Medinah Mining Chile Confirms that Compania NUOCO
Post# of 689
Posted On: 12/10/2014 3:00:54 PM
Medinah Mining Chile Confirms that Compania NUOCO Mining Chile SCM has Received a Formal Letter of Intent Proposal with Regard to Its Entire Ownership Interest in Property Claims in Chile
On Wednesday, December 10, 2014, Medinah Minerals, Inc. (OTC Pink: MDMN) reports that its 100% owned Chilean subsidiary, Medinah Mining Chile, was informed by Compania NUOCO Mining Chile SCM as follows:
Compania NUOCO Mining Chile SCM has received a formal Letter of Intent from AURYN Mining Chile, SpA to acquire all of NUOCO’s claims holdings which include the Las Dos Marias claims, the Los Amigos claims, Columbo and Mambo claims. The Letter of Intent outlines the AURYN Mining Chile, SpA performance based goal of purchasing a controlling interest in these consolidated claims. Compania NUOCO Mining Chile SCM must either accept or refuse the presented Letter of Intent proposal leading to an ultimate Joint Venture Agreement by December 30, 2014.
The Letter of Intent followed the recently completed restructuring of NUOCO which more than doubled the company’s area of land holdings around the Altos de Lipangue plateau, into the Compania NUOCO Mining Chile SCM ownership. The increased land holdings were contributed under arrangement with the private partners, to the benefit of all NUOCO shareholders, with a purpose of consolidating into a cohesive package these key properties in preparation for anticipated offers to purchase from major mining companies.
NUOCO partners have funded the development work on the properties resulting in discoveries of identified strata bound manto structures indicated by the company geologist to contain at least 1 million tons of copper ore grading around 2% copper. This structure is similar to other well known strata bound deposits in close proximity to the Altos de Lipangue plateau, which have proven out at over 10 to 12 million tons of copper ore. More privately funded exploration work is continuing to develop this deposit. To date, development and exploration work costs have exceeded $3 million which has been funded by NUOCO partners.
This release was jointly approved by all the parties to the Letter of Intent Proposal.
Medinah Minerals Inc.
OTC Markets2:42PM EST
Board of Directors, Compania NUOCO Mining Chile SCM
Management Director, Medinah Mining Chile
Board of Directors, Medinah Minerals, Inc.
Board of Directors, AURYN Mining Chile, SpA
On Wednesday, December 10, 2014, Medinah Minerals, Inc. (OTC Pink: MDMN) reports that its 100% owned Chilean subsidiary, Medinah Mining Chile, was informed by Compania NUOCO Mining Chile SCM as follows:
Compania NUOCO Mining Chile SCM has received a formal Letter of Intent from AURYN Mining Chile, SpA to acquire all of NUOCO’s claims holdings which include the Las Dos Marias claims, the Los Amigos claims, Columbo and Mambo claims. The Letter of Intent outlines the AURYN Mining Chile, SpA performance based goal of purchasing a controlling interest in these consolidated claims. Compania NUOCO Mining Chile SCM must either accept or refuse the presented Letter of Intent proposal leading to an ultimate Joint Venture Agreement by December 30, 2014.
The Letter of Intent followed the recently completed restructuring of NUOCO which more than doubled the company’s area of land holdings around the Altos de Lipangue plateau, into the Compania NUOCO Mining Chile SCM ownership. The increased land holdings were contributed under arrangement with the private partners, to the benefit of all NUOCO shareholders, with a purpose of consolidating into a cohesive package these key properties in preparation for anticipated offers to purchase from major mining companies.
NUOCO partners have funded the development work on the properties resulting in discoveries of identified strata bound manto structures indicated by the company geologist to contain at least 1 million tons of copper ore grading around 2% copper. This structure is similar to other well known strata bound deposits in close proximity to the Altos de Lipangue plateau, which have proven out at over 10 to 12 million tons of copper ore. More privately funded exploration work is continuing to develop this deposit. To date, development and exploration work costs have exceeded $3 million which has been funded by NUOCO partners.
This release was jointly approved by all the parties to the Letter of Intent Proposal.
Medinah Minerals Inc.
OTC Markets2:42PM EST
Board of Directors, Compania NUOCO Mining Chile SCM
Management Director, Medinah Mining Chile
Board of Directors, Medinah Minerals, Inc.
Board of Directors, AURYN Mining Chile, SpA
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