January 03, 2014

Mediterranean Resources Ltd. ("MNR" or the "Company") wishes to advise that due to its existing Chairman Dr. John Clarke needing to devote more time to his other management activities in the mining industry he has resigned as non- Executive Chairman and as a director of MNR with immediate effect. The Board of MNR would like to express their enormous gratitude for the many years of service that Dr Clarke has put into MNR since joining the company early last decade.

The Company wishes to advise that it has elected Brian Wesson to fill the director's position left vacant by this departure and has resolved to appoint Mr. Wesson as a director and as the non-executive Chairman of MNR with immediate effect.

Brian Wesson (MBA) is a principal of Lionsbridge Pty Ltd, an Australian based entity with which MNR agreed a financing arrangement as per our release of January 2nd 2014.

Mr. Wesson is an engineer with extensive experience in the management and operations of natural resource assets. Mr. Wesson is a fellow of the Australian Institute of Mining and Metetallurgy and a fellow of the Australian Institute of Company Directors. Mr. Wesson served as chief executive officer, director and president at Woulfe Mining Corp., a listed TSX Venture Exchange company, from Dec. 17, 2009, until Feb. 27, 2013. Previously he was the chairman, chief executive officer and owner of the Vatukoula gold mine, formerly Emperor gold mines. He is the principal of Westech International Pty. Ltd. He has over 30 years of experience in the resource and energy sectors. Mr. Wesson started his career as an engineer with Rand Mines Ltd. South Africa. He qualified in 1983 and was appointed as a senior manager at Harmony gold mine before holding technical management roles on East Rand Proprietary mines, Durban Roodepoort Deep and Vatukoula gold mine. He served as the chairman of the Sydney branch of the Australasian Institute of Mining & Metallurgy. Mr. Wesson has served on several natural resource boards throughout the world.

About Mediterranean Resources
The company is developing two mines located at its 100%-owned Red Mountain (K