Mediterranean investor relations agreement

    VANCOUVER, Oct. 23 /CNW/ - Mediterranean Resources Ltd. (TSX-V: MNR,
Frankfurt: MHM1) (the "Company") announces that it has engaged Loeb Aron &
Company Ltd., of London, England, to provide various investor communication
services on behalf of the Company. The Company has agreed to pay Loeb Aron
$2,500 per month, for an initial term of 12 months, and to grant 150,000 stock
options exercisable at $0.65 for 24 months. In addition, Loeb Aron & Co will
receive the sum of $25,000 on completion of a report on the Company's mineral
exploration activities in Turkey.

    Loeb Aron & Co has assisted the Company in its last three financings and
is an award winning corporate finance and issuing house authorized and
regulated by the UK Financial Services Authority and is a Member of the London
Stock Exchange and Plus Markets.

    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 or Jag S. Sandhu, VP Corporate Development, (604) 306-1950,

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Mediterranean Resources Ltd.

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