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Company Statement
Mediterranean Resources Ltd. ("Mediterranean") is focused on developing gold deposits in Turkey.
Currently, Mediterranean is actively working on its two 100% owned properties that saw more then US$4 million of development by Teck Cominco during the 1990's. These properties are called Tac and Corak.
Mediterranean is well funded for the development of its two advanced exploration properties, Tac and Corak, in Turkey.
Mediterranean has an operating tested management team with the experience and knowledge necessary to bring these properties to production.
Current Operations
Recently updated NI 43-101 compliant resources on the Corak and Tac deposits total 1.58 million ounces gold Indicated, 290,000 ounces gold Inferred, as well as substantial credits for silver-lead-zinc and copper. The new estimates are constrained within pit shells to demonstrate the potential for economic extraction. They remain open to upgrade and expansion.
Mediterranean acquired Corak and Tac from Teck in 2005, and currently controls these core areas under operating licenses. Acquisition of contiguous areas has been completed by obtaining new exploration licenses now covering approximately 100 square km along the trend. The project is well serviced by roads, water and access to power, providing for highly cost-effective exploration. To date exploration costs have averaged less than $7 per ounce.
As well, Turkey’s modernized mining code and permitting process provide attractive incentives to exploration ventures, including rebates on expenditures.
Mineralization at Corak and Tac is characterized by near surface high grade vein systems. Recent drilling results included multiple intercepts from each hole reported, ranging from 12 to 307 metres depth with gold grades up to 71.4 g/t over 1.1m and an interval of 22.2m grading 5.15 g/t. Numerous intervals returned grades of +20 g/t.
A new discovery at Celtik with high gold and copper values has significant potential to further expand resources. In December 2008 Mediterranean 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 Au and 0.9% Cu. Resource upgrade and expansion, follow-up drilling on the Celtik discovery started December 2009 and metallurgical work to determine optimum extraction methods is ongoing.
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
| John A. Clarke | Director |
| Peter J. Guest | President and CEO, Director |
| Ibrahim Guney | General Manager and Director |
| Askin Karahan | Director |
| Sabri Karahan | Director |
| Z.Didem Birkalan Karahan | Director |
| Bryan Morris | Director |
| Philip A. Strathy | Director |
| Cheryl A. Harpestad | Corporate Secretary & Office Manager |
| Winnie Wong | Chief Financial Officer |
| John Walter | Communications Manager, Investor Relations |
Company AddressSuite 890 - 885 Dunsmuir Street
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Additional Address/Key ContactJohn Walter - Communications Manager, Investor Relations |
CapitalIssued; 87,219,248
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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
24/08/10 - Mediterranean Resources Continues To Negotiate Hard Over The Sale Of Its Turkish Gold Assets14/01/10 - This Is The Year When Some Exciting Decisions Are Going To Be Made About The Future Of Mediterranean Resources
15/06/09 - Mediterranean Resources Still Has Plenty Of Options On The Table For Its Yusufeli Gold Project In Turkey
Most Recent Statement
15/06/10 - Updated Company Presentation12/05/10 - Mediterranean closes private placement
06/05/10 - Mediterranean announces private placement
08/04/10 - Mediterranean Announces Celtik Drill Results, Update On Surface Exploration At Cevreli, And Updates Tac And Corak Preliminary Economic Assessment
09/03/10 - Mediterranean Resources Provides Update On Celtik Drilling And Preliminary Economic Assessment
18/01/10 - Mediterranean appoints Communications Manager, Investor Relations