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RESPONSE TO SHAREHOLDERS
Q&A WEBSITE
July 05 to July 10, 2007
Management of Medinah Minerals, Inc. is pleased
with the responses via the Emails received by the Company
since the posting of the invitation on our Website. We will
answer the most commonly asked questions, in no particular
order.
Q) Does the company anticipate concluding
a Joint Venture Agreement with a major mining company this
summer?
A) The company President, Juan José Quijano Fernández
is in active negotiations with more than 12 corporations,
several of which are combined proposals. Management is working
as quickly as possible to finalize one agreement. With 12
companies involved, projecting a finish date is difficult.
We will, however, conclude this agreement in the best way
possible in the given circumstances
and hope that this will be in the nearest timeline.
Q) Does Medinah file yearly statements with
the IRS?
A) Medinah posts annual financial statements (unaudited)
on the Website and files the statements with all applicable
regulatory authorities.
Q) Why haven’t the SAT photos and IP
results been posted on the Website as promised months ago?
A) A summary of the reports has been posted from time to
time on the Website. The technical reports themselves are
very difficult and costly to reproduce in a format for the
Website. Any shareholder who requires one of these reports
would be provided a copy by remitting the reproduction costs.
Q) The website posted financials show current
liabilities ending December 31, 2006 of $142,005 and long-term
debt of over $600,000. What is the current outstanding debt
of Medinah and who is this owed to?
A) The June 30, 2007 interim financial statements will be
posted on the Website shortly with an addendum detailing
the current and long-term debts at that time.
Q) Please explain why we increased our claims
by 4X?
A) When our geologists, working in consort with several majors,
did an evaluation of the copper/moly claims extending to
the south of our main claim group, a recommendation was made
to extend our roads to these properties and to obtain additional
properties to make a continuous claim block. Our past development
programs did not extend to this area.
Q) Why hasn’t the company drilled more?
A) Drilling has already outlined a significant mineral resource
on the Alto de Lipangue that potentially expands in all
directions and depth.
At the shareholder meeting of May 17, 2004,
a clear mandate was given to the Directors by the shareholders
to organize the properties and the company into a format
that would facilitate the company negotiating with major
mining companies for a beneficial Joint Venture Agreement
or sale of the properties. There was no desire on the part
of Management or shareholders to engage in additional exploration
programs or was it considered beneficial to the desired outcome.
Q) The 2006 expense sheet shows over $189,000
spent on "direct exploration" in Chile. How was
this expense paid for or is it still an outstanding obligated?
A) The $189,000 was paid for by direct investment from the
Officers, Directors and Associates of the company.
Q) What percentage of the property Lipangue
does MDMN own? Is it 100%, 10%, etc.?
A) The Chilean company – Medinah Chile, S.A. – owns
100% of the claims, with the exception of two claims that
Medinah owns a 10% free-carried interest. Medinah Minerals,
Inc. USA owns 50% of the shares of Medinah Chile, S.A.
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