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MEDINAH Minerals (MEDINAH) (OTCMKTS:MDMN) is a publicly traded company. At this time MEDINAH is primarily a holding company. Our primary assets include:
- a 27.5% equity position (27,469,000 shares) in the private company, AURYN Mining Chile SpA (AURYN).
- a 5 year option to purchase 5,000,000 shares from AURYN for $50,000,000.00 US.
AURYN is the owner of the Altos de Lipangue (ADL) project, comprising over 10,500 hectares. The ADL is adjacent to Lampa, Chile and about 30 kilometers northwest of Santiago, Chile. MASGLAS, AURYN’s parent company has an executive summary of the ADL Project and further details can be found on AURYN’s page.
Prior to owning shares in AURYN, MEDINAH was an owner of several of the mining claims that were part of the ADL. For a number of reasons, including multiple owners of ADL claims, the former management team of MEDINAH was unable to significantly advance the exploration and development of the claims it had a partial interest in.
With the assistance of AURYN, MEDINAH secured 100% ownership of its claims in October of 2013. Subsequently the former management team continued to work with AURYN and recently closed a sales agreement that allowed AURYN to consolidate the entire ADL mining district and provided MEDINAH shareholders with a 25% equity stake in AURYN Mining Chile SpA.
Key ADL Project Points
- Over 10,500 hectares with many excellent exploration targets
- Mine preparation underway for exploitation of the Caren-Merlin high grade gold veins with production estimates of:
- 5,000 troy ounces in 2016
- 25,000 troy ounces in 2017
- Fully financed operation through MASGLAS
- Expectation to be cash flow positive in 2016
A New Direction
At the conclusion of the consolidation process two of MEDINAH’s directors resigned and the remaining director and significant shareholders worked together to name their replacements. The current board of directors has two main objectives:
- conduct a comprehensive analysis of MEDINAH’s books and records to ensure the continued integrity of MEDINAH’s financial statements. During this process all of MEDINAH’s assets and liabilities will be scrutinized in detail. The goal of this effort is to improve the effectiveness with which MEDINAH communicates its results and financial condition to the investment community and the mining industry, and
- execute on a vision for MEDINAH that includes
- utilization of company resources in a cost effective and efficient manner,
- limited dilution,
- elimination of debt,
- and allocation of future profits toward share buybacks and / or shareholder dividends.
We look forward to a long and successful relationship with AURYN and to sharing more details regarding these objectives at our next shareholder meeting.