estimated based on
trailing three-year average metal prices.

    
    Table 1: Tac Property ID2 Resource Estimate (3 Year Average Metal
    Prices).

    TAC SILICA CAP AND CCUTZ TOTALS ID2 INDICATED 3 YEAR AVERAGE METAL PRICES

    -------------------------------------------------------------------------
    THRESHOLD                                   Gold
    US$/T            Tonnage        Gold      Capped      Copper        AUEQ
    INDICATED         Tonnes         G/T         G/T           %         G/T
    -------------------------------------------------------------------------
    $1,000                 0        0.00        0.00        0.00        0.00
    -------------------------------------------------------------------------
    $500                   0        0.00        0.00        0.00        0.00
    -------------------------------------------------------------------------
    $100             630,214        8.88        7.60        0.25        7.36
    -------------------------------------------------------------------------
    $75            1,358,066        6.84        5.96        0.22        5.82
    -------------------------------------------------------------------------
    $50            2,751,638        5.20        4.52        0.18        4.45
    -------------------------------------------------------------------------
    $25            8,281,542        2.87        2.57        0.16        2.66
    -------------------------------------------------------------------------
    $15           16,642,969        1.87        1.69        0.14        1.81
    -------------------------------------------------------------------------
    $13           20,397,623        1.63        1.48        0.13        1.61
    -------------------------------------------------------------------------

    TAC SILICA CAP AND CCUTZ TOTALS ID2 INFERRED 3 YEAR AVERAGE METAL PRICES

    -------------------------------------------------------------------------
    THRESHOLD                                   Gold
    US$/T            Tonnage        Gold      Capped      Copper        AUEQ
    INFERRED          Tonnes         G/T         G/T           %         G/T
    -------------------------------------------------------------------------
    $1,000                 0           0           0           0           0
    -------------------------------------------------------------------------
    $500                   0           0           0           0           0
    -------------------------------------------------------------------------
    $100              53,258        7.03        7.03        0.29        6.94
    -------------------------------------------------------------------------
    $75              168,649        5.18        5.15        0.33        5.33
    -------------------------------------------------------------------------
    $50              337,298        4.03        4.02        0.28        4.20
    -------------------------------------------------------------------------
    $25            1,029,645        2.61        2.54        0.18        2.67
    -------------------------------------------------------------------------
    $15            1,810,755        1.80        1.75        0.18        1.95
    -------------------------------------------------------------------------
    $13            2,254,568        1.55        1.50        0.17        1.71
    -------------------------------------------------------------------------

    Table 2: Corak Property ID2 Resource Estimate (3 Year Average Metal
    Prices).

    CORAK ID2 INDICATED, CAPPED ASSAYS & 3 YEAR AVERAGE METAL PRICES

    -------------------------------------------------------------------------
    THRESHOLD
    US$/T               TONNES      AU  AU CAP      AG     PB     ZN    AUEQ
    INDICATED                      G/T     G/T     G/T      %      %     G/T
    -------------------------------------------------------------------------
    $1,000                   0    0.00    0.00    0.00   0.00   0.00    0.00
    -------------------------------------------------------------------------
    $500                18,620   44.12   32.00   15.23   0.85   0.93   28.93
    -------------------------------------------------------------------------
    $100               465,500   11.43    9.27    5.00   0.46   0.68    8.95
    -------------------------------------------------------------------------
    $75                723,520    8.95    7.41    4.55   0.45   0.66    7.35
    -------------------------------------------------------------------------
    $50              1,234,240    6.41    5.43    3.84   0.42   0.62    5.60
    -------------------------------------------------------------------------
    $25              3,864,980    2.73    2.39    3.06   0.41   0.60    2.98
    -------------------------------------------------------------------------
    $15              8,118,320    1.51    1.34    2.26   0.32   0.53    1.93
    -------------------------------------------------------------------------
    $13              9,690,380    1.30    1.17    2.10   0.30   0.50    1.74
    -------------------------------------------------------------------------

    CORAK ID2 INFERRED, CAPPED ASSAYS & 3 YEAR AVERAGE METAL PRICES

    -------------------------------------------------------------------------
    THRESHOLD
    US$/T               TONNES      AU  AU CAP      AG     PB     ZN    AUEQ
    INFERRED                       G/T     G/T     G/T      %      %     G/T
    -------------------------------------------------------------------------
    $1,000                   0    0.00    0.00    0.00   0.00   0.00    0.00
    -------------------------------------------------------------------------
    $500                 5,320   52.39   29.19   14.88   0.80   0.82   26.39
    -------------------------------------------------------------------------
    $100               369,740   12.72    9.67    5.08   0.50   0.68    9.33
    -------------------------------------------------------------------------
    $75                744,800    8.43    6.83    4.50   0.47   0.66    6.86
    -------------------------------------------------------------------------
    $50              1,258,180    6.22    5.16    3.94   0.42   0.61    5.35
    -------------------------------------------------------------------------
    $25              4,396,980    2.42    2.09    3.35   0.43   0.63    2.76
    -------------------------------------------------------------------------
    $15              9,690,380    1.30    1.15    2.49   0.32   0.55    1.79
    -------------------------------------------------------------------------
    $13             11,797,100    1.11    0.99    2.34   0.30   0.51    1.60
    -------------------------------------------------------------------------
    

    Metallurgical Testing
    ---------------------
    During 2006 and 2007, a series of metallurgical tests of both Tac and
Corak mineralization were carried out by Process Research Associates of
Vancouver, Canada. These tests included separate trials of gravity separation,
flotation and cyanide leaching. Sample materials were obtained from reverse
circulation drill holes and diamond core drill holes from representative areas
of the mineralized zones.
    Flotation, in both cases, is considered as the most appropriate method of
concentration for the realization of mineral asset value. In January 2008, a
locked cycle flotation test on a Tac sample achieved recoveries of 90% for
gold and 70% for copper with 23% copper concentration. An additional locked
cycle test will be conducted to complete the Tac sample testing program. In
February 2008, a series of flotation tests achieved recoveries of significant
metals at the following levels: gold 85%, silver 58%, lead 85% and zinc 73%
with 53% lead concentration and 55% zinc concentration. These recoveries were
used in the Tac and Corak resource estimates.
    The Company has filed the "Technical Report on the Tac Property, Artvin
Province, Turkey (Resource Estimate Update)" and the "Technical Report on the
Corak Property, Artvin Province, Turkey" both prepared by Wardrop Engineering
Inc. dated March 1, 2008 on SEDAR under the Company's profile. The reports
describe the procedures and parameters involved in providing National
Instrument 43-101 compliant resource estimates for portions of the Tac and
Corak properties, located in Artvin province, northeastern Turkey.
    Dr. Peter Guest is the qualified person who has reviewed the data in this
news release.

    About Mediterranean Resources

    Mediterranean Resources Ltd. (the "Company") acquires and develops
advanced stage mineral properties of demonstrated potential. Currently the
Company is actively working on its two 100% owned properties in Turkey, Tac
and Corak, that lie along a common mineralized trend with Corak approximately
8 kilometres to the southwest of Tac. These properties experienced more than
US$4 million of exploration by a major international mining company during the
early 1990s and US$3.1 million of exploration by the Company in 2006 which led
to the Company acquiring them with an undivided interest. Approximately US$4.5
million of exploration was expended on Tac and Corak in 2007 including
approximately 24,000 metres of drilling and initiating ground exploration
programs at Cevreli, approximately two kilometres to the southwest of Tac and
at Celtik, approximately two kilometres to the northeast of Tac on the south
side of the Coruh river. Both areas are located along the common mineralized
trend linking Tac and Corak. This is expected to identify drill targets and
open up a two additional areas of exploration along the 11 kilometre trend in
2008.
    During 2007, the Company outlined at the Tac Property a NI 43-101
compliant Indicated Resource of 773,313 ozs of gold and 34,220,429 lbs of
copper on an uncapped basis with average grades of 2.01 g/t gold and 0.13%
copper at a 1.0 g/t gold cut-off. The Company has conducted a 7,500 metre
drill program at Tac and a 16,500 metre drill campaign at Corak during 2007 in
support of the NI 43-101 compliant resource estimates being the subject of
this release.

    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.





For further information:

For further information: Dr. Peter J. Guest, President & CEO, (604)
669-3397; Jag S. Sandhu, Manager, Investor Relations, (604) 306-1950;
www.medresources.ca

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Mediterranean Resources Ltd.

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