Mediterranean Resources Signs MOU With Ramsey Group As Strategic Partner In Turkey

Vancouver, B.C., September 20, 2012 – Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) – (“MNR” or the “Company”) wishes to announce that it has signed an MOU with Remzi Gur, the principal of an important Turkish industrial enterprise, the Ramsey Group (Gurmen), to incorporate this group as a strategic partner in the Company’s main subsidiary in Turkey, Akdeniz Resources Madencilik. This subsidiary holds the Company’s licenses on the north side of the Coruh River which include the Company’s Tac and Corak deposits (also known as the Kizildag project), which have been the subject of past resource statements and a preliminary economic assessment in September 2011.

As part of MNR’s plan to make the Kizildag project self-funding and to also “Turkify” the project, the Company will be incorporating an as yet unspecified company in the Ramsey Group as a 20% shareholder in Akdeniz, and a further 5% stake will be in the hands of another Turkish strategic partnership. Thereafter, MNR intends to float 15% of Akdeniz to the investing public in Turkey via an IPO on the “venture exchange” (the GIP) or the Secondary National Market of the Istanbul Stock Exchange in coming months in one or more tranches. To this end the Company has initiated talks with various Turkish investment banks with a view to appointing a Lead Manager for the transaction.

The consideration for the Ramsey entity’s subscription to new shares in Akdeniz will be calculated in relation to the balance sheet of Akdeniz, adjusted for MNR converting 11 million Turkish Lira (out of loans of TL14mn) in debt owed to it by the subsidiary, Akdeniz, into equity.

As part of this transaction, the Ramsey Group interests and their associates will also have the option to acquire 49% of Celtik Madencilik, MNR’s other Turkish subsidiary. Celtik Madencilik holds the two licenses on the south side of the Coruh River which encompass the Celtik deposit on which two drilling campaigns have been conducted but on which no resource has been calculated as yet.

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