RSS UpdatesCompany Information for Mediterranean Resources Ltd
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 TSX; MNR
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Company Statement
Mediterranean Resources Ltd (TSX -- MNR) is developing four projects located along the 12 kilometre Yusufeli Property in northeastern Turkey. Current NI 43-101 compliant resource estimates for the Tac and Corak projects, 8 km apart, total 1.58 million ounces gold Indicated and 0.29 million ounces Inferred. These estimates, completed in April 2009 by SRK Consulting are constrained within Whittle pit shells, providing a materially enhanced level of confidence in the economic potential of the Yusufeli Property. The new resource estimates demonstrate that both Corak and Tac are amenable to open-pit mining with a reasonable assumption of economic viability.
To date, less than 20% of the 100 square kilometre Yusufeli Property has received drill exploration, and several targets remain to be addressed. In December 2008 MNR announced initial drilling results from the Celtik project area, located at the eastern end of the Yusufeli Trend. Assays from three holes confirmed a significant new discovery at Celtik, with multiple intercepts from surface to 314 metres. An intercept of 18.4 metres assayed 6.51 g/t gold and 0.9% copper.
MNR acquired the Corak and Tac properties from Teck in 2005, and currently controls these core areas under a mining license. Acquisition of contiguous areas has been conducted by obtaining new exploration licenses. The properties are well serviced by roads, water and access to power, providing for highly cost-effective exploration. To date, exploration costs have averaged less than $8 per ounce. As well, Turkey's modernized mining code and permitting process provide attractive incentives to exploration ventures, including rebates on expenditures.
MNR's plans for 2009 include 6,000 metres of diamond core drilling to an average depth of 300 metres at Corak and Tac to upgrade and expand resources within the new pit shell modeling, and a drill program to follow up on the significant new discovery at Celtik.
Current Operations
A recently updated 43-101 compliant resource estimate was released on April 6, 2009.
Further work on the Yusufeli Property in 2009 will include 12,000 metres of drilling at Tac and Corak to enhance and expand the known resources, and a drill program to follow up on a significant discovery made last year at Celtik.
Geographical Spread
TURKEY - The Tac and Corak Properties are Located 8 km and 18 km respectively southwest of Yusufeli in the Province of Artvin. The Tac Property is comprised of three pre operation licenses totaling approximately 1,600 hectares and the Corak Property is comprised of one pre-operation license of approximately 830 hectares. The Company has acquired eight exploration licenses totaling approximately 7,300 hectares that adjoin Tac and Corak and surround both Tac and Corak bringing the land under license held by the Company to approximately 9,700 hectares.
Board of Directors and Key Management
| Mark T. Brown | Director |
| John A. Clarke | Director |
| Peter J. Guest | President and CEO, Director |
| Bruce K. McKnight | Director |
| Bryan Morris | Director |
| Philip A. Strathy | Director |
| George D. Tikkanen | Director |
| Winnie Wong | Chief Financial Officer |
| Cheryl A. Harpestad | Corporate Secretary & Office Manager |
Company AddressSuite 890 - 885 Dunsmuir Street
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Additional Address/Key ContactDouglas Hickey |
CapitalSHARES OUTSTANDING: 87,219,248
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Annual General MeetingAnnual General Meeting to be held on Friday, May 12, 2009 at 10:00 a.m. at Xchange Conference Centre, 2nd Floor, 888 Dunsmuir Street, Vancouver, BC. | Year EndDecember 31st |
Major Shareholders
| Teck Cominco |
| Metage Funds Ltd. |
| Metage Special Emerging Markets Fund |
| JP Morgan Asset Management |
| Macquarie Bank Limited |
| Geologic Resource Fund Ltd. |
| Fairlane Growth Fund |
Related News
14/01/10 - This Is The Year When Some Exciting Decisions Are Going To Be Made About The Future Of Mediterranean Resources15/06/09 - Mediterranean Resources Still Has Plenty Of Options On The Table For Its Yusufeli Gold Project In Turkey
08/12/08 - Mediterranean Resources Comes Up With A Deal In Turkey That Its Peers Can Only Dream About
20/03/08 - Mediterranean Resources Has Done A Helluva Lot Of Work Exploring, Now It Needs To Get The Economics Right
Most Recent Statement
09/03/10 - Mediterranean Resources Provides Update On Celtik Drilling And Preliminary Economic Assessment18/01/10 - Mediterranean appoints Communications Manager, Investor Relations
08/12/09 - Mediterranean Resources Initiates Drilling At The Celtik Discovery And Advances Yusufeli Property Permitting Process
06/04/09 - Mediterranean upgrades Yusufeli resource estimate
18/03/09 - Mediterranean announces major shareholder
16/12/08 - Mediterranean announces new discovery at Celtik 6.51 g/t gold and 0.9 % copper over 18.4 metres