Medinah Mining Chile Announces Completion of the Notarized Final Joint Venture Option Agreement with AURYN Mining Chile
Aug 01, 2014
OTC Disclosure News Service
On Thursday July 31, 2014, Medinah Minerals, Inc., (Pink Sheets: MDMN)
announced that its 100% owned Chilean subsidiary, Medinah Mining Chile,
and AURYN Mining Chile, SPA have completed documentation of all matters
as delineated in our June 27, 2014 publication. The parties today
signed, before Notario Patricio Raby B., the finalized Joint Venture
Option Agreement in the city of Santiago, Chile with regard to the Altos
de Lipangue group of claims.
The final Joint Venture Option Agreement grants AURYN Mining Chile, SPA
an exclusive 36 month option to purchase 85% of the Altos de Lipangue
group of claims for a minimum price of US $100,000,000, in an all cash
transaction, upon the final exercise of the Joint Venture Option
Purchase Agreement. Medinah Mining Chile will retain a 15%
ownership/equity interest in the properties.
The finalized Agreement obligates AURYN Mining Chile, SPA to immediately
initiate its first phase drilling and exploration program with a US
10,000,000 budget that must be submitted to Medinah Mining Chile and
Medinah Minerals, Inc. no later than August 15, 2014. All drilling and
exploration costs will be borne solely by AURYN Mining Chile. AURYN
Mining Chile does not earn any equity in the Altos de Lipangue
properties for their expenditures in the drilling and exploration
program. Results of drilling and exploration activities will be reported
periodically to Medinah Mining Chile.
The Finalized Joint Venture Option Agreement provides Medinah Mining
Chile with a unique opportunity to attain a completed NI 43-101 report.
The drilling and exploration program will highlight and further
delineate the previous geological work completed by ACA Howe, and will
commence no later than August 31, 2014.
With the formal signing of the Joint Venture Option Agreement, Medinah
Minerals, Inc. (MDMN) has agreed to a restrictive issuance cap of 1.5
Billion, fully-diluted, common shares during the entire 36 month Option
Agreement period with AURYN Mining Chile.
This release was jointly approved by the parties to the Final Joint
Venture Option Agreement.
Further specific details as to the planned project development
activities will become available at www.medinah-minerals.com.
Juan Jose Quijano Fernandez
Chairman/President-Medinah Minerals, Inc.
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