VANCOUVER, Jan. 3, 2014 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR;
Frankfurt: MHM1) ("MNR" or the "Company") wishes to advise that due to
its existing Chairman Dr. John Clarke needing to devote more time to
his other management activities in the mining industry he has resigned
as non-Executive Chairman and as a director of MNR with immediate
effect. The Board of MNR would like to express their enormous gratitude
for the many years of service that Dr Clarke has put into MNR since
joining the company early last decade.
The Company wishes to advise that it has elected Brian Wesson to fill
the director's position left vacant by this departure and has resolved
to appoint Mr. Wesson as a director and as the non-executive Chairman
of MNR with immediate effect.
Brian Wesson (MBA) is a principal of Lionsbridge Pty Ltd, an Australian
based entity with which MNR agreed a financing arrangement as per our
release of January 2nd 2014.
Mr. Wesson is an engineer with extensive experience in the management
and operations of natural resource assets. Brian is a Fellow of the
Australian Institute of Mining and Metallurgy and a Fellow of the
Australian Institute of Company Directors. Brian served as Chief
Executive Officer, Director and President at Woulfe Mining Corp. a
listed TSX-V company from December 17, 2009 until February 27, 2013.
Previously he was the Chairman, CEO and Owner of the Vatukoula Gold
Mine, formerly Emperor Gold Mines. He is the Principal of Westech
International Pty Ltd. He has over 30 years of experience in the
resource and energy sectors. Brian started his career as an engineer
with Rand Mines Limited South Africa. He qualified in 1983 and was
appointed as a senior manager at Harmony Gold Mine before holding
technical management roles on East Rand Proprietary Mines, Durban
Roodepoort Deep and Vatukoula Gold Mine. He served as the Chairman of
the Sydney Branch of the Australasian Institute of Mining & Metallurgy.
Brian has served on several natural resource boards throughout the
About Mediterranean Resources
The company is developing two mines 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)
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. Current NI 43-101 compliant resource
estimates for the Taç and Çorak projects total 1.58 million ounces gold
Indicated and 0.29 million ounces Inferred, as well as an Indicated
resource of 64 million lbs of copper, 141 million lbs of Lead and 340
million lbs of Zinc. The company plans on advancing these deposits into
production through open-pit mining.
Signed on behalf of the Board of Directors.
Forward-Looking Statements: This Mediterranean Resources Ltd. news
release may contain certain "forward-looking" statements and
information relating to Mediterranean which are 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:
President and CEO