Mediterranean Resources Quarterly Review - PrecisionIR

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