December 10, 2014 12:30 PM Eastern Daylight Time
LAS VEGAS—(BUSINESS WIRE)—On Wednesday, December10, 2014,
Medinah Minerals, Inc. (OTC Markets: MDMN) reports that its 100% owned Chilean subsidiary, Medinah Mining Chile, was informed by Compania NUOCO Mining Chile SCM as follows:
Compania NUOCO Mining Chile SCM has received a formal Letter of Intent from AURYN Mining Chile, SpA to acquire all of NUOCO’s claims holdings which include the Las Dos Marias claims, the Los Amigos claims, Columbo and Mambo claims. The Letter of Intent outlines the AURYN Mining Chile, SpA performance based goal of purchasing a controlling interest in these consolidated claims. Compania NUOCO Mining Chile SCM must either accept or refuse the presented Letter of Intent proposal leading to an ultimate Joint Venture Agreement by December 30, 2014.
The Letter of Intent followed the recently completed restructuring of NUOCO which more than doubled the company’s area of land holdings around the Altos de Lipangue plateau, into the Compania NUOCO Mining Chile SCM ownership. The increased land holdings were contributed under arrangement with the private partners, to the benefit of all NUOCO shareholders, with a purpose of consolidating into a cohesive package these key properties in preparation for anticipated offers to purchase from major mining companies.
Property Holdings & Claims
Medinah Minerals, Inc. only participates in mining claims that are fully registered with the Chilean Ministry of Mines through filings by Medinah Mining Chile. Each of the mining claims are in good standing and recognized under Chilean Mensura Mining Laws. The total area of mining properties covers +28,000 gross hectares. Medinah Minerals, Inc. owns 99.9% of Sociedad Contractual Minera Medinah Mining Chile, also known as Medinah Mining Chile.