VANCOUVER, June 22, 2012 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR)
(Frankfurt: MHM1) ("Mediterranean" or the "Company") wishes to announce
that after undertaking extensive due diligence it has resolved not to
proceed with it's previously announced (on 22nd of May, 2012) transaction to acquire all of the issued and outstanding
shares of Golden Touch Resources Australia Pty Ltd.
It is clear to Mediterranean that Albania represents an exciting new
field of opportunity for exploration and production. The company
intends to evaluate concessions in Albania to add to its portfolio. It has employed Behar Boshkaj, formerly the senior geologist at Empire
Mining (TSXV:EPC) as its new Country Manager, is in the process of
establishing an Albanian subsidiary and has rented an office in Tirana
to conduct business in the country.
About Mediterranean Resources
Mediterranean acquired an undivided interest in the Tac and Corak
properties from Teck Cominco in 2006. Approximately $18 million in
cumulative expenditures have been made to date. The Cevreli and Celtik
properties were acquired directly by MNR. Mediterranean is well
financed for continued exploration.
Neither Toronto Stock Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Toronto Stock Exchange)
accepts responsibility for the adequacy or accuracy of this News
Certain information set out in this News Release constitutes
forward-looking information, which may include information relating to
the 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. 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 News Release, or
incorporated herein by reference, are expressly qualified, in their
entirety, by this cautionary statement. The Company does not undertake
any obligation to update any forward-looking statements or information
to reflect information, events, results, circumstances, realities or
otherwise after the date on which such statement is made or to reflect
the occurrence of unanticipated events, except as required by law.
SOURCE Mediterranean Resources Ltd.
For further information:
President and CEO