Mediterranean Resources Quarterly Review - PrecisionIR

Mediterranean Resources Quarterly ReviewWe have decided to create this and future newsletters as a response to investor requests for moredetailed information on what Mediterranean Resources has been doing and what our plans andgoals are for moving forward. We will also be using them as a resource for informing and attractingnew investors.This, our first issue, will include our current resource estimate, a look back on 2012 and all thathappened, including the discovery of exciting new mineralized zones, and the signing of a strategicpartnership. In addition, we will hear from our CEO Mr. Christopher Ecclestone, and we will outlineour plans and goals for this year.On March 11, 2008 Mediterranean announced an NI 43-101 compliant resource estimate for Taçand Çorak. Highlights of the study are:• Indicated resource of 1,598,417 ozs of gold at both Taçand Çorak on a gold-equivalent basis with a threshold ofUS$13/tonne contained metal value (and inferredresource of 730,889 ozs);• Indicated resource of 1,335,249 ozs of gold at both Taçand Çorak on a capped basis with a threshold ofUS$13/tonne contained metal value (and inferredresource of 484,276 ozs);• At Taç, indicated resource of approximately 58.0 millionlbs of contained copper; (and inferred resource ofapproximately 8.0 million lbs of contained copper);• Also at Çorak, indicated resource of approximately 340million lbs. of zinc, (and inferred resource of 82 millionlbs. of zinc); and indicated resource of approximately141million lbs. of lead, (and inferred resource of 34.7million lbs. of lead);Metallurgical testing indicated flotation to be the most appropriate method of metal recovery andconcentration. Therefore in 2011 a PEA Scoping Study on the properties was completed andpublished which used as its basic premise that Corak would produce a gold-rich Lead/Zinc con forthe first 3 ½ years of the projects life with Tac then picking up the baton and switching to a coppercircuit producing a gold- rich copper con for the remaining four years of the project. Extensions tothe Life of Mine (LOM) beyond that period would be dependent upon future discoveries ofmineable resources.www.medresources.ca www.mediterraneanresources.com @MedResourcesTSX

On January 22nd of 2013 the company announced that the two deposits would be assessed byindependent consultants with the 10 drill holes drilled in the winter of 2011-12 being taken intoconsideration. These updated NI43-101reports of Çorak, and then Taç, will alsoinclude an update to the metals pricespublished in the initial NI43-101. Theoriginal numbers were; US$900/oz. Au,US$12/oz. Ag, US$1/lb. Pb & Zn andUS$2/lb. Cu.Tenement / Claim Map2012Last year started off with the discovery of2 new zones of gold-copper and basemetal mineralization. The first discovery atÇorak, known as Çorak West, is a 350m x200m NW trending argillic alteration zonewhich produced the following results.Sample No Sample Type Au, g/t Cu, % Pb, % Zn, %18788 Rock chip 0.014 0.940 0.002 0.01542999 Composite chip 0.015 2.360 0.014 0.00343004 Rock chip 0.037 1.360 0.280 0.02643005 Rock chip 0.014 0.947 0.035 0.01743050 Rock chip 0.215 2.370 1.535 1.81043054 Rock chip 0.041 0.758 0.050 0.02943056 Rock chip 0.162 0.542 3.290 1.06043058 Rock chip 0.044 0.713 0.041 0.05543059 Composite chip 0.027 1.620 0.008 0.02643073 Composite chip 0.031 0.967 0.019 0.01143098 Rock chip 0.009 3.140 0.007 0.00343100 Rock chip 0.026 0.399 2.050 0.40443119 Rock chip 0.027 1.320 0.013 0.08343123 Rock chip 0.419 0.753 0.670 0.35443129 Rock chip 0.132 0.960 7.270 0.08643130 Rock chip 0.229 1.160 0.901 0.03943131 Rock chip 0.674 0.773 0.743 0.23543132 Rock chip 0.755 0.992 0.695 0.30343139 Rock chip 0.010 5.590 0.027 0.03243140 Rock chip 0.019 1.695 0.002 0.002www.medresources.ca www.mediterraneanresources.com @MedResourcesTSX

The second discovery was serendipitousindeed, as it occurred during theconstruction of a forestry road, when alarge zone of argillic alteration wasexposed in the underlying andesiticvolcanics. This zone became known asÇevreli North. We conducted a limitedfield program of rock and channelsampling which returned high grade goldand silver assays, up to 6.1 g/t, as well;significant base-metal values have beengenerated by rock sampling at Zone 3.The results are summarized in thefollowing table:ÇevreliSAMPLE Au g/t Ag ppm Cu ppm Pb ppm Zn ppm43534 0.121 25.60 10750 710 22243538 0.554 37.20 7320 180500 3110043539 0.055 6.70 2080 1335 24643540 0.122 27.30 9320 12100 72143541 0.183 3.70 1545 11750 423043543 0.025 1.50 1020 9870 1290043545 0.098 28.50 5370 23700 235043546 0.190 8.30 1625 36100 1670043547 0.173 6.80 1400 22900 1080043548 6.100 41.30 3370 134500 9390043549 0.702 25.30 6120 98600 8860043550 0.461 4.30 1300 17600 3200043551 0.638 2.50 889 7200 2640043552 0.286 2.90 5230 10400 683043554 0.338 4.80 1495 12300 745043556 1.635 5.10 1180 5990 2190043558 0.190 3.40 1080 5860 8990Rock sampling at Zones 1 and 2 producedparticularly high zinc assays. Elevated silver gradesalso have been found to occur in continuous zones ofmineralization.www.medresources.ca www.mediterraneanresources.com @MedResourcesTSX

We were excited about these discoveries, as they reinforced our belief that Red Mountain hassignificant potential for expansion of the Taç-Çorak resource, and provided us with promising newdrill targets.With February came encouraging results from 5 of 10 infill holes drilled at Çorak Taç. While the Taçresults wouldn’t arrive until April, the highlights of the Çorak holes included;1- High grade gold values up to 40.7 g/t over short intervals.2- Multiple intercepts in each hole reported, from surface to 254 metres depth.3- Reported holes CD-205 and CD-206 were drilled approximately 450 metres and CD-207 andCD-208 were drilled approximately 300 metres northwest of the Village and South. CD-209 wasdrilled at the East zone (250m east of village zone) and tested valley zone between main (Village)zone and East zone.4- High grade Au intercepts from drill hole CD-209 (one metre of 40.7 g/t) and from drill holeCD-208 (0.7 metres of 23.3 g/t).5- Associated silver, lead and zinc values up to 102 g/t silver, 21 % zinc and 7.8 % lead.Springtime is a sign of new beginnings and fresh starts, and as such, we looked at the resolution oflegal proceedings involving our a former CEO as a time to “start fresh” with a renewed focus onadvancing Mediterranean Resources toward production while increasing shareholder value.It’s April, and the results of the five infill holesdrilled at Taç arrived. These results too gave uscause for excitement as we saw High gradegold values up to 12.6 g/t over short intervalsas well as Copper values up to 4.5%. Thedetails of which are detailed in our newsrelease dated April 19, 2012.We also appointed anew senior Geologist,Aydin Usta, at ourTurkish operations tofurther develop andoversee our projects inthe MediterraneanBasin. He was formerlywith Red CrescentResources.Fording the Çoruh River to get drill equipment acrosswww.medresources.ca www.mediterraneanresources.com @MedResourcesTSX

Trenching at ÇeltikThe BalkansInvestors will recall that in late May 2012 an LOI was signed regarding the planned acquisition ofGolden Touch’s wholly owned subsidiary, JAB Resources of Albania. This asset had properties ingold, chromite and PGMs.After conducting extensive due diligence, our team came to the conclusion that while Albania is aregion that warrants our attention, the Golden Touch acquisition would not have been in our bestinterests and as a result, we opted not to proceed. However, we opened an office in Tirana andappointed a country manager and have been reviewing a steady stream of projects since that time,in both Albania and Kosovo. The process of assessing projects in PGMs, Antimony and Chromite inthose countries continues.TurkificationAs we moved into fall, we signed an MOU with Ramsey Group of Turkey. The principal of this groupis a gentleman named Remzi Gur. This was a significant signing as Mr. Gur is a well-known businessfigure in Turkey. The ultimate goal of this MOU was to incorporate Ramsey Group as a strategicpartner of our wholly owned Turkish subsidiary, Akdeniz Resources Madencilik. At the same timeanother Turkish partner, EMCo was announced. The latter group paid the first tranche of theircapital contribution to Akdeniz Resources in recent weeks.EMCo’s representative on the board of Akdeniz will be Mustafa Mehmet Açıkalın. He was born inSivas in Anatolia in 1951 and is currently the CEO of Kumas, one of the world’s largest Magnesiteminers and processors (www.kumasref.com). He studied finance and economics at the Faculty ofPolitical Science at the University of Ankara. He did his MA at the School of Economics of theUniversity of Istanbul. He started to work as an assistant inspector of treasury at the Ministry ofFinance. He did his internship in Paris. He later became the Chief Inspector of the Turkish MinistryofFinance. He worked as a General Director for Turkish State Maritime Lines and served as a chairmanfor the general board of that institution. He worked as a Secretary General for the IstanbulMetropolitan Municipality (when the current Prime Minister, Recep Erdogan, was mayor of Istanbul).He also worked as a chairman of the board for İĞTAŞ AŞ, BELTUR AŞ and Ulaşım AŞ. He was a MPfor Istanbul for one term and a MP for Sivas for one term in the Turkish Parliament. He was also partof the Turkish delegation to NATO Parliamentary Assembly.www.medresources.ca www.mediterraneanresources.com @MedResourcesTSX

Board AdditionWe had both a departure and an addition where the Board of Directors is concerned in November.On November 20th, Dr. Kerim Sener tendered his resignation to concentrate his efforts more fullyas the Managing Director of Ariana Resources.With the closing of one chapter, so began another with the appointment of Dr. MichaelHirschberger to our Board.Dr. Michael Hirschberger is Principal and CEO ofStrategic Min-Metals, AG, Vienna, a niche companyfocused on Chromite exploration in select countries. Hepreviously operated Global Min-Metals, SA, anexploration company developing Manganese ore,predominantly in Panama. He successfully recruited abroad range of professionals with extensive internationalexperience in geology, mining and large scale productionof manganese.Dr. Hirschberger spent the first half of his career in R&D,regulatory affairs, business development and productmanagement with Roche, Merck and White, Weld & Co., Northern Trust, Societe Generale S.A. inNew York and his own firm, Healthcare Capital Group, based in Switzerland. He served as a senioranalyst, Executive VP in corporate finance and a venture capitalist focused on early stage medicaldevice and specialty pharmaceutical companies.Christmas came a month early at Mediterranean Resources with the announcement of a newprospect at our Çeltik exploration tenement. It is called Hilal and is in an area that had not beensubject to any reporting.www.medresources.ca www.mediterraneanresources.com @MedResourcesTSX

Hilal is a north-south trending mineralizedzone of intensely sheared and brecciatedrock with pervasive argillic alteration,which is at least 800 meters long and 300meters wide. It is characterized byubiquitous iron and copper-oxide stainingalong with highly anomalous silver andlead-zinc mineralization. The prospect istentatively interpreted as a previouslyunknown northernmost extension of theTaç deposit and may significantly expandthe overall potential of the area. We alsooffered up an update to Taç.Taç North is an elongated area some 1200meters long and at least 600 meters widethat extends in north-easterly directiontoward Hilal. Situated largely on the Tacexploration license, Taç North iscontiguous to the Company's Taç deposit.HilalFar North of ÇeltikTaç North is an intensely sheared area withmanifest phyllic/argillic alteration. Ofparticular interest, is its silver-base metalgeochemical affinity which may beinterpreted as a newly discoveredmineralization level in the greater Yusufelimineralized system.Northern Edge of TaçCore Sample from Taçwww.medresources.ca www.mediterraneanresources.com @MedResourcesTSX

The Istanbul Stock ExchangeFrom the middle of 2012, MNR has been pursuing a goal of listing its main Turkish subsidiary,Akdeniz Resources Madencilik on the booming Istanbul Stock Exchange. The prolonged period ofstrong GDP growth in Turkey has made the Istanbul market one of the most buoyant in the world.However, there is only one mining group of note listed there, the domestic gold miner, Koza, with amarket cap that has sometimes touched US$3bn. We are aiming for Akdeniz to be the second goldminer to list. This will provide us with capital to develop the mine and aid in the Turkification of thecompany.After an extensive “beauty parade” of banks and advisors, the company announced on January23rd that we had appointed Mehmet Urcu of Istnvest as advisor to the company on the planned IPOof Akdeniz Resources Madencilik A.S. (Akdeniz). It is envisioned that Akdeniz will issue new sharesof its subsidiary to local and international investor’s equivalent to 15% of the expanded capital. Thesole assets of Akdeniz at this time are the Taç and Çorak deposits (Celtik having been separatedinto a new vehicle which shall be JVed or developed otherwise).Istnvest is an investment bank in Istanbul, headed by Mehmet Urcu, where he is a Founder and aManaging Partner. Prior to forming Istnvest, he was the Co-Founder and the Managing Partner ofDanista Capital Partners based in Istanbul. Prior to that, he had run YF Securities as Executive VicePresident and Orion Investment, a Dubai based investment firm, as CEO. Prior to this, he served ina variety of positions during his five-year tenure at TSKB, a leading investment bank in Turkey. Hestarted his financial career at Prudential Investments, part of Prudential Financial. He then worked asan Executive Country Director in USAID/IESC Business Development and JVs program.www.medresources.ca www.mediterraneanresources.com @MedResourcesTSX

The IR InitiativeOn January 21, we announced the appointment of Sean Davis as Investor Relations Advisor. He hassigned on to assist in moving the company forward through contact with current and potentialinvestors as well as getting our story out, heard and received through media outlets and webportals, in addition to other duties and tasks aimed at increasing market awareness of MNR.Mediterranean Resources now has a twitter account through which you will be seeing links to allfuture news releases. We will also be sharing with the “Twitterverse”, company updates,newsletters, and industry commentary. Follow us on Twitter…@MedResourcesTSX.Should you wish to speak with Sean in greater detail about MNR, please feel free to contact him at604.669.3397 or via email at sdavis@medresources.caGoing ForwardWe live in difficult times for junior explorers. Gold is off the boil and while we do not expect it tomake a major next leg upwards neither do we envisage a collapse. We do however feel bullish onbase metals, with Zinc having particularly good perspectives on a global deterioration in supplysources. Lead usually moves somewhat in tandem with Zinc. Copper in the middle of the $3-4 perlb. range is at levels that are extremely economic for our project. Other metals such as Antimonyand PGMs would appear to have very healthy outlooks.Mediterranean regards its area of operations as not just Turkey but all of the Mediterranean Basin.Things to look out for in the shorter term include the results of the Çorak NI43-101 resource estimate(followed thereafter by Taç), the possible completion of partnership talks with major Turkishgroups, the acceleration in the IPO process at the Istanbul Stock Exchange and the results ofrecent trenching at the Celtik deposit.Forward Looking StatementCertain statements in this presentation may constitute “forward looking” statements which involve knownand unknown risks, uncertainties and other factors which may cause actual results, performance orachievements in the Company to be materially different from any future results, performance orachievements expressed or implied by such forward looking statements. When used in this presentation,such statements use such words as “may,” “will,” “expect,” “anticipate,” “project,” “believe,” “plan” andother similar terminology. The risks and uncertainties are detailed from time to time in reports filed by theCompany with the securities regulatory authorities, to which viewers of this presentation are referred foradditional information concerning the Company, its prospects and the risks and uncertainties relating to theCompany and its prospects. New risk factors may arise from time to time, and it is not possible formanagement to predict all of those risk factors or the extent to which any factor or combination of factorsmay cause actual res, performance and achievements of the Company to be materially different from thosecontained in forward looking statements. Given these risks and uncertainties, investors should not placeundue reliance on forward looking statements as a prediction of actual results. There should not be anexpectation that forward looking information will, in all circumstances, be updated, supplemented orrevised, whether as a result of new information, changing circumstances, future events or otherwise.www.medresources.ca www.mediterraneanresources.com @MedResourcesTSX