Dear Shareholders – February 10, 2012
Feb 10, 2012
OTC Disclosure News Service
Las Vegas, NV –
February 10, 2012
Dear Medinah Shareholders:
Medinah Minerals, Inc. (USA) is very pleased to report that they have been notified by Medinah Minerals (Chile) S.A. of the completion of a Purchase Agreement, among parties, for the sale of the entire Altos de Lipangue group of mineral properties located near Santiago, Chile.
The finalized Purchase Contract comprises an end price of $180 million USD dollars, for the purchase of an 85% ownership in the entire group of One Thousand Five Hundred Eight (1,508) minerals claims. The Altos de Lipangue owners retain a 15% “free-carried” interest in the properties and all production thereafter. Payments include an initial deposit followed by block remittances each 9 months over a 3-year period and a payout at the end of the 3rd year. Until payment is received in full, the purchasers do not earn any ownership interest in the properties. The purchasers may, at any time, complete the purchase of their 85% interest by way of making full payment of the $180 million, or remaining portion thereof.
The Purchase Contract includes the immediate commencement of an extensive exploration program, including a minimum of 18,000 meters of diamond drilling. The contract contains an additional variable component that could increase the end purchase price. At the conclusion of the development program, the gross metal values will be recalculated and, if this value exceeds the present base calculations of Two (2) billion dollars, the purchase price will be increased to the benefit of Medinah Minerals (Chile) S.A. owners. The goal of the purchasers is to prove up substantial ore tonnages beyond base amounts derived in all previous explorations.
All other material details that are not included in this release will be fully disclosed, including contract schedules thereto, when Medinah Minerals (Chile) S.A. is released from the Non-Disclosure aspects of the Purchase Agreement.
Señor Juan José Quijano Fernández
Note: This News Release may contain certain “forward-looking statements” within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Medinah Minerals, Inc. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed under the heading “Risk Factors” and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.