SHAREHOLDER UPDATE January 17, 2015
Dear Medinah Minerals, Inc. Shareholders:
Medinah Mining Chile (MMC) provides notice to Medinah Minerals Inc. (MDMN) that the Option Agreement among the parties, Medinah Mining Chile, Compania Minera Nuoco Mining S.C.M. (NUOCO) and AURYN Mining Chile (AURYN) has now been formally signed and notarized by all parties under Chilean governing laws that grants to AURYN Mining Chile SpA the ability to earn up to 85% of the shares of the NUOCO Company.
By option agreement, AURYN can earn 60% of the NUOCO shares by completing a minimum of 5,000 meters of diamond drilling as well as completing geophysical and geochemistry work matters. AURYN, upon signing the Option Agreement, immediately engaged the firm of Geodatas Chile, by contract, to commence an airborne magnetometry survey and ground I.P. study of the Nuoco property and abutting Altos de Lipangue claims.
Should AURYN continue to the secondary leg of the option agreement they will invest U.S. $2.5 million dollars to conduct a full feasibility study in order to earn an additional 25% of the NUOCO Company shares. AURYN would then earn in 85% of the shares of the NUOCO Company.
All costs for the Option Agreement will be the responsibility of AURYN Mining Chile SpA, with no cost assigned to the NUOCO Company. Should AURYN choose to vacate the Option Agreement the NUOCO shares, materials and property claims would remain with NUOCO. AURYN’s Option Agreement period expires on or before August 31, 2017.
If AURYN exercises the full terms of the purchase Option Agreement as to the Altos de Lipangue, and then fulfills the terms of the NUOCO Option Agreement, Medinah Mining Chile has the right to purchase from the NUOCO Company the remaining 85% of the NUOCO Company shares. Medinah Mining Chile, already an owner of 15% of the NUOCO Company shares, would then aggregate 100% of the NUOCO capital, which 85% would be earned in by AURYN through completing the provisions of the Option Agreement.
In a separate notarized contract transaction, under notice by AURYN, Medinah Mining Chile was required to make concessions to comply with shortfall provisions in the Altos de Lipangue/AURYN Option Agreement. In order to meet this obligation, the NUOCO Company provided title to three of its Columbo claims to the benefit of Medinah Mining Chile. The NUOCO Company still maintains in excess of 2000 Hectares after providing the required claims concessions.
Dear Medinah Minerals, Inc. Shareholders:
Medinah Mining Chile (MMC) provides notice to Medinah Minerals Inc. (MDMN) that the Option Agreement among the parties, Medinah Mining Chile, Compania Minera Nuoco Mining S.C.M. (NUOCO) and AURYN Mining Chile (AURYN) has now been formally signed and notarized by all parties under Chilean governing laws that grants to AURYN Mining Chile SpA the ability to earn up to 85% of the shares of the NUOCO Company.
By option agreement, AURYN can earn 60% of the NUOCO shares by completing a minimum of 5,000 meters of diamond drilling as well as completing geophysical and geochemistry work matters. AURYN, upon signing the Option Agreement, immediately engaged the firm of Geodatas Chile, by contract, to commence an airborne magnetometry survey and ground I.P. study of the Nuoco property and abutting Altos de Lipangue claims.
Should AURYN continue to the secondary leg of the option agreement they will invest U.S. $2.5 million dollars to conduct a full feasibility study in order to earn an additional 25% of the NUOCO Company shares. AURYN would then earn in 85% of the shares of the NUOCO Company.
All costs for the Option Agreement will be the responsibility of AURYN Mining Chile SpA, with no cost assigned to the NUOCO Company. Should AURYN choose to vacate the Option Agreement the NUOCO shares, materials and property claims would remain with NUOCO. AURYN’s Option Agreement period expires on or before August 31, 2017.
If AURYN exercises the full terms of the purchase Option Agreement as to the Altos de Lipangue, and then fulfills the terms of the NUOCO Option Agreement, Medinah Mining Chile has the right to purchase from the NUOCO Company the remaining 85% of the NUOCO Company shares. Medinah Mining Chile, already an owner of 15% of the NUOCO Company shares, would then aggregate 100% of the NUOCO capital, which 85% would be earned in by AURYN through completing the provisions of the Option Agreement.
In a separate notarized contract transaction, under notice by AURYN, Medinah Mining Chile was required to make concessions to comply with shortfall provisions in the Altos de Lipangue/AURYN Option Agreement. In order to meet this obligation, the NUOCO Company provided title to three of its Columbo claims to the benefit of Medinah Mining Chile. The NUOCO Company still maintains in excess of 2000 Hectares after providing the required claims concessions.
