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Attention Business Editors
Mediterranean Resources provides update on Celtik drilling and preliminary economic assessment
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.
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On behalf of the Board of Directors,
"Dr. Peter J. Guest"
President & CEO
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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.
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/For further information: Peter J. Guest, President & CEO, Ph: (604)
669-3397, pguest@medresources.ca, Website: www.medresources.ca or John Walter,
Communications Manager, IR, Ph: (647) 430-0197, john@jfwalter.com/
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