VANCOUVER, Jan. 20 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR;
Frankfurt: MHM1) ("Mediterranean") announces an update to shareholders.
Mediterranean advises that there are no unannounced material changes
which could account for the increase in the Company's share price in
the past few days. The fundamental aspects of the Company's gold
property in Turkey remain unchanged in that the Company controls a
contiguous 12km mineralized trend known as the Yusufeli project,
including 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. Approximately $16 million in
cumulative expenditures have been made to date on the project.
The Company has however recently received several unsolicited proposals
for financing the Company, including a proposal to provide private
placement financing to the Company at above market prices. The Company
has also received an unsolicited merger approach, and has responded
requesting more information on what is proposed.
The Company is reviewing each of these proposals, and will provide
updates as and when such proposals become solidified.
The TSX does not accept responsibility for the adequacy or accuracy of
SOURCE Mediterranean Resources Ltd.
For further information:
Peter J. Guest
President & CEO