1. Mediterranean Resources Ltd.
TSX: MNR On the Road To Production in Turkey
FFT: MHM1 www.mediterraneanresources.com
OTC: MNRUF
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2. Forward Looking Statements
Certain statements in this presentation may constitute “forward looking” statements which involve
known and unknown risks, uncertainties and other factors which may cause actual results,
performance or achievements in the Company to be materially different from any future results,
performance or achievements 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” and other similar terminology. The risks and uncertainties are detailed from time to
time in reports filed by the Company with the securities regulatory authorities, to which viewers of
this presentation are referred for additional information concerning the Company, its prospects and
the risks and uncertainties relating to the Company and its prospects. New risk factors may arise
from time to time, and it is not possible for management to predict all of those risk factors or the
extent to which any factor or combination of factors may cause actual res, performance and
achievements of the Company to be materially different from those contained in forward looking
statements. Given these risks and uncertainties, investors should not place undue reliance on forward
looking statements as a prediction of actual results. There should not be an expectation that forward
looking information will, in all circumstances, be updated, supplemented or revised, whether as a
result of new information, changing circumstances, future events or otherwise.
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3. Strategy
 Introduce a strategic Turkish partner with local know-how and
connections into the shareholding structure of our Turkish subsidiaries
 Make the main Turkish project, Kizildağ, self-financing via a listing of
Akdeniz Resources Madencilik on the Istanbul Stock Exchange
 Move the Kizildağ pits towards development though ISE financing, trading
house off-takes and a debt tranche.
 Continue exploration of Çeltik in a separate JV with Turkish partners
 Adding other developmental projects to the pipeline in other parts of
Turkey and Mediterranean Basin
 Diversifying metals exposure – seeking base metals and specialty metals
deposits (e.g. Chromite, Antimony)
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4. TURKEY: One of the Least Explored
Gold Regions
Pro-Investment Government & Policies
Gold Production Exempt from VAT
Refund of VAT on Exploration Expenditures
Modern Mining Code
Excellent Infrastructure
Extensive Roads & Power Lines
Strong Industrial & Manufacturing Base
Location, Access and Infrastructure
Located in north eastern Turkey
120 kilometers north of Erzurum, regular scheduled airline service, population
360,000
100 kilometers south of Hopa, a deep water port with bulk handling capability
on the Black Sea
Samsun Smelter nearby on the Black Sea
12 kilometers west of Yusufeli, population 6,400
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5. Turkey –Property Locations
Kızıldağ
Property
Two projects:
Red Mountain/Kızıldağ: consisting of the Taç (gold/copper) deposit, Çorak
(gold/lead/zinc) deposit and Çevreli (the exploration area between the two).
Çeltik: consisting of a gold exploration project
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6. Corporate Structure
TSX Symbol: MNR Leading Shareholders
Frankfurt Symbol: MHM1 Investec WIM’s clients
OTC Symbol: MNRUF Macquarie Bank
Teck Corporation (3%)
Current Share Price: $0.08 National Bank of Canada
Share Price : $0.05 - $0.19
(52-Week Range) CFO: Anthony Jackson
Corporate Sec: Cheryl Harpestad
Issued & Outstanding: 142.1 Million Investor Relations: Sean Davis
Fully Diluted: 164.7 Million Country Manager: Nursel Atar (Turkey)
Country Manager: Behar Boshkaj (Albania)
Market Capitalization: ~$11 Million
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7. Directors & Management
Dr. John A. Clarke: Chairman and Director. He brings considerable experience in mineral exploration, corporate acquisition and
development in the gold mining sector. He has held roles as Vice Chairman and CEO of Nevsun Resources and Executive Director
of Ashanti Goldfields Company Ltd of Ghana. Dr. Clarke is currently a Director of Banro Corporation, Great Quest Metals, Ltd. and
PMI Gold Corporation. He holds B.Sc. in metallurgy from University College Cardiff, a Ph.D. in metallurgy from Cambridge
University and MBA from Middlesex Polytechnic.
Christopher Ecclestone: CEO and Director. He is a Principal at the boutique New York investment bank, Hallgarten & Company,
which specializes in mining-related concerns. Prior to that he was a prominent analyst of the Argentine equity market during the
1990s. In the late 1980s, he worked in London as a corporate finance and equities analyst and as a freelance consultant on the
restructuring of the securities industry. He has also worked for the Federal and State governments in Australia. He is a native of
Melbourne, Australia and graduated in 1981 from the Royal Melbourne Institute of Technology.
John Shanahan: Director. He has been the President and CEO of Revett Minerals (TSX:RVM) since October 2008. Prior to
becoming CEO, he was the Chairman of Revett from 2005 until April 2009. His background is in commodity price risk
management and he has held senior management positions with Barclays Capital, Rothschild Inc., Pasminco Ltd, and Australian
Mining and Smelting. He holds a B. Comm. degree from the University of Melbourne, a graduate diploma in Systems Analysis and
Design from the Royal Melbourne Institute of Technology, and an MBA degree from the Columbia School of Business.
Alex Gostevskikh: Director. He holds a MSc and MBA and is a geologist with over 20 years of experience in mining and
exploration for gold, silver, and non-ferrous and base metals. He is currently the Managing Director of Uranium Resources PLC
(which is listed on the AIM in London), the company is an explorer in Tanzania. He was a Regional Exploration Manager for
Centerra Gold Inc (TSX listed), the largest Western gold producer in Central Asia and has held other positions including
Exploration Manager for Gulf International Minerals, Senior Geologist for Kinross Gold/Amax Gold, as well as consulting
engagements with a number of major and junior mineral exploration companies.
Dr. Michael Hirschberger, Director. He is Principal and CEO of Strategic Min-Metals, AG, Vienna, a niche company focused on the
exploitation of Chromite in selected countries. He previously organized and operated Global Min-Metal Holdings, SA, an
exploration company, developing manganese ore principally in Panama. He successfully recruited a broad range of professionals
with extensive international experience in geology, mining, and large scale production of manganese. His early career was spent
in Research & Development, Regulatory Affairs, Business Development and Product Management with Roche, Merck, and Wyeth.
Following this he held various positions with the Wall Street firms of White, Weld & Company, Northern Trust, Societe Générale
S.A. in New York and his own firm, Healthcare Capital Group.
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8. Red Mountain – Kızıldağ Property
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9. NI 43-101 Advanced Gold Deposits
TAC and CORAK
 Mediterranean acquires properties from Teck Resources in 2006
 Excellent cost of discovery - less than $7.00 per oz
 Metallurgical recoveries at Tac up to 90% for gold and 70% copper using conventional flotation
 Metallurgical recoveries at Corak up to 85% for gold, 58% silver, 85% lead and 73% zinc
 Opportunity to increase grade and tonnage
 P.A. ( Preliminary Assessment) by SRK released in August 2011
 E.I.A. (Environmental Impact Assessment) baseline studies continue by Golder & Associates
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10. Red Mountain/Kızıldağ Production Plan
 In September 2011, the PEA prepared by SRK was published
 Two stage mining with Çorak pit being exploited first followed by the Taç
deposit
 Daily mill throughput of the mill of 5,500 tpd (approximately two million
tonnes per annum
 Production of a Lead/Zinc concentrate with first pit (for 3 ½ years), and a
Copper concontrate with the Taç pit (for the following 4 years)
 Initial Capital Expenditure of $125 M (including a 25% contingency)
 Projected mine life of 7.2 years and average annual production over mine life
of 94,500 oz Au.
 Cash costs of US$538 per Gold equivalent ounce
 In-pit, contained resources of 14.4 Mt, 905,000 oz gold, 104 Mlb of zinc, and
32 Mlb of copper and 40 Mlb of lead
 Metal prices for the base case optimisation were US$1,000/oz gold,
US$2.75/lb copper, US$16/oz Silver, US$0.85/lb lead and $0.90/lb zinc

11. Preliminary Assessment (PEA)
Potential Cash Flow Model Outputs
Case B Case C Case D
Case A
Parameter Unit 3-year Ave Metal 2-year Ave Metal 1-year Ave Metal
Base Case
Prices* Prices* Prices*
Gold Price US$/oz 1,000 1,094 1,207 1,346
Silver Price US$/oz 16.00 19.00 21.96 27.36
Copper Price US$/lb 2.75 3.06 3.41 3.84
Zinc Price US$/lb 0.90 0.86 0.97 1.00
Lead Price US$/lb 0.85 0.89 1.00 1.06
Net Cash Flow - undiscounted
US$M 87 157 256 366
and before tax and interest
Net Present Value - before tax
US$M 51 105 184 270
and interest (5% Discount rate)
Internal Rate of Return - before
% 16 25 37 48
tax and interest
Pre-production Capital Payback Production
3 2.5 1 <1
Period Years
Payable Gold oz 680,000
Payable Silver oz 115,000
Payable Copper Mlb 29
Payable Zinc Mlb 88
Payable Lead Mlb 33
*As at May 31, 2011 calculated from LME monthly averages
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12. Red Mountain/Kızıldağ Development Plans
 Initiate an Environmental Impact Application
 Prepare an Engineering study with real Turkish costs
for Capex and Opex
 Identify off-takers for base metal output
 Identification of drill targets at new copper zones
 Work towards a resource at Çeltik
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13. Listing of Akdeniz on the ISE
 Approach listing as an “emerging market” story
rather than a mining listing
 Scarcity value : only other listed miner is the
phenomenally successful Koza listing
 Place 15% of Akdeniz Resources with Turkish
domestic and international investors
 Strategic Turkish Partner with 25% stake will be a
household name for Turkish investors and provide
assurance of company’s good connections
 Appoint well-positioned Turkish investment bank to
manage process
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14. Taç Deposit – NI 43-101
1.1 Million oz Gold + Copper
86% Indicated -
Open East & West
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15. Taç - Work to Date
Central Deposit Zone:
Major Component of
the Taç Resource
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16. Çorak Deposit - NI 43-101
760,000 oz Gold Plus Lead-Zinc-Silver
83% Indicated -
Open at Depth
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17. Çorak Work to Date
Village & South Areas
Contain Çorak
High Grade Zones
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18. Çorak Deposit – Solid Model - Looking North
High Grade Domains in Red – Lower Grades in Yellow
High Grade Zones
Indicate Viable
Starter Pit with
Relatively Swift
Pay-Back
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19. Developing Gold Resources at Çeltik
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20. Developing Gold Resources at Çeltik
 Located 2 kilometres North-East of the Taç deposit
 To be Joint Ventured with a Turkish Strategic Partner
 Large target approximately 400 metres x 700 metres surface expression
 Extensive geophysical IP conducted -12.9 line kilometres
 Initial nine hole 1,900 metre drill program initiated in 2008, further five holes in 2009
 Best intercepts include:
HD-04 18.4 metres of 6.51 g/t Au, 16.85 g/t Ag, 0.9% Cu from 166.2 m to 184.6 m
HD-02 20.6 metres of 1.62 g/t Au, 16.79 g/t Ag from 0 to 20.6 m
40.5 metres of 0.61 g/t Au, 7.60 g/t Ag from 243.4 m to 283.9 m
HD-01 13.3 metres of 0.67 g/t Au, 1.66 g/t Ag from 165.9 m to 179.2 m
 Potential for a relatively quick move to open-pit mining
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21. Further Afield
 The company’s current strategy regards the whole Mediterranean Basin
and the countries that border it as potential for future exploration and
mining
 An initial foray into Albania has convinced MNR that the Balkan region is
a highly prospective location for future work, particularly picking up mining
licenses with pre-identified resources
 A representative office has been opened and a country manager
appointed
 Action awaits better financing conditions
 The Iberian peninsula also represents a target area
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22. Summary
 Mediterranean Resources is an advanced gold development company
 The company has successfully advanced two at-surface gold deposits Tac
and Çorak to the point at which an EIA shall be sought and construction
financing begins
 NI 43-101 compliant resource of 1.87 Million ounces of gold indicated and
inferred and 2.5 Million ounces of gold equivalent indicated and inferred
 Less than 20% of the 100 square kilometre licensed area has been explored
 Favourable mining jurisdiction
 Highly targeted exploration program to discover new resource zones
 Strong management team and board of directors
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23. Mediterranean Resources Ltd.
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