🕐25.06.10 - 19:30 Uhr
Mediterranean Updates Negotiations in Turkey
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Re: News Releases - 2010 - Friday, June 25, 2010
Mediterranean Updates Negotiations in Turkey
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Vancouver, BC, June 25, 2010 -- 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
For further information please contact:
Peter J.
Guest
President & CEO
Ph: 604-669-3397
Website: www.medresources.ca
or
John Walter
Communications Manager, IR
Ph: 1-647-430-0197
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" There is not
The TSX does not accept responsibility for the adequacy or accuracy of
this release.
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Copyright (c) 2010 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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