Mediterranean Resources Ltd. - Grant of stock options

    VANCOUVER, July 7 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR,
Frankfurt: MHM1) (the "Company") advises that it has granted an aggregate of
1,260,000 incentive stock options to its directors, officers, employees and
consultants exercisable at $0.20 per share for a period of five years (vesting
as to 25% upon grant, and the balance in three equal instalments over the
first 12 months). This will bring the total number of options outstanding to
8,340,000 (representing under 10% of the Company's issued and outstanding
common shares pursuant to the Company's stock option plan).

    Mediterranean Resources is focused on an emerging mineral region in
north-eastern Turkey where it is developing two advanced exploration stage
gold properties.

    The TSX 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; Douglas Hickey, Manager, Investor Relations, (604) 808-4983,

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Mediterranean Resources Ltd.

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