🕐20.01.11 - 21:00 Uhr
Mediterranean Announces an Update to Shareholders
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Re: News Release - Thursday, January 20, 2011
Mediterranean Announces an Update to Shareholders
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Vancouver, B.C., January 20, 2011 - Mediterranean Resources Ltd.
(TSX:
MNR; Frankfurt: MHM1) ("Mediterranean") announces an update to
shareholders.
Mediterranean advises that there are no unannounced material changes
which could account for the increase in the Companys share price in
the past few days.
The fundamental aspects of the Companys gold
property in Turkey remain unchanged in that the Company controls a
contiguous 12km mineralized trend known as the Yusufeli project,
including the Tac and Corak deposits, where an 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.
Approximately $16 million in
cumulative expenditures have been made to date on the project.
The Company has however recently received several unsolicited proposals
for financing the Company, including a proposal to provide private
placement financing to the Company at above market prices.
The Company
has also received an unsolicited merger approach, and has responded
requesting more information on what is proposed.
The Company is reviewing each of these proposals, and will provide
updates as and when such proposals become solidified.
For further information please contact:
Peter J.
Guest
President & CEO
604-669-3397
www.medresources.ca
The TSX does not accept responsibility for the adequacy or accuracy of
this release.
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Copyright (c) 2011 MEDITERRANEAN RESOURCES LTD.
(MNR.H) All rights
reserved.
For more information visit our website at
http://www.medresources.ca/ or send
mailto:
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