VANCOUVER, April 16, 2014 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR) (Frankfurt: MHM1) ("MNR" or the "Company") wishes to advise that Christopher Ecclestone has resigned as Chief Executive Officer of the company with immediate effect. The Board appointed Mr. Ecclestone as Non-Executive Chairman. The Board of Directors has started a search for a new CEO.
About Mediterranean Resources
The company is developing two mine projects located at its 100%-owned Red Mountain (Kızıldağ) Project in Northeastern Turkey. The projects consist of the Tac (gold/copper) deposit and the Corak (gold/zinc/lead) deposit.
Tac and Corak were the subject of an NI 43-101 resource statement prepared by SRK in 2009 and a Preliminary Assessment (also by SRK) prepared in September 2011. The company plans on advancing these deposits into production through open-pit mining.
Signed on behalf of the Board of Directors.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This Mediterranean Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Mediterranean which is 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: Christopher Ecclestone, Non-Executive Chairman, 604-669-3397, www.medresources.ca