Mediterranean Resources Ltd.
TSX : MNR
FRANKFURT : MHM1

Mediterranean Resources Ltd.

August 21, 2013 17:20 ET

Mediterranean Resources Receives Further Deposit From Its Strategic Shareholder in Turkey

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2013) - Mediterranean Resources Ltd. (TSX:MNR)(FRANKFURT:MHM1) ("Mediterranean") is pleased to advise the market that it has received a further TL 400,000 from the Kaya family as a deposit towards their acquisition of 10% of Akdeniz Resources Madencilik A.S. ("Akdeniz"), which the company had previously announced on June 18. This brings the amount invested in Akdeniz Resources thus far by CeKa to TL 650,000.

Under the terms of the Definitive Agreement, the new shareholder may subscribe for around 10% of the shares of Akdeniz, which is the company that holds 100% of Mediterranean's projects at the Red Mountain site near Yusufeli in north-eastern Turkey. For the first 5% (representing 1.4mn shares of Akdeniz) the investors shall contribute TL 1.4mn in capital to Akdeniz. Likewise for the second 5%, the amount invested shall be the same Turkish Lira value. On the completion of this investment, the investors shall hold 11.76% of the shares of Akdeniz, with the IPO of Akdeniz and the entry of public shareholders eventually reducing this stake to 10.28% of the total shares.

Signed on behalf of the Board of Directors.

Forward-Looking Statements: This Mediterranean Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Mediterranean which are based on the beliefs of Mediterranean management, as well as assumptions made by and information currently available to Mediterranean management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.

Contact Information

  • Mediterranean Resources Ltd.
    Christopher Ecclestone
    Chief Executive Officer
    604-669-3397
    www.medresources.ca