Mediterranean Resources Ltd.

Published : February 14th, 2011

Announces Resumption of Preliminary Assessment and Conversion of Three Exploration Licenses to Opera

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News Release - Monday, February 14, 2011
Mediterranean Resources Announces Resumption of Preliminary
Assessment and Conversion of Three Exploration Licenses to
Operating Licenses

Vancouver, B.C., February 14, 2011 - Following the successful private
placement that raised $1.5 million, Mediterranean Resources Ltd. (TSX:
MNR; Frankfurt: MHM1) ("Mediterranean" or the "Company") announces that
it has retained SRK Consulting (Canada) Inc. ("SRK") to complete the
preparation of the Preliminary Assessment ("PA"), once known as
Preliminary Economic Assessment, on the Yusufeli gold and base metal
project located in North-East Turkey.  The Company also announces that
applications have been made to convert three exploration licenses
covering approximately 2,500 hectares adjacent to the Tac, Corak and
Celtik project areas to operating licenses.  In this regard, technical
reports have been submitted to the Turkish government's Mining Bureau;
and approval to the conversions is expected in the coming months.

SRK initiated the PA of the Tac and Corak deposits in late 2009
following completion of an NI 43-101 compliant resource estimate
earlier that year.  Since then, an intensive metallurgical testing
program for the two deposits has been completed, which provided the
necessary information to determine the appropriate process design
criteria and processing flowsheets. Initial Whittle open pit
optimization analyses for the two deposits are complete and final
optimization, detailed cost estimation and site layout work remain to
be completed.  The results of this economic study are anticipated for
release in March, 2011 and an NI 43-101 compliant technical report
outlining the PA is expected to be filed thereafter. 

Mediterranean has also completed the application for the conversion of
three of its exploration licenses to operating licenses, having
submitted technical reports as of December, 2010 to the Turkish Mining
Bureau.  One license, 20059301, lies adjacent to the Corak project to
the North-East where surface exploration has identified a wide
mineralized alteration system and where multiple rock samples returned
grades up to 3.47% Cu.  The second license, 20059302, is an extension
of the Celtik project where earlier drilling returned intercepts with
gold and copper values up to 6.51 g/t Au and 0.9% Cu over 18 metres
(HD-04) at a depth of 166.2 to 184.6 metres.  The third license,
20059303, located centrally on the Yusufeli mineralized trend covers
part of the Cevreli project area.  Ground exploration has identified
similar mineralization to that of the Tac deposit returning gold grades
up to 1.52 g/t Au in rock samples and 1,745 ppb in soil samples. 

Mediterranean expects to receive approval for these conversions in the
coming months.  At that time Mediterranean will have full rights to
seven operating licenses, including the four that describe the Tac and
Corak projects which are the subject of compliant resource estimations
and the PA described above.  Further exploration campaigns planned for
these additional operating licenses will serve to increase the resource
potential of the Yusufeli property.

About Mediterranean Resources

Mediterranean is an advanced gold exploration company operating in
north-eastern Turkey.  It controls a contiguous 12km mineralized trend
known as the Yusufeli project.  The Company has a 100% interest in the
Tac and Corak deposits where an 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.  Approximately $16 million in cumulative expenditures have been
made to date on the project.

On behalf of the Board of Directors,
"Dr. Peter J. Guest"
President & CEO

For further information please contact:

Peter J. Guest
President & CEO

The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.

This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of the Company in any
jurisdiction.  None of the Company's securities are registered under
the United States Securities Act of 1933, as amended (the "1933 Act"),
or the securities laws of any states of the United States, and may not
be offered or sold in the United States absent registration or an
applicable exemption therefrom under the 1933 Act and the securities
laws of all applicable states.

Certain information set out in this News Release constitutes
forward-looking information.  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.  In particular, there is no
assurance that (i) the Preliminary Economic Assessment will be prepared
within the time outlined above, or in a manner acceptable to the
Company or any governmental regulatory authority; (ii) the applications
to convert its exploration licences to operating licences will be
approved, either in a timely manner or at all.  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 press release, or
incorporated herein by reference, are expressly qualified, in their
entirety, by this cautionary statement.

Copyright (c) 2011 MEDITERRANEAN RESOURCES LTD. (MNR.H)  All rights
reserved.  For more information visit our website at or send
Data and Statistics for these countries : Canada | Turkey | All
Gold and Silver Prices for these countries : Canada | Turkey | All

Mediterranean Resources Ltd.

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Mediterranean Res. is a zinc and gold development stage company based in Canada.

Mediterranean Res. holds various exploration projects in Peru and in Turkey.

Its main exploration properties are YUSUFELI in Turkey and LANCONES and TAMBO GRANDE in Peru.

Mediterranean Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 26.0 millions as of today (US$ 25.4 millions, € 17.4 millions).

Its stock quote reached its highest recent level on April 27, 2007 at CA$ 0.50, and its lowest recent point on October 05, 2007 at CA$ 0.25.

Mediterranean Res. has 86 756 002 shares outstanding.

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Annual reports of Mediterranean Resources Ltd.
Annual Report 2007
Financings of Mediterranean Resources Ltd.
5/5/2010Announces Private Placement
Nominations of Mediterranean Resources Ltd.
1/29/2011Mediterranean Appoints Jeffrey Nichols as Company Director
Project news of Mediterranean Resources Ltd.
2/14/2011Announces Resumption of Preliminary Assessment and Conversio...
12/8/2009(Yusufeli)Initiates Drilling At The Celtik Discovery And Advances Yusu...
5/8/2009(Yusufeli)Technical Report on the Yusufeli Property
Corporate news of Mediterranean Resources Ltd.
3/9/2010Provides Update On Celtik Drilling And Preliminary Economic ...
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