Mediterranean Resources Advises Update of Financing, Formation of Executive Committee and Receipt of Petition

VANCOUVER, April 30, 2014 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("MNR" or the "Company") wishes to advise that Waratah Capital Ltd ("Waratah") has filed on April 28^th 2014 a Petition to the Supreme Court in the province of British Columbia requesting, inter alia, an order extending the time period to call and hold a shareholders meeting to the 30^th of June 2014.

The Company wishes to note that it advised in its news release dated 21^st of April 2014 that it had set the Annual General Meeting for the same date that Waratah refers to in their Petition. The Company intends to address the Petition in due course.

The Company also wishes to announce that it has formed an Executive Committee to search for a replacement CEO following the resignation of Christopher Ecclestone. Until a replacement CEO is appointed, the Executive Committee shall assume the role and functions of the CEO's office. The members of the Executive Committee include Victoria Kuklina and the undersigned, David Taylor.

The company wishes to further advise that the financing discussed in the press release of April 21, 2014 did not close as scheduled on April 25, 2014, but is expected to close shortly, at which time the Company shall provide an update.

Signed on Behalf of the Company.

Forward-Looking Statements: This Mediterranean Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Mediterranean which are based on the beliefs of Mediterranean management, as well as assumptions made by and information currently available to Mediterranean management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.

SOURCE Mediterranean Resources Ltd.