Mediterranean Provides Update on Previously Announced Letter of Intent to Form Joint Venture

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 29, 2014) - Mediterranean Resources Ltd. (the "Company") (NEX:MNR.H)(PINKSHEETS:MNRUF) is pleased to announce that, further to its news release of December 18, 2014, it has now received approval from the TSX Venture Exchange to proceed with the first part of the Letter of Intent for a Joint Venture Agreement dated December 17, 2014 (the "LOI)". The approval allows the Company to proceed with the transfer of 20% of the shares of Akdeniz Resources Madencilik A.S., a subsidiary of the Company, to Ceka Insaat ve Sanayi Ticaret A.S. for consideration of CDN$2,000,000 to be put towards the development of the Company's flagship Yusufeli Property in Artvin, Turkey.

Further to its news release dated December 18, 2014, the Company is proceeding with its private placement of $1,500,000 to satisfy its obligations under the LOI. The Company intends on closing both a definitive agreement and the private placement by January 31, 2015.

Signed on behalf of the Board of Directors.

Robert Abenante

Chairman, President & CEO

Neither the NEX, TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.