News

March 20, 2008

Mediterranean Resources Has Done A Helluva Lot Of Work Exploring, Now It Needs To Get The Economics Right

By Rob Davies

Resource development is about finding metal and then bringing it to production. There is little doubt that both aspects are difficult, but finding and proving up metal in the ground is a “helluva a lot of work” to quote Dr Peter Guest, president and chief executive of Mediterranean Resources. He is delighted that the gold equivalent content at the company’s Tac and Corac projects in north-east Turkey is now 1. 6 million ounces in the indicated category, with another 700,000 ounces inferred - both to NI 43-101 standards.

The latest resource estimate on Corac, undertaken by Wardop, is the first since the mineralisation was identified in the 1970s, and complements the resource statement the company tabled on Tac last year. The two deposits are only eight kilometres apart and are located on the same trend, and while both are sulphides, there is a difference between them in that at Corac the precious metals are associated with lead and zinc, whereas at Tac the accompanying base metal is copper.

Drilling...