VANCOUVER, Jan. 3, 2014 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("MNR" or the "Company") wishes to advise that due to its existing Chairman Dr. John Clarke needing to devote more time to his other management activities in the mining industry he has resigned as non-Executive Chairman and as a director of MNR with immediate effect. The Board of MNR would like to express their enormous gratitude for the many years of service that Dr Clarke has put into MNR since joining the company early last decade.
The Company wishes to advise that it has elected Brian Wesson to fill the director's position left vacant by this departure and has resolved to appoint Mr. Wesson as a director and as the non-executive Chairman of MNR with immediate effect.
Brian Wesson (MBA) is a principal of Lionsbridge Pty Ltd, an Australian based entity with which MNR agreed a financing arrangement as per our release of January 2nd 2014.
Mr. Wesson is an engineer with extensive experience in the management and operations of natural resource assets. Brian is a Fellow of the Australian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Company Directors. Brian served as Chief Executive Officer, Director and President at Woulfe Mining Corp. a listed TSX-V company from December 17, 2009 until February 27, 2013. Previously he was the Chairman, CEO and Owner of the Vatukoula Gold Mine, formerly Emperor Gold Mines. He is the Principal of Westech International Pty Ltd. He has over 30 years of experience in the resource and energy sectors. Brian started his career as an engineer with Rand Mines Limited South Africa. He qualified in 1983 and was appointed as a senior manager at Harmony Gold Mine before holding technical management roles on East Rand Proprietary Mines, Durban Roodepoort Deep and Vatukoula Gold Mine. He served as the Chairman of the Sydney Branch of the Australasian Institute of Mining & Metallurgy. Brian has served on several natural resource boards throughout the world.
About Mediterranean Resources
The company is developing two mines located at its 100%-owned Red Mountain (Kızıldağ) Project in Northeastern Turkey. The projects consist of the Tac (gold/copper) deposit and the Corak (gold/zinc/lead) deposit.
Tac and Corak were the subject of an NI 43-101 resource statement prepared by SRK in 2009 and a Preliminary Assessment (also by SRK) prepared in September 2011. Current NI 43-101 compliant resource estimates for the Taç and Çorak projects total 1.58 million ounces gold Indicated and 0.29 million ounces Inferred, as well as an Indicated resource of 64 million lbs of copper, 141 million lbs of Lead and 340 million lbs of Zinc. The company plans on advancing these deposits into production through open-pit mining.
Signed on behalf of the Board of Directors.
Forward-Looking Statements: This Mediterranean Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Mediterranean which are based on the beliefs of Mediterranean management, as well as assumptions made by and information currently available to Mediterranean management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.
SOURCE: Mediterranean Resources Ltd.
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