Mediterranean Resources resolves to not proceed with Jab Resources Purchase
VANCOUVER, June 22, 2012 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR) (Frankfurt: MHM1) ("Mediterranean" or the "Company") wishes to announce that after undertaking extensive due diligence it has resolved not to proceed with it's previously announced (on 22nd of May, 2012) transaction to acquire all of the issued and outstanding shares of Golden Touch Resources Australia Pty Ltd.
It is clear to Mediterranean that Albania represents an exciting new field of opportunity for exploration and production. The company intends to evaluate concessions in Albania to add to its portfolio. It has employed Behar Boshkaj, formerly the senior geologist at Empire Mining (TSXV:EPC) as its new Country Manager, is in the process of establishing an Albanian subsidiary and has rented an office in Tirana to conduct business in the country.
About Mediterranean Resources
Mediterranean acquired an undivided interest in the Tac and Corak properties from Teck Cominco in 2006. Approximately $18 million in cumulative expenditures have been made to date. The Cevreli and Celtik properties were acquired directly by MNR. Mediterranean is well financed for continued exploration.
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Certain information set out in this News Release constitutes forward-looking information, which may include information relating to the exploration and development of the Company's properties. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement. The Company does not undertake any obligation to update any forward-looking statements or information to reflect information, events, results, circumstances, realities or otherwise after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE Mediterranean Resources Ltd.
President and CEO