The drill program will follow-up on the 2013 discovery of volcanogenic-hosted-massive-sulphide-(VHMS)-related mineralization at the Mavroyi project area.

A series of new, untested target areas have been identified from the Q1 2014 surface exploration program that compiled detailed mapping and reinterpreted all of the geophysical data (reported June 12, 2014).

Drilling in 2013 discovered a debris flow of transported VHMS-related material ranging in estimated true thickness from 4.6 metres to 13.01 metres, and returned a drill interval of 14.05 m averaging 2.12 grams per tonne gold, 16.91 g/t silver, 0.54 per cent copper and 3.25 per cent zinc in hole MVDD13-02 (reported January 22, 2014).

Company President and CEO, John Lando, commented: "We have begun another drill program funded by our partner Centerra. Our systematic exploration in Cyprus has delivered us to this point and we are now excited to test several targets that may represent a buried Massive Sulphide body related to our discovery last year at Mavroyi."

Under an option agreement, Centerra has the right to acquire up to 70% interest in several exploration permits locatedin the Paphos and Larnaca districts. The Company, through its Cypriot subsidiary Katla Exploration Ltd., is the operator.

The Company's field activities in the Republic of Cyprus are under the direction of Robert Johnston, PGeo (B.C.), a consultant to the Company and qualified person as defined by National Instrument 43-101. Mr. Johnston is responsible for the technical content of this news release.

Source: Wall Street Journal