SHAREHOLDER UPDATE
April 17, 2008
Dear Shareholders:
Since the Shareholders Meeting, held February 24, 2008, where we enjoyed renewing our acquaintances with many long-term shareholders and meeting numerous new friends, Management has been working very hard and continues focused on closing one of the proposed Joint Venture Agreements.
The World Copper Conference, recently held in Chile, was an excellent event for companies seeking information about Copper discoveries, market potential and investment possibilities. Many of the companies actively pursuing a proposed Joint Venture Agreement with Medinah attended this most enlightening conference and expanded their understanding of the significance and potential size of the discoveries held by Medinah at the Alto de LiPangue site.
We have moved another giant step toward closing a contract on the Lipangue as the Joint Venture companies Principals’ and legal representatives provided us with opportunities to meet numerous times over the last forty-five days. Affirmations of impending closures have been relayed by several of the Joint Venture partners.
Further, we have received another written, signed proposal for the development of Lipangue from one of the groups we have been working with since July of 2007.
On another topic of interest, a shareholder question has come up for the Q&A page as to whether Medinah will be making a more formal News Release regarding the negotiations on the Alto de Lipangue contracts. Any material change in the affairs of the company requires general disclosure. What constitutes a material change has always been basically at the discretion of Management, with few exceptions. More importantly, and especially since the advent of the common use of websites, is the question of what constitutes adequate disclosure. I doubt if you can find anyone interested in Medinah or who has even just pulled up a quote of the share price that has not seen and clicked on the website at some time or another. I doubt that there are any investors who are not aware that most companies today have informational websites.
Everything material that is happening, or has happened, in this company is there for all to see. Every possible effort has been made to ensure that anything that can be deemed as material, have been posted there. Other media are more traditionally accepted as disclosure vehicles, such as the newswire services. This however, does not discount the Company website as adequate disclosure for the purposes to date.
Management has received legal advice on the disclosure issues many times and we feel that until we are concluded with our Lipangue agreements, we are complying at this time. When all information can be released from the Non-Disclosure contracts, by which we are legally bound, Management will immediately make full and complete disclosure via the website and Newswire services.
The Company acquisition of a 5% ownership holding in the Global Gold “Valdivia” in the Madre de Dios Project is proving to be of significant value to Medinah. Global has commenced an active development program and the first of four planned production plants will be operational this year. As well, the development on the Chiloe and Ipun Islands is continuing and, on April 11, 2008, Global accepted the project, paid the required taxes and completed the legal constitution. Global has all the financing required for both projects.
One of the very valuable tools provided to us was the satellite report on the Alto de Lipangue authored by Clemente Supulveda Perez. We were indeed fortunate to have the services of such a well-qualified professional. Señor Perez graduated from the University of Chile in 1982 and commenced working for the “Servicio National de Geologia y Mineria” of the Republic of Chile and in 1992, participated in studies of specialization in satellite interpretations with “Geosensores Remotos” with NASA, supported by the United Nations.
Laterally, Señor Perez used satellite interpretation to discover and confirm the existence of the porphyry copper of the “Papa Mono” deposit in the Cuarta Region of Chile that “Vale de Rio Doce” purchased in November 2007 for US $900 million investment to develop the project.
In the matter of Godwin, RGM and House et al, we confirm the Statement of Defence and Counter Claims in excess of $2 million have been duly filed in the Supreme Court of British Columbia and a Demand has now been forwarded to their Solicitor to provide their Defence to our Counter Claims and complete documentation as to the basis for their claims. Upon receipt of this documentation, Examinations for Discovery will proceed.
We continue to work diligently to maximize our opportunities to advance our goals to build Medinah into a viable and profitable mining company.
Yours truly,
Juan José Quijano Fernández
President
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