VANCOUVER, Jan. 8, 2014 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR;
Frankfurt: MHM1) ("Mediterranean" or the "Company") acknowledges it has
received a requisition from two shareholders, Waratah Investments
Limited and Waratah Capital Ltd., that hold, collectively, 12,193,500,
or approximately 8.58 per cent, of the issued and outstanding common
shares of the Company, for a general meeting of shareholders, which the
Company has determined will be held on May 7, 2014.
Mediterranean notes that the requisition has no financing component nor
business plan as to what will be done to protect the Company's assets,
including the initiation of an environmental impact study application
and the completion of an engineering study with respect to the
Company's properties. Nor is there any indication as to how its land
management practices will be maintained or its licenses protected
during a period of changes to the mining law and regulations in Turkey.
From discussions with the principal of Waratah Investments during 2013,
Mediterranean believes that the this requisition is an opportunistic
attempt to force a business combination between Mediterranean and a
company listed on the OTC Bulletin Board in the US, Blox Inc (formerly
Nava Resources Inc). The principal of Waratah folded some mining (and
other) assets in Ghana (and elsewhere) into this vehicle in June 2013
and entreated Mediterranean to do likewise. Mediterranean notes that
the proposed slate of directors includes Rob Abenante, a Director of
Blox and its VP Operations.
As previously announced the Company is advancing with the financing
proposal for USD$2million to $7million it has received from Lionsbridge
Pty Ltd. Mediterranean has thus already initiated a reorganization plan
that provides a new management team with a proven track in bringing
mines into production in a timely fashion. This reorganization is
projected to take place far in advance of the May 7th date for the proposed requisitioned meeting.
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.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this
SOURCE: Mediterranean Resources Ltd.
For further information:
President and CEO