News

June 15, 2009

Mediterranean Resources Still Has Plenty Of Options On The Table For Its Yusufeli Gold Project In Turkey

By Alastair Ford

Peter Guest pops into Minesite’s offices to give us a quick update on how things are going down on the ground on the Yusefeli properties in Turkey, the key assets of the company he runs as president and chief executive, Mediterranean Resources. He’s in a reasonably positive frame of mind, having been meeting and greeting various London-based types with Turkish interests prior to his visit with us, and he’s in no doubt that Mediterranean Resources is still very much featuring on the maps of those with serious mining plans in that part of the world. There might have been some doubt, because at the end of last year Mediterranean signed a letter of intent with Turkish industrial conglomerate Cengiz Holding Co. which subsequently proved to be just about worthless.

“I was surprised at how nonchalantly they treated the letter of intent”, says Peter, more than a little ruefully as he sips his tea. He admits that it was what you might call a “learning experience” to be legged over so proficiently by one of the local heavyweights, but adds that given where the company now stands, it might not be all bad. “They were asking ‘how do you see the gold-bearing ore?’. They’d never heard of grade control geology”. None of which amounts to a ringing endorsement of...