Investment of Geologic Resource Partners LLC in Mediterranean Resources Ltd.

    TORONTO, Aug. 10 /CNW/ - Geologic Resource Partners LLC ("Geologic")
announced today that in connection with a purchase made in connection with a
private placement on May 24, 2007 it purchased, for its own account and on
behalf of client accounts over which it has discretionary trading authority,
13,157,900 units of Mediterranean Resources Ltd. ("Mediterranean"). Each unit
is comprised of one common share and one-half of one common share purchase
warrant (a "Warrant"). Each warrant is exercisable for one common share at a
price of $0.50 per share up to and including May 24, 2009. Geologic's total
holdings in Mediterranean as of July 31, 2007 were 13,157,900 common shares
and 6,578,950 common share purchase warrants representing approximately 21.15%
of the issued and outstanding shares of Mediterranean on a partially diluted
    Geologic has purchased these securities for investment purposes, and may
increase or decrease its beneficial ownership of securities of Mediterranean
depending upon future market conditions.

    Geologic is an investment advisory firm specializing in precious metals,
industrial metals, and energy minerals equities

For further information:

For further information: George Ireland, Chief Investment Officer, at
(617) 424-9900

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