VANCOUVER, Jan. 22, 2013 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR;
Frankfurt: MHM1) ("Mediterranean") is pleased to announce that it has
awarded the task of preparing an updated NI 43-101 resource estimate to
H & S Consultants Pty Ltd (H&SC) of Melbourne, Australia.
This task will be under the control of Robert Spiers, BSc Hons, DM Appl
Geol /Geophy MAIG, a Qualified Person under National Instrument 43-101.
Prior to joining H&SC, he worked for various mining companies
throughout the world, and within Australia, on a variety of commodities
ranging from, Au/Ag through to base metals for over fifteen years,
these include, Plutonic Res - Darlot, Melita Mining - Kookynie, Mt Edon
- Tarmoola, Aurora - Mt Muro, Placer Pacific - Granny Smith, SMD -
Lero, BSCG - various clients and most recently, Rob worked as the Chief
Mine Geologist with Kingsgate - Chatree Gold Mine in Thailand.
The last NI 43-101 resource estimate for Mediterranean was published in
May 2009 with the open pit mineral resources utilising metal prices of
US$900 per ounce gold, US$12 per ounce silver, US$1.00 per pound for
both zinc and lead, and US$2.00 per pound for copper.
The calculations of new reserve estimates will incorporate updated
metals prices and the drill results of the five Corak holes and five
Tac holes undertaken in the winter of 2011-12.
On behalf of the Board of Directors,
President and CEO
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of the Company in any
jurisdiction. The securities to be issued pursuant to the Offering by
the Company have not and will not be registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), or the securities
laws of any states of the United States, and may not be offered or sold
in the United States absent registration or an applicable exemption
therefrom under the 1933 Act and the securities laws of all applicable
Certain information set out in this News Release constitutes
forward-looking information, which may include information relating to exploration and development of the Company's properties. Forward-looking statements (often, but not always, identified by the
use of words such as "expect", "may", "could", "anticipate", or "will",
and similar expressions) may describe expectations, opinions or
guidance that are not statements of fact and which may be based upon
information provided by third parties. Forward-looking statements are
based upon the opinions, expectations and estimates of management of
the Company as at the date the statements are made and are subject to a
variety of known and unknown risks and uncertainties and other factors
that could cause actual events or outcomes to differ materially from
those anticipated or implied by such forward-looking statements. Those
factors include, but are not limited to risks, uncertainties and other
factors that are beyond the control of the Company, risks associated
with the industry in general, commodity prices and exchange rate
changes, operational risks associated with exploration, development and
production operations, delays or changes in plans, risks associated
with the uncertainty of reserve estimates, health and safety risks and
the uncertainty of estimates and projections of production, costs and
expenses. In light of the risks and uncertainties associated with
forward-looking statements, readers are cautioned not to place undue
reliance upon forward-looking information. In particular, there is no
assurance that the private placement will close in the manner or on the
terms outlined above; or that either the Preliminary Economic
Assessment or the Environmental Impact Assessment will be prepared in a
manner acceptable to the Company or any governmental regulatory
authority. Although the Company believes that the expectations
reflected in the forward-looking statements set out in this press
release or incorporated herein by reference are reasonable, it can give
no assurance that such expectations will prove to have been correct.
The forward-looking statements of the Company contained in this press
release, or incorporated herein by reference, are expressly qualified,
in their entirety, by this cautionary statement.
SOURCE: Mediterranean Resources Ltd.
For further information:
President and CEO