VANCOUVER, Dec. 8 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1) announces that drilling permits have been received from the Ministry of Environment and Forestry for the Celtik project, located at the eastern end of a 12km mineralized trend encompassed by the Yusufeli Property. A drilling contractor has been engaged and a core rig mobilized with both exploration road and drill pad construction initiated.
In a previous drilling program, Celtik returned intercepts with gold and copper values up to 6.51 g/t Au and 0.9% Cu over 18.4 metres (HD-04) at a depth of 166.2 to 184.6 metres. The first drill holes of an approximately 3,000 metre drill campaign comprising 8 drill holes will be located in the discovery zone.
Golder Associates, Ankara office (Golder) has completed a "fatal flaw" analysis of the Yusufeli Property which concludes that there are no known impediments to the Environmental Impact Assessment (EIA) permitting process. The report is posted on MNR's website. Golder will initiate the Yusufeli EIA application process early in 2010. SRK Consulting Inc., Vancouver office (SRK) has been retained to provide a Preliminary Economic Assessment ("Scoping Study") on the Tac and Corak projects.
SRK completed a NI 43-101 compliant resource estimate on the Tac and Corak projects earlier this year which established an indicated resource of 49.5 million tonnes grading 1.32 g/t (Au Eq.) containing 2.09 million ounces of Au Eq. and an indicated resource of 11.0 million tonnes grading 1.16 g/t (Au Eq.) containing 409,000 ounces of Au Eq. using April, 2009 metals prices.
About Mediterranean Resources
MNR has an undivided interest in the Tac and Corak mining operating licenses and the Celtik and Cevreli exploration licenses. MNR controls a contiguous 12km mineralized trend collectively known as the Yusufeli Property. Approximately $15 million in cumulative expenditures have been made to date.
On behalf of the Board of Directors,
"Dr. Peter J. Guest" President & CEO
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that the actual developments or results may vary materially from those in these "forward-looking statements"
The TSX does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Mediterranean Resources Ltd.
For further information: For further information: Peter Guest, President and CEO, Ph: (604) 669-3397, firstname.lastname@example.org; or Philip Strathy, Director, Ph: (416) 368-9083, Philip.Strathy@fairlane-am.com; Website: www.medresources.ca