Mediterranean Announces Revocation of Ontario Cease Trade Order

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 5, 2014) - Mediterranean Resources Ltd. (TSX:MNR) (FRANKFURT:MHM1) ("Mediterranean" or the "Company") is pleased to announce that the cease trade order issued by the Ontario Securities Commission (the "OSC") on May 20, 2014 was revoked on August 1, 2014. The cease trade order was issued in connection with a review of the Company's continuous disclosure undertaken by the OSC as a result of the Company's late filing of its financial statements, management's discussion and analysis, annual information form and related certifications for the year ended December 31, 2013.

The Company is also pleased to announce that it has received a further extension with respect to the delisting of its common shares (the "Shares") from the Toronto Stock Exchange (the "TSX"), and that the Shares will now be delisted from the TSX at the close of business on August 8, 2014. The Company has made an application to the TSX Venture Exchange (the "TSXV") to migrate the listing of its Shares from the TSX to the TSXV. There can be no assurance that a listing on the TSXV will be obtained before the Company is delisted from the TSX, or at all.

On behalf of the Board of Directors of Mediterranean Resources Ltd.

Robert Abenante, Chairman, President & CEO

Disclaimer for Forward Looking Information

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this news release includes, but is not limited to, statements regarding expectations of the Company regarding: (i) timing for delisting of the Shares from the TSX; and (ii) migration of the listing of the Shares from the TSX to the TSXV, and the approval and timing thereof. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation: (i) that the delisting of the Shares from the TSX may take effect earlier or later than stated in this news release; (ii) that the listing of the Shares may not be migrated from the TSX to the TSXV for any reason whatsoever; and (iii) other factors beyond the control of the Company. Except as required by law, the Company does not intend to update these forward-looking statements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.