LAS VEGAS, NV / ACCESSWIRE / February 1, 2016 / Members of the Medinah Minerals, Inc. (OTC Pink: MDMN), Board of Directors and Medinah Mining Chile's Trustee (both Medinah Companies, being collectively referred to as the "Company"), travelled to Santiago, Chile, between the dates of January 17-24, 2016.
The purpose of the trip was to attend to various legal and administrative matters relative to several agreements in which the Company has either a direct or a vested interest.
Legally bound by an Option Agreement, the Company cannot engage in the first release of specific information concerning AURYN Mining Chile, SpA's ("AURYN") activities on the Altos de Lipangue Plateau ("ADL"). AURYN, a private company, reserves the right to disseminate information to the public at its own discretion.
The Board Members and Trustee were engaged in necessary business meetings throughout their time in Chile, both in person and telephonically, with all parties involved with the ADL. After many meetings and negotiations between all parties involved and multiple trips to Chilean Notaria's, an amalgamation of the NUOCO, Caren and CDCH interests on the ADL plateau occurred. With specific regard to the NUOCO properties, it is important to note that the position of Medinah Minerals, Inc. (MDMN) is currently unchanged. MDMN still possesses a 15% interest in the NUOCO property claims. With specific regard to the ADL, at this point, Medinah Minerals Inc. continues in its Option Agreement with AURYN that calls for the payment of a minimum of $100 million US funds while maintaining a 15% interest in production coming from their ADL properties. Based upon the positive results published by AURYN, negotiations are ongoing between the Companies to consider AURYN's outright purchase formula for the Company's Altos de Lipangue ("ADL") property claims at a much higher ownership holding that would enhance Medinah's longterm prospects. Please see the following AURYN release of this same date for further information regarding its continuing land consolidation on the ADL: http://aurynmining.com/auryn-mining-chile-spa-amc-continues-land-consolidation-adds-three-new-areas-to-portfolio/
Due to certain cost-prohibitive tax and cost issues, the Company opted to streamline its interests and vacated its ownership position in the Madre de Dios properties.
Additionally, during this trip, the Company met with and retained the services of a highly respected Chilean Mining Law Attorney, Jose Manuel Borquez, to provide legal services for Company matters.
Further developments will be reported as they occur.
Gary Goodin, Director
Medinah Minerals, Inc.
For more information, please contact:
Medinah Minerals, Inc.
[email protected]
Phone: 702 727-8235
Please visit Medinah's website at www.medinah-minerals.com
SOURCE: Medinah Minerals, Inc.