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Re: News Release - 2011 - Thursday, March 31, 2011
Mediterranean Management Update - Withdrawal of Request for
Special Meeting of The Shareholders
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Vancouver, B.C., March 31, 2011 - Mediterranean Resources Ltd. (TSX:
MNR; Frankfurt: MHM1) ("Mediterranean") announces that the Special
Meeting of the Shareholders scheduled for the 20th of May has been
cancelled.
Mediterranean has been formally advised by the representatives of the
shareholders who had previously requested a Special Meeting of the
Shareholders that they no longer have cause to seek the removal of the
Company's board and management following the resignations of Mr. Bryan
Morris and Dr. Peter Guest and have therefore withdrawn their request
for a Special Meeting of the Shareholders. Instead, the Company has
scheduled its usual Annual General Meeting for 31st May, 2011.
The Company has received notification that Dr. Peter Guest,
Mediterranean's former President, Chief Executive Officer and Director
has filed a notice of civil claim against Mediterranean on 28th March,
2011, in the Supreme Court of British Columbia. Dr. Guest's contract
with the Company was terminated for cause on 15th March, 2011, and he
voluntarily resigned as a Director of the Company on 17th March, 2011.
Dr. Guest's claims against the Company have no merit and the Company
intends to vigorously contest them. Shareholders will be updated
periodically on the progress of any action by Dr. Guest against the
Company and on the progress of any claims by the Company against Dr.
Guest.
Signed on behalf of the Board of Directors.
For further information please contact:
Christopher Ecclestone
Interim Chief Executive Officer
604-669-3397
www.medresources.ca
The TSX does not accept responsibility for the adequacy or accuracy of
this release.
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Copyright (c) 2011 MEDITERRANEAN RESOURCES LTD. (MNR.H) All rights
reserved. For more information visit our website at
http://www.medresources.ca/ or send
mailto:investorrelations@medresources.ca
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Managem is a gold producing company based in Morocco. Managem holds various exploration projects in Gabon, in Guinea and in Morocco. Its main exploration properties are BAKOUDOU - MAGNIMA in Gabon, IMITER and HANA-LOBO in Morocco and KOSSANKEN in Guinea. |