Mediterranean Resources Ltd. holds two past-producing antimony mines in Spain that were historically significant producers. The Mina Pilar and Mina Susana properties in Extremadura hosted underground antimony mines until the 1970s-1980s. Antimony is used as an alloy and in electronics and fire retardants, with demand growing. China currently dominates global antimony production but output is declining, pushing prices higher. Mediterranean Resources aims to assess reopening the Spanish mines as part of aggregating antimony assets around the Mediterranean.

1. Mediterranean Resources Ltd.
On the Road To Production in the
Mediterranean
www.mediterraneanresources.com
TSX: MNR
FFT: MHM1
OTC: MNRUF
1

2. 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.
Forward Looking Statements
2

3.  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)
Strategy
3

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
4

5. 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
Kızıldağ
Property
Turkey –Property Locations
5

6. TSX Symbol: MNR
Frankfurt Symbol: MHM1
OTC Symbol: MNRUF
Current Share Price: $0.02
Share Price : $0.01 - $0.125
(52-Week Range)
Issued & Outstanding: 142.1 Million
Fully Diluted: 164.7 Million
Market Capitalization: $2.8 Million
Leading Shareholders
Investec WIM’s clients
Teck Corporation (3%)
National Bank of Canada
CFO: Anthony Jackson
Corporate Sec: Cheryl Harpestad
Investor Relations: Sean Davis
Country Manager: Nursel Atar (Turkey)
Country Manager: Behar Boshkaj (Albania)
Corporate Structure
6

7. 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.
Directors & Management
7

8. 8
Red Mountain – Kızıldağ Property

9. 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
NI 43-101 Advanced Gold Deposits
9

10.  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
Red Mountain/Kızıldağ Production Plan

11. Parameter Unit
Case A
Base Case
Case B
3-year Ave Metal
Prices*
Case C
2-year Ave Metal
Prices*
Case D
1-year Ave Metal
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$/lb 0.85 0.89 1.00 1.06
Net Cash Flow - undiscounted
and before tax and interest
US$M 87 157 256 366
Net Present Value - before tax
and interest (5% Discount rate)
US$M 51 105 184 270
Internal Rate of Return - before
tax and interest
% 16 25 37 48
Pre-production Capital Payback
Period
Production
Years
3 2.5 1 < 1
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
Preliminary Assessment (PEA)
Potential Cash Flow Model Outputs
11

12.  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
Red Mountain/Kızıldağ Development Plans
12

13.  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
Listing of Akdeniz on the ISE
13

14. Taç Deposit – NI 43-101
1.1 Million oz Gold + Copper
86% Indicated -
Open East & West
14

15. Taç - Work to Date
Central Deposit Zone:
Major Component of
the Taç Resource
15

16. Çorak Deposit - NI 43-101
760,000 oz Gold Plus Lead-Zinc-Silver
83% Indicated -
Open at Depth
16

17. Çorak Work to Date
Village & South Areas
Contain Çorak
High Grade Zones
17

18. Çorak Deposit – Solid Model - Looking North
High Grade Zones
Indicate Viable
Starter Pit with
Relatively Swift
Pay-Back
High Grade Domains in Red – Lower Grades in Yellow
18

19. Developing Gold Resources at Çeltik
19

20.  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
Developing Gold Resources at Çeltik
20

21. Spain – Past Producing Antimony Mines
21
Mediterranean Resources has registered the concessions of two past-producing Antimony deposits in the Spanish province of
Extremadura, located to the west of Madrid, bordering Portugal. This is part of a planned aggregation of producing and past-
producing Antimony assets around the Mediterranean Basin. Extremadura has the most extensive history of Antimony mining of any
part of Spain and hosted, until 1984, the largest producing Antimony mine in Europe.
The two areas acquired consist of the past-producing Mina Pilar at Herrera Del Duque and the Mina Susana at Pueblo de Alcocer,
both in the South-east of the province of Extremadura.
The Pilar Mine is located about 4 miles east of Herrera del Duque (Badajoz), on the western slope of the Sierra de la Dehesa, in the
vicinity of Arroyo de Cañada Mojada. Access to the workings is by a road that originates in the town of Herrera del Duque. The past
mining operation was carried out using open-pit techniques. The mine is currently inactive and in its last operating period (1970-
1977) stibnite was mined by hand. There is a principal pit, west of the stream, the dimensions of which are 80 m long, 20m wide and
depths from 5m to 28 m. There are other minor pits east of the creek.
The mining operation was performed by benching operating on the main face. The site is reef-type deposit with slightly sloping reefs.
The reefs filled sub-horizontal fractures and which cut cleanly the schists. They have a lenticular morphology, with widening where
mineralization is concentrated in pods.
The Mina Susana is a small showing located in the wayside called Costera, in the municipality of Puebla de Alcocer. It has been
exploited in the past by underground mining. The exact dates of this past production are unknown. Access to the workings is done by
going from Cabeza Del Buey to Puebla de Alcocer. It takes a route heading east and some 3.5km ahead is the showing.

22. Spain - Mina Pilar & Mina Susana
22
Entrance to Mina Susana Mina Pilar
Mina Pilar
Mina Susana

23. • The abundance of antimony in the Earth's crust is estimated at 0.2 to 0.5 parts per million
• Antimony is sometimes found natively, but more frequently it is found in the sulfide stibnite (Sb2S3)
which is the predominant ore mineral.
• The main traditional application for metallic antimony was as an alloying material for lead and tin and
for lead antimony plates in lead-acid batteries.
• Alloying lead and tin with antimony improves the properties of the alloys which are used in solders,
bullets and plain bearings.
• emerging growth of Sb has been for applications in microelectronics and as fire retardants (antimony
trioxide-ATO). The later represents 72% of its primary antimony consumption in Europe; for China 50%;
and, the US about 60%.
• Antimony trioxide acts as a synergist to improve the performance of other flame retardants such as
aluminum hydroxide, magnesium hydroxide and halogenated compounds.
• Antimony trioxide is used in this way in many products including plastics, textiles, rubber, adhesives and
plastic covers for aircrafts and automobiles.
• The Chinese have dominated global Antimony production since the mid-1800s
• specialty metals consultants, Roskill, have estimated that in primary production, in 2010, China held a
76.75% share of world's supply with 120,462 tonnes
• Reported production of Antimony in China fell in 2010 and is unlikely to increase in the coming years
• The fall in production produced a surge in prices of Sb to over $17,000 per ton in 2010. The price then
dropped back to $12,000 per tonne in 2011 before rebounding to around $14,000 per tonne and then
easing back to around $10,000 per tonne currently. Roskill estimate in their 2012 survey of the metals
that prices should range between US11-14,000 per tonne over coming years.
Antimony Dynamics
23

24.  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
Further Afield
24

25.  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
Summary
25

26. Mediterranean Resources Ltd.
26