VANCOUVER, March 9 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1) announces that 5 diamond core drill holes comprising approximately 1,500 metres have been completed on the Celtik project, located at the eastern end of a 12 km mineralized trend encompassed by the Yusufeli Property.
Celtik Discovery
The 3,000 metre, 8 drill hole campaign was curtailed due to unsafe drilling conditions along the exploration roads caused by an abnormally warm winter. The ALS Chemex laboratory in Vancouver is currently assaying pulps from the 5 drill hole cores, results of which will be disseminated when received. The drill results will be utilized to determine the resource potential of the project area and assist with the positioning of additional drill holes in a campaign to be continued in the summer.
In a previous drilling program, Celtik returned intercepts with gold and copper values up to 6.51 g/t Au and 0.9% Cu over 18.4 metres (HD-04) at a depth of 166.2 to 184.6 metres.
Preliminary Economic Assessment and Permitting
SRK Consulting Inc., Vancouver office (SRK) retained in December, 2009 to provide a Preliminary Economic Assessment (PEA) on the Tac and Corak projects completed a site visit in February. This visit was to satisfy NI 43-101 requirements and, ascertain suitable locations for operating facilities, tailings dams and waste rock areas. The PEA is expected to be completed and filed by midyear.
SRK completed a NI 43-101 compliant resource estimate on the Tac and Corak projects earlier this year which established an indicated resource of 49.5 million tonnes grading 1.32 g/t (Au Eq.) containing 2.09 million ounces of Au Eq. and an inferred resource of 11.0 million tonnes grading 1.16 g/t (Au Eq.) containing 409,000 ounces of Au Eq. using April, 2009 metals prices. The strike length of the Tac project explored to date and utilized in the resource estimate reported is approximately 1.0 km long compared to a strike length of approximately 12 kms that describes the entire mineralized area held under license.
The Corak project strike length is approximately 800 metres along the 12 km mineralized extent.
Golder Associates, Ankara office (Golder) will initiate the Yusufeli Environment Impact Assessment (EIA) permitting process based on the findings of the PEA midyear.
Qualified Person
Dr. Peter Guest is the qualified person who has reviewed the data in this news release.
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 $15 million in cumulative expenditures have been made to date.
On behalf of the Board of Directors,
"Dr. Peter J. Guest"
President & CEO
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"
The TSX does not accept responsibility for the adequacy or accuracy of this release.