Mediterranean Resources Ltd. - Resolution of Legal Action
VANCOUVER, March 29, 2012 /CNW/ - Mediterranean Resources Ltd.
('Mediterranean') is pleased to announce that the parties in the matter of Peter Guest v. Mediterranean Resources Ltd SCBC Action # S-112005, Vancouver Registry have reached an agreement to settle the matter.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.
On behalf of the Board of Directors,
'Christopher Ecclestone'
President and CEO
Neither Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts 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. The securities to be issued pursuant to the Unit Offering by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the '1933 Act'), or the securities laws of any state 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, 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 press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.
Mediterranean Resources Ltd.
CONTACT: Christopher Ecclestone
President and CEO
604-669-3397
www.medresources.ca