🕐08.12.09 - 15:33 Uhr
Mediterranean Resources Initiates Drilling At The Celtik Discovery And Advances Yusufeli Property Permitting Process
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Mediterranean Resources Initiates Drilling At The Celtik
Discovery And Advances Yusufeli Property Permitting Process
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Vancouver, BC, December 8, 2009 - 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.
Celtik Discovery
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.
Permitting Update
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 MNRs 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
For further information please contact:
Peter Guest, President and CEO
Ph: 604-669-3397
or
Philip Strathy, Director
Ph: 1-416-368-9083
Website: www.medresources.ca
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.
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Copyright (c) 2009 MEDITERRANEAN RESOURCES LTD.
(MNR.H) All rights
reserved.
For more information visit our website at
http://www.medresources.ca/ or send mailto:
Message sent on Mon Dec 7, 2009 at 1:18:07 PM Pacific Time
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