30.10.08 - 17:05 Uhr
 

 


N E W S R E L E A S E


 


HIGH GRADE RESULTS CONTINUE TO EXTEND GOLD & BASE METAL MINERALIZATION AT THE CORAK PROPERTY


Vancouver, B.C., October 30, 2008 - Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1)announces results from four infill diamond core holes drilled at the Corak property confirming thecontinuity of very high grade near-surface gold and base metal values. MNR owns 100% of theCorak and Tac advanced exploration properties together with six other properties situated along acontiguous 12 kilometre mineralized trend in northeastern Turkey. Drilling of two new areas, Celtik andWest Corak, is now under way.


Highlights• Gold values up to 71.4 g/t; one interval of 5.15 g/t over 22.2 metres.• Multiple intercepts in each hole reported, from 12 to 126 metres depth.• Four high grade intercepts from drill hole CD-191 and three from drill hole CD-193.• Associated silver, lead and zinc values up to 203 g/t silver, 7.89 % lead, 14.95 % zinc.• An updated Corak resource estimate incorporating current results is expected by year end.


Current Corak Drilling Program


Approximately 7,000 metres of the 8,000 metre 2008 Corak drill campaign have been completed to date.Four infill drill holes are reported in this release: CD-191, 193 and 194 drilled in the Village Zone andCD-196, drilled in the South Zone, confirming the presence of high grade gold and base metalmineralization along the 700 metre corridor comprising both mineralized zones. The attached map (orlink to ) correlates the mineralized zones with the new drill holes.A resource of over 1 million ounces (indicated and inferred gold equivalent) has already been establishedat Corak in an NI 43-101 compliant report released earlier this year. Current drilling will provide anupdated resource estimate, expected by year end.Results are tabled below. True widths of the high grade veins reported are indeterminable at this stage.Depths of the reported holes range from 130 to 230 metres.


CD-191From(m)To(m)Interval(m)Au(g/t)Ag(g/t)Cu(%)Pb(%)Zn(%)27.2 28.2 1.0 36.90 21.40 0.06 0.52 1.28and 36.3 37.3 1.0 53.70 23.30 0.30 4.05 5.18and 59.2 60.2 1.0 37.60 203.00 0.12 1.90 1.12and 72.1 73.1 1.0 8.70 33.80 0.09 5.53 14.95inc 92.5 93.8 1.3 0.93 14.20 0.21 2.27 9.57and 121.0 122.0 1.0 0.14 5.80 0.06 1.22 6.09CD-193From(m)To(m)Interval(m)Au(g/t)Ag(g/t)Cu(%)Pb(%)Zn(%)26.9 28.0 1.1 56.50 36.50 0.05 1.56 1.60and 49.5 51.2 1.7 6.22 19.50 1.06 1.02 2.54and 125.0 126.0 1.0 12.90 5.30 0.04 0.44 1.66


CD-194 From(m)To(m)Interval(m)Au(g/t)Ag(g/t)Cu(%)Pb(%)Zn(%)21.1 22.1 1.0 1.45 22.40 0.32 7.89 8.59and 27.0 28.0 1.0 4.17 10.40 0.63 2.15 8.94and 29.0 30.0 1.0 0.15 10.90 0.09 1.72 6.97and 35.9 36.9 1.0 0.15 20.70 0.14 1.86 9.34and 44.1 48.4 4.3 1.99 11.88 0.04 1.77 1.29and 69.1 81.8 12.7 1.12 3.03 0.03 0.32 0.68inc 77.7 79.8 2.1 2.24 7.88 0.14 1.50 3.22and 113.0 114.0 1.0 0.29 6.80 0.05 1.27 4.59


CD-196 From(m)To(m)Interval(m)Au(g/t)Ag(g/t)Cu(%)Pb(%)Zn(%)12.0 13.2 1.2 2.05 39.20 1.43 6.23 11.50and 21.7 25.8 4.1 1.41 12.98 0.61 1.66 3.69and 72.2 94.4 22.2 5.15 2.08 0.02 0.09 0.17inc 72.2 73.2 1.0 9.79 1.00 0.01 0.12 0.06inc 83.9 85.0 1.1 71.40 19.00 0.04 0.14 0.58and 117.0 118.0 1.0 0.24 1.00 0.04 0.20 3.37


Qualified Person and QA/QCDr. Peter Guest is the qualified person who has reviewed the data in this news release. The ALS ChemexVancouver laboratory used standard fire assay and atomic absorption methods in performing all gold andmulti-element analyses.


Project OverviewNI 43-101 compliant resource estimates (over 2 million ounces in total, Au equivalent, indicated andinferred) have been established at the Tac and Corak properties; drilling has begun on the Celtik propertyand also on the West Corak property on targets identified by ground exploration programs including soilgeochemistry and IP geophysical surveys. Ground exploration to develop drilling targets is ongoing atthe Cevreli property. Additional exploration licenses have been obtained which allow an uninterruptedproperty holding along a 12 kilometre mineralized trend.Corak Resource Estimate - 1.15 Million Ounces Gold Equivalent, Indicated and InferredIn 2007 MNR drilled approximately 17,500 metres at Corak over a mineralized area including the Villageand South Zones. A NI 43-101 compliant resource estimate (March 11, 2008) outlined 542,163 ozs ofgold, indicated, on a gold equivalent basis at an average grade of 1.74 g/t using a threshold value of$13/tonne contained metal value. An inferred resource was also outlined of 606,925 ozs of gold on a goldequivalent basis at an average grade of 1.6 g/t and $13/tonne contained metal value.


Tac Resource Estimate - 1.18 Million Ounces Gold Equivalent, Indicated and InferredTac is situated approximately 8 km northeast of Corak. Tac has an NI 43-101 compliant indicatedresource of 1,055,954 ozs of gold on a gold equivalent basis at an average gold grade of 1.61 g/t using athreshold value of $13/tonne contained metal value. An inferred resource was also outlined of 123,965ozs of gold on a gold equivalent basis at an average grade of 1.71 g/t and $13/tonne contained metalvalue.


About Mediterranean ResourcesMediterranean acquired an undivided interest in the Tac and Corak properties from a major miningcompany in 2006. Approximately $14 million in cumulative expenditures have been made to date,resulting in over 2 million ounces (gold equivalent) combined resource estimates. The Cevreli and Celtikproperties were acquired directly by MNR. Mediterranean is well financed for continued exploration,with a cash position of $5.5 million as of the date of this release.


For further information please contact:Dr. Peter J. Guest Mr. Douglas HickeyPresident & CEO Manager, Investor Relations604-669-3397 604-629-4807

 




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