VANCOUVER, May 5 /CNW/ - Mediterranean Resources Ltd. (the "Company") (TSX MNR, Frankfurt MHM1) announces a non-brokered private placement of a maximum of 14,000,000 shares at a price of $0.08 per share for gross proceeds of approximately $1,100,000.
The proceeds from the financing will be used for advancement of the Company's Tac, Corak and Celtik projects within the Yusufeli property in Turkey and for general working capital purposes.
Closing of the placement is subject to the approval of The Toronto Stock Exchange.
About Mediterranean Resources
MNR is an advanced gold exploration company operating in north-eastern Turkey. MNR has a 100% interest in the Tac and Corak deposits where an NI 43-101 compliant resource estimate established an indicated resource of 49.5 million tonnes grading 0.99 g/t Au containing 1.58 million ounces of gold and an inferred resource of 11.0 million tonnes grading 0.83 g/t Au containing 290,000 ounces of gold.
MNR controls a contiguous 12km mineralized trend known as the Yusufeli Property which provides considerable exploration potential. Approximately $15 million in cumulative expenditures have been made to date in exploring the property.
On behalf of the Board of Directors,
"Dr. Peter J. Guest"
President & CEO
SOURCE Mediterranean Resources Ltd.
For further information: For further information: Peter J. Guest, President & CEO, Ph: (604) 669-3397, email@example.com; or John Walter, Communications Manager, IR, Ph: (647) 430-0197, firstname.lastname@example.org, Website: www.medresources.ca