VANCOUVER, June 25 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1) announces that it is in negotiations with a major Turkish mining company regarding a joint venture to move the Yusufeli property Tac and Corak projects toward production. The basis of the joint venture would be for the Turkish company to earn an interest in the project by investing certain amounts toward developing the project including obtaining the necessary governmental approvals through environmental impact assessments and beginning the implementation of mining infrastructure.
Mediterranean is currently reviewing with its Turkish legal counsel the possible impacts of the newly passed Turkish mining law. Present indications are that the changes will be positive in terms of expediting permit applications, and removing the current ban on new drilling permits.
Pending new drilling permits being granted, Mediterranean is focusing its efforts on the ongoing Preliminary Economic Assessment expected for completion in the third quarter 2010, maintaining its operating licenses in good standing and converting Cevreli exploration licenses to operating licenses to facilitate ongoing exploration activities.
About Mediterranean Resources
MNR is an advanced gold exploration company operating in north eastern Turkey. MNR has a 100% interest in the Tac and Corak deposits where the aforementioned NI 43-101 compliant resource estimate established an indicated resource of 49.5 million tonnes grading 0.99 g/t Au containing 1.58 million ounces of gold and an inferred resource of 11.0 million tonnes grading 0.83 g/t Au containing 290,000 ounces of gold.
MNR controls a contiguous 12km mineralized trend known as the Yusufeli Property which provides considerable exploration potential. Approximately $16 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 J. Guest, President & CEO, Ph: 604-669-3397, firstname.lastname@example.org or John Walter, Communications Manager, IR, Ph: 1-647-430-0197, email@example.com; Website: www.medresources.ca