Medinah Minerals (Pink Sheets: MDMN) today issued the following
shareholder update concerning mining developments at the Altos de
Lipangue mining project.
Progress Update on the Altos de Lipangue Project
April 25, 2014
We are pleased to announce that we have received a firm written offer
from a group of well-known and highly qualified Peruvian mining experts
to immediately commence development of the entire Altos de Lipangue
properties. Medinah has until June 9, 2014 to accept or reject the terms
of this agreement.
Additionally, there has been accelerated interest in the Altos de
Lipangue project with major and mid-tier mining companies actively
expanding their knowledge of the property, predominantly in light of
recent discoveries at the LDM/NUOCO mining projects. These companies
have requested and received signed confidentiality documents and
agreements that are on file. Therefore, Medinah Mining Chile has allowed
each of their crews access into the field and visitation to the location
of the stored core samples.
Medinah Mining Chile’s Board of Directors, after previous failed
attempts, came to the conclusion last July 2013, to hire a professional
team of consultants in order to review issues and assist in presenting
an industry-standard mining option Joint Venture Agreement (JVA), or any
other acceptable form of association.
After full diagnostic review, the consultants determined that the main
concern to address in order to secure an industry standard mining option
was that Medinah Minerals, Inc. must take immediate steps to consolidate
all of its mining claims under one entity. Over several months, all
necessary acquisitions, full title reviews, cessation of encumbrance
endeavors and notarizations, the tasks were completed and negotiations
began with various mining conglomerates. A company agent was enlisted to
be the main representative negotiator for the Altos de Lipangue (ADL)
project.
Management was later advised, by the representative agent, that several
complex legal issues were impeding potential transactions and also
needed to be resolved. These matters were handled and formally notarized
for presentation and ultimate approval by the Chilean Ministry of Mines
in December 2013. In January 2014, Medinah Mining Chile was noticed that
it had clear ownership of the entire Altos de Lipangue group of
properties. Medinah Minerals, Inc. then legally acquired 100% ownership
of all of the shares of Medinah Mining Chile.
Over several months, various mining companies have sent representatives
consisting of geologists, mining engineers and management teams to view
the ADL. Documents and historical issues were provided, as requested, to
each of these entities. Further verifications of core samples have been
undertaken by several potential partners. Each of the groups also
visited the privately-held LDM and NUOCO properties.
Medinah Mining Chile will thoroughly investigate every offer presented
by the team of consultants in order to capitalize on increasing the
value of the Altos plateau properties. These offers are being reviewed
by Management and the Directors of Medinah Mining Chile, and Medinah
Minerals, Inc.
Juan José Quijano Fernández
Chairman/President – Medinah Minerals,
Inc.
Cautionary Statement – Forward-Looking Information
This news release may contain certain “forward-looking statements”
within the meaning of the United States Securities Exchange Act of 1934,
as amended. This forward-looking information includes, or may be based
upon estimates, forecasts and statements of management’s expectations
with respect to, among other things, the completion of transactions, the
issuance of permits, the size and quality of mineral resources, future
trends for the company, progress in development of mineral properties,
future production and sales volumes, capital costs, mine production
costs, demand and market outlook for metals, future metal prices and
treatment and refining or milling charges, the outcome of legal
proceedings, the timing of exploration, development and mining
activities, acquisition of shares in other companies and the financial
results of the company. There can be no assurances that such statements
will prove to be accurate and actual results and future events could
differ materially and substantially from those anticipated in such
statements. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Inferred mineral resources are
considered too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral
reserves. There is no certainty that mineral resources will be converted
into mineral reserves.
Copyright Business Wire 2014