🕐30.10.08 - 17:05 Uhr

Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1) High Grade Drilling Res
ults from the Corak Property



 

N E W S R E L E A S E

 


HIGH GRADE RESULTS CONTINUE TO EXTEND GOLD & BASE METAL MINERALIZATION AT THE CORAK PROPERTY

Vancouver, B.C., October 30, 2008 - Mediterranean Resources Ltd.

(TSX: MNR, Frankfurt: MHM1)
announces results from four infill diamond core holes drilled at the Corak property confirming the
continuity of very high grade near-surface gold and base metal values.

MNR owns 100% of the
Corak and Tac advanced exploration properties together with six other properties situated along a
contiguous 12 kilometre mineralized trend in northeastern Turkey.

Drilling of two new areas, Celtik and
West Corak, is now under way.

Highlights
• Gold values up to 71.4 g/t; one interval of 5.15 g/t over 22.2 metres.
• Multiple intercepts in each hole reported, from 12 to 126 metres depth.
• Four high grade intercepts from drill hole CD-191 and three from drill hole CD-193.
• Associated silver, lead and zinc values up to 203 g/t silver, 7.89 % lead, 14.95 % zinc.
• An updated Corak resource estimate incorporating current results is expected by year end.

Current Corak Drilling Program

Approximately 7,000 metres of the 8,000 metre 2008 Corak drill campaign have been completed to date.
Four infill drill holes are reported in this release: CD-191, 193 and 194 drilled in the Village Zone and
CD-196, drilled in the South Zone, confirming the presence of high grade gold and base metal
mineralization along the 700 metre corridor comprising both mineralized zones.

The attached map (or
link to www.medresources.ca/s/Maps.asp ) correlates the mineralized zones with the new drill holes.
A resource of over 1 million ounces (indicated and inferred gold equivalent) has already been established
at Corak in an NI 43-101 compliant report released earlier this year.

Current drilling will provide an
updated resource estimate, expected by year end.
Results are tabled below.

True widths of the high grade veins reported are indeterminable at this stage.
Depths of the reported holes range from 130 to 230 metres.


CD-191
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
27.2 28.2 1.0 36.90 21.40 0.06 0.52 1.28
and 36.3 37.3 1.0 53.70 23.30 0.30 4.05 5.18
and 59.2 60.2 1.0 37.60 203.00 0.12 1.90 1.12
and 72.1 73.1 1.0 8.70 33.80 0.09 5.53 14.95
inc 92.5 93.8 1.3 0.93 14.20 0.21 2.27 9.57
and 121.0 122.0 1.0 0.14 5.80 0.06 1.22 6.09

CD-193
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
26.9 28.0 1.1 56.50 36.50 0.05 1.56 1.60
and 49.5 51.2 1.7 6.22 19.50 1.06 1.02 2.54
and 125.0 126.0 1.0 12.90 5.30 0.04 0.44 1.66


CD-194 From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
21.1 22.1 1.0 1.45 22.40 0.32 7.89 8.59
and 27.0 28.0 1.0 4.17 10.40 0.63 2.15 8.94
and 29.0 30.0 1.0 0.15 10.90 0.09 1.72 6.97
and 35.9 36.9 1.0 0.15 20.70 0.14 1.86 9.34
and 44.1 48.4 4.3 1.99 11.88 0.04 1.77 1.29
and 69.1 81.8 12.7 1.12 3.03 0.03 0.32 0.68
inc 77.7 79.8 2.1 2.24 7.88 0.14 1.50 3.22
and 113.0 114.0 1.0 0.29 6.80 0.05 1.27 4.59


CD-196 From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
12.0 13.2 1.2 2.05 39.20 1.43 6.23 11.50
and 21.7 25.8 4.1 1.41 12.98 0.61 1.66 3.69
and 72.2 94.4 22.2 5.15 2.08 0.02 0.09 0.17
inc 72.2 73.2 1.0 9.79 1.00 0.01 0.12 0.06
inc 83.9 85.0 1.1 71.40 19.00 0.04 0.14 0.58
and 117.0 118.0 1.0 0.24 1.00 0.04 0.20 3.37


Qualified Person and QA/QC
Dr.

Peter Guest is the qualified person who has reviewed the data in this news release.

The ALS Chemex
Vancouver laboratory used standard fire assay and atomic absorption methods in performing all gold and
multi-element analyses.

Project Overview
NI 43-101 compliant resource estimates (over 2 million ounces in total, Au equivalent, indicated and
inferred) have been established at the Tac and Corak properties; drilling has begun on the Celtik property
and also on the West Corak property on targets identified by ground exploration programs including soil
geochemistry and IP geophysical surveys.

Ground exploration to develop drilling targets is ongoing at
the Cevreli property.

Additional exploration licenses have been obtained which allow an uninterrupted
property holding along a 12 kilometre mineralized trend.
Corak Resource Estimate - 1.15 Million Ounces Gold Equivalent, Indicated and Inferred
In 2007 MNR drilled approximately 17,500 metres at Corak over a mineralized area including the Village
and South Zones.

A NI 43-101 compliant resource estimate (March 11, 2008) outlined 542,163 ozs of
gold, indicated, on a gold equivalent basis at an average grade of 1.74 g/t using a threshold value of
$13/tonne contained metal value.

An inferred resource was also outlined of 606,925 ozs of gold on a gold
equivalent basis at an average grade of 1.6 g/t and $13/tonne contained metal value.

Tac Resource Estimate - 1.18 Million Ounces Gold Equivalent, Indicated and Inferred
Tac is situated approximately 8 km northeast of Corak.

Tac has an NI 43-101 compliant indicated
resource of 1,055,954 ozs of gold on a gold equivalent basis at an average gold grade of 1.61 g/t using a
threshold value of $13/tonne contained metal value.

An inferred resource was also outlined of 123,965
ozs of gold on a gold equivalent basis at an average grade of 1.71 g/t and $13/tonne contained metal
value.

About Mediterranean Resources
Mediterranean acquired an undivided interest in the Tac and Corak properties from a major mining
company in 2006.

Approximately $14 million in cumulative expenditures have been made to date,
resulting in over 2 million ounces (gold equivalent) combined resource estimates.

The Cevreli and Celtik
properties were acquired directly by MNR.

Mediterranean is well financed for continued exploration,
with a cash position of $5.5 million as of the date of this release.

For further information please contact:
Dr.

Peter J.

Guest Mr.

Douglas Hickey
President & CEO Manager, Investor Relations
604-669-3397 604-629-4807
www.medresources.ca

 




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