Just keeping all concerned here update on MDMN pro
Post# of 92
Posted On: 01/16/2015 9:02:15 PM
Just keeping all concerned here update on MDMN progress.
SHAREHOLDER UPDATE January 14, 2015
Dear Medinah Minerals, Inc. Shareholders:
Medinah Minerals Inc. (MDMN) wishes to inform that its wholly owned subsidiary, Medinah Mining Chile (MMC) has been presented with an option agreement proposing a purchase of NUOCO Mining Chile SCM properties by Medinah Mining Chile as recommended by the consulting firm in Chile, C & R Consulting. The NUOCO properties comprise the Las Dos Marias, Columbo and Mambo groups covering 2000+ Hectares. This proposal was presented by AURYN Mining Chile to MMC in order to consolidate and streamline their entire property package that includes the Altos de Lipangue properties, currently under option to AURYN from Medinah Mining Chile, into one group.
Medinah Mining Chile, currently a 15% shareholder of NUOCO, will agree to purchase the remaining 85% holdings interest in NUOCO as part of this strategic consolidation proposal. This purchase is subject to a performance agreement by AURYN Mining Chile with NUOCO, which agreement calls for the completion of work programs including geophysical, geochemistry and drilling programs on the NUOCO group of claims. The completion of this work will entitle AURYN to earn a 60% interest in the NUOCO properties. In the next phase, AURYN will earn an additional 25% by investing U.S. 2.5 million dollars into a feasibility study.
AURYN will bear all costs and immediately initiate a minimum drill program of 5,000 meters. All materials and discoveries remain the property of NUOCO if AURYN chooses to vacate the project. All rights and conditions given under this agreement by NUOCO shareholders would be rescinded and NUOCO would retain their original rights and holdings of the assets.
As in the MMC/AURYN agreement covering the Altos de Lipangue property, this contract gives AURYN the exclusive rights to the NUOCO properties until August 1, 2017. AURYN may decide to complete the agreements sooner.
By completing this transaction, MDMN through its subsidiary MMC, will effectively control 100% of the NUOCO holdings and will then be able to consolidate its Joint Venture Agreement with AURYN Mining Chile, SpA in conjunction with the Altos de Lipangue agreement.
SHAREHOLDER UPDATE January 14, 2015
Dear Medinah Minerals, Inc. Shareholders:
Medinah Minerals Inc. (MDMN) wishes to inform that its wholly owned subsidiary, Medinah Mining Chile (MMC) has been presented with an option agreement proposing a purchase of NUOCO Mining Chile SCM properties by Medinah Mining Chile as recommended by the consulting firm in Chile, C & R Consulting. The NUOCO properties comprise the Las Dos Marias, Columbo and Mambo groups covering 2000+ Hectares. This proposal was presented by AURYN Mining Chile to MMC in order to consolidate and streamline their entire property package that includes the Altos de Lipangue properties, currently under option to AURYN from Medinah Mining Chile, into one group.
Medinah Mining Chile, currently a 15% shareholder of NUOCO, will agree to purchase the remaining 85% holdings interest in NUOCO as part of this strategic consolidation proposal. This purchase is subject to a performance agreement by AURYN Mining Chile with NUOCO, which agreement calls for the completion of work programs including geophysical, geochemistry and drilling programs on the NUOCO group of claims. The completion of this work will entitle AURYN to earn a 60% interest in the NUOCO properties. In the next phase, AURYN will earn an additional 25% by investing U.S. 2.5 million dollars into a feasibility study.
AURYN will bear all costs and immediately initiate a minimum drill program of 5,000 meters. All materials and discoveries remain the property of NUOCO if AURYN chooses to vacate the project. All rights and conditions given under this agreement by NUOCO shareholders would be rescinded and NUOCO would retain their original rights and holdings of the assets.
As in the MMC/AURYN agreement covering the Altos de Lipangue property, this contract gives AURYN the exclusive rights to the NUOCO properties until August 1, 2017. AURYN may decide to complete the agreements sooner.
By completing this transaction, MDMN through its subsidiary MMC, will effectively control 100% of the NUOCO holdings and will then be able to consolidate its Joint Venture Agreement with AURYN Mining Chile, SpA in conjunction with the Altos de Lipangue agreement.
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