Shareholder Update – November 7, 2011
Nov 09, 2011
OTC Disclosure News Service
Las Vegas, NV –
Altos de Lipangue
November 7, 2011
Management of Medinah Minerals (Chile) S.A. are pleased to report that discussions leading to the funding of a Joint Venture Agreement on the Altos de Lipangue group of claims, are progressing. As previously reported, the original JVA group lost the exclusivity portion of their Agreement, however the contract itself could be reactivated with funding. They have been in touch with Medinah Minerals (Chile) S.A. personnel frequently during the past weeks and reportedly are in the final stages of resolving their internal problems that had prevented them from the timely funding of the signed Joint Venture Agreement. They report that they intend to move ahead with finalization of funding and, in keeping with their expressions of progress, have remitted $350,000 (three hundred and fifty thousand dollars) of Medinah’s “good faith” legal and administrative deposit (of a total $437,500.00 four hundred thirty seven thousand) prescribed in the Joint Venture Agreement. Further remittances are anticipated.
Señor Juan José Quijano Fernández reports that he is close to acceptance and review of offering documents from three other potential Joint Venture companies. Sr. Quijano reports that he is very pleased with the due diligence discussions to date and is anticipating choosing a Joint Venture partner as soon as they fulfill the documentation and funding provisions mandated. Management and Directors of Medinah Minerals (Chile) S.A. and Medinah Minerals, Inc. (USA) have been notified that they will be expected to attend November meetings in Santiago, Chile with each of the three presenting companies.
Further developments will be reported as they occur.
Señor Juan José Quijano Fernández
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.