VANCOUVER, Aug. 3 /CNW/ - Mediterranean Resources Ltd. (TSX-V: MNR,
Frankfurt: MHM1) (the "Company") today announced that the drilling campaigns
underway at the Tac and Corak gold properties held by the Company in
northeastern Turkey will be expanded and an exploration program will be
initiated at Cevreli, an area located along the mineralized trend linking Tac
By news release dated April 5, 2007, the Company announced it had
commenced a 15,000 metre drill campaign planned for both properties that would
lead to an update of the NI 43-101 resource estimate announced February 7,
2007 for Tac and a NI 43-101 compliant resource estimate for Corak. As the
5,000 metre drill campaign at Tac and the 10,000 metre drill program at Corak
have progressed ahead of schedule, the campaign will be expanded by doubling
the metreage at both locations to a total of 30,000 metres by the end of
November, 2007. This will maximize the expansion on mineralization found in
the existing resource at Tac by closer infill and extension drilling and
investigate the potential of an exploration target on the south flank of
Kirmizitepe identified by IP resistivity and chargeability surveys. The
additional drilling at Corak will lead to both the verification of the
historical resource and improved understanding of the known zones of
mineralization where the gold and base metal mineralization has been confirmed
to be open to the north, northeast and at depth. The historic resource
potential at Corak, surmised from exploration drilling and soil sampling
completed by a major mining company in the early 1990s, which predates and is
non-compliant with NI 43-101, is 1.8 million tonnes averaging 10 g/t gold.
NI 43-101 compliant reports for Tac and Corak will consequently be completed
by March 31, 2008.
Exploration including geological, structural and alteration mapping, grid
soil sampling and a geophysics (IP) survey will be initiated shortly in
Cevreli, an area that lies between Tac and Corak along a common mineralized
trend for the purpose of confirming Cevreli for detailed exploration. Cevreli,
together with Tac and Corak, was the subject of an intensive detailed
geochemistry survey conducted by a major mining company in the early 90's that
returned consistently highly anomalous gold assay results and is expected to
exhibit the same styles of mineralization common to Tac and Corak.
Refer to http://www.medresources.ca/s/Maps.asp for a tenure map of the
Cevreli, Tac and Corak locations.
About Mediterranean Resources
Mediterranean Resources Ltd. (the "Company") acquires and develops
advanced stage mineral properties of demonstrated potential. Currently the
Company is actively working on its two 100% owned properties in Turkey, Tac
and Corak, that lie along a common mineralized trend with Corak approximately
8 kilometres to the southwest of Tac. These properties experienced more than
US$4 million of exploration by a major international mining company during the
early 1990's and US$3.1 million of exploration by the Company in 2006 which
led to the Company acquiring an undivided interest in them.
During 2006, the Company outlined at the Tac Property a NI 43-101
compliant Indicated Resource of 773,313 ozs of gold and 34,220,429 lbs of
copper on an uncapped basis with average grades of 2.01 g/t gold and 0.13%
copper at a 1.0 g/t gold cut-off. The Company is conducting a 10,000 metre
drill program at Tac with the goal of updating the compliant resource estimate
by the first quarter, 2008. The Company is also carrying out a 20,000 metre
drill campaign at Corak with the goal of completing a NI 43-101 compliant
resource estimate also by the end of the first quarter, 2008. Please visit
www.medresources.ca for additional information.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Dr. Peter J. Guest, President & CEO, (604)
669-3397; Jag S. Sandhu, VP Corporate Development, (604) 306-1950