MEDITERRANEAN RESOURCES ANNOUNCES DRILL CAMPAIGN ON ITS CORAK AND TAC DEPOSITS
VANCOUVER, June 15, 2011 /CNW/ --
VANCOUVER, June 15, 2011 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR)
(Frankfurt: MHM1) ('Mediterranean') is pleased to announce that it has
formulated a drilling campaign for its Corak and Tac deposits over the
summer months. These deposits were previously the subject of a NI43-101
Technical Report (the results of which are shown below) in May 2008.
*Mineral Resource Statement, Yusufeli Property, Artvin Province, Turkey, SRK Consulting (Canada) Inc, May 8, 2009
Classification Quantity Grade Contained Metal
Deposit Tonnes Au Cu Ag Pb Zn AuEq Au Cu Ag Pb Zn
(millions) (g/t) (%) (g/t) (%) (%) (g/t) (Moz) (Mlb) (Moz) (Mlb) (Mlb)
Indicated Mineral
Resource
Taç 23.80 1.24 0.12 - - - 1.39 0.95 64.00 - - -
Çorak 25.70 0.76 - 1.57 0.25 0.60 1.26 0.63 - 1.30 141.00 340.34
Total
Indicated 49.50 0.99 0.12 1.57 0.25 0.60 1.32 1.58 64.00 1.30 141.00 340.34
Inferred Mineral
Resource
Taç 3.20 1.56 0.14 - - - 1.72 0.16 9.81 - - -
Çorak 7.80 0.53 - 1.42 0.20 0.48 0.93 0.13 - 0.35 34.76 82.00
Total Inferred 11.00 0.83 0.14 1.42 0.20 0.48 1.16 0.29 9.81 0.35 34.76 82.00
* Mineral resources that are not mineral reserves do not have
demonstrated economic viability. All figures rounded to reflect the
relative accuracy of the estimates. Reported at an NSR cut-off grade of
US$11 per tonne, within Whittle shells with slope angles of 55 degrees,
using 15 by 15 by 15 metres block models. NSR and gold equivalent
(AuEq) calculated using metal prices of US $900 per ounce of gold, $2
per pound of copper, $1 per pound each of zinc and lead and considering
metal recoveries of 90% and 85% for gold at Taç and Çorak,
respectively, and 80% copper, 80% silver, 81% zinc, and 81% lead. NSR
and gold equivalent values include transportation refining/smelting and
royalty costs. Mining and processing (to a concentrate) costs are not
included.
The Company recently published the results of its Preliminary Assessment
prepared by SRK Consulting of Vancouver on June 14, 2011. As a result
of this assessment the Company has decided to carry out additional
drilling at Corak and Tac with a view to publishing a new NI 43-101
Technical Report on these deposits.
The targets at Corak are primarily areas of the existing deposit where
inadequate drilling was done in the past. The campaign on this deposit
will consist of four 200-metre holes and one 150-metre hole. The map
for these proposed holes (marked in green) is shown at the following
link http://www.medresources.ca/projects/maps/
The target for a three/four-hole campaign at Tac is the part of the
deposit (shown in crimson) that was identified by SRK as potentially
high-grade and yet was not included within the resource estimate due to
drill spacings being too wide. The map for these proposed holes is
shown at the following link http://www.medresources.ca/projects/maps/
About Mediterranean Resources
MNR is an advanced gold exploration company operating in north-eastern
Turkey. MNR controls a contiguous 12km mineralized trend known as the
Yusufeli project. MNR has a 100% interest in the Tac and Corak deposits
where an 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. Approximately
$16 million in cumulative expenditures have been made to date on the
project.
Signed on behalf of the Board of Directors.
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solicitation of an offer to buy securities of the Company in any
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actual events or outcomes to differ materially from those anticipated
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but are not limited to risks, uncertainties and other factors that are
beyond the control of the Company, risks associated with the industry
in general, commodity prices and exchange rate changes, operational
risks associated with exploration, development and production
operations, delays or changes in plans, risks associated with the
uncertainty of reserve estimates, health and safety risks and the
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forward-looking statements, readers are cautioned not to place undue
reliance upon forward-looking information. Although the Company
believes that the expectations reflected in the forward-looking
statements set out in this press release or incorporated herein by
reference are reasonable, it can give no assurance that such
expectations will prove to have been correct. The forward-looking
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incorporated herein by reference, are expressly qualified, in their
entirety, by this cautionary statement.
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Christopher Ecclestone
Interim Chief Executive Officer
604-669-3397
www.medresources.ca