SHAREHOLDER UPDATE
November 2, 2012
Dear Shareholders:
The horrific hurricane “Sandy” events this past week throughout the Eastern U.S. and Canadian seaboard caused difficulties with communications between Lawyers, Principals, and the Altos de Lipangue claims owners. Fortunately, everyone is again proceeding to finalize the provisions of the Sales Agreement with Amarant Mining Ltd. The 1,508 claims sale price to Amarant Mining Ltd. is $180,000,000 for an 85% interest with the Altos de Lipangue sellers retaining a 15% free-carried interest.
The property owners state that the $6.7 million, designated for the start of drilling and exploration activities is being utilized to mobilize the commencement of activities on the Altos de Lipangue plateau and we are happy to report that Medinah Mining Chile has now received the required security deposit consisting of 90 million certificate shares of Alluvia Mining Limited.
Amarant Mining Ltd., the Purchaser, have posted the following news item on their website:
“Altos de Lipangue
Chile
Amarant Mining limited (“Amarant”) has acquired an 85% interest in the Altos de Lipangue (“Lipangue”) project from Medinah Minerals, S.A. Lipangue is located at the plateau of the Duranzo river, 30 kilometers north Santiago, Chile. The area has been subject to historical mining since the time of the Incas and Spanish explorers and has exploration potential for rich placer gold. The estimated resources in place are: gold (722,000 ounces); silver (6,500,000 ounces); and copper (180,000,000 pounds). In addition, the property contains iron ore and molybdenum. Amarant will begin the geological work on Lipangue during September and October 2012. Amarant will initially invest 5 million USD for the geological work undertaken during the first 12 months.”
Amarant Mining Ltd. states that it has all the funds required to complete the Purchase Agreement mandates in a timely manner.
Medinah Minerals, Inc., in its continuing efforts to upgrade its reporting standards, has completed its filing of an amended 15c-211, and accompanying Company Attorney Statement, each of which are posted, in their entirety, on the Pink Sheets and can be viewed by accessing the Website www.otcmarkets.com and search under the Company’s symbol MDMN for review of Company information.
Steady progress continues at the Compañia Minera LDM Chile mining project with completion of the required “safety zone” and “escape hatch” tasks at the 52-meter section of the tunnel. The workers are again advancing the exploration tunnel toward the high-grade zone identified in DDH-02.
Señor Juan José Quijano Fernández
President/CEO
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