February 16, 2017
Medinah Minerals, Inc. (Medinah) (OTCMarkets: MDMN) is pleased to report the sale of its 15% interest in Compañía Nuoco Mining Chile S.C.M., to AURYN Mining Chile SpA (AURYN) for 645,000 shares of AURYN. This brings Medinah’s total interest in AURYN to 27,469,000 shares or 27.5% interest.
Kevin Tupper, Medinah’s President & CEO, reports, “This is an important step in cleaning up Medinah’s balance sheet. Medinah was not in a financial position to contribute its 15% share of the NUOCO expenses and had no way to maintain its interest. Selling our interest to AURYN provides us with an increased percentage in the overall project and also enables AURYN to directly own 100% of the Altos de Lipangue Mining District claims. Furthermore, in light of AURYN’s recent announcement regarding the public listing of their securities, this puts Medinah in a stronger financial position.”
Submitted on behalf of the Board of Directors
Cautionary Statement – Forward-Looking Information
This news release may contain certain “forward-looking statements” within the meaning of the United States Securities Exchange Act of 1934, as amended. This forward-looking information includes, or may be based upon estimates, forecasts and statements of management’s expectations with respect to, among other things, the completion of transactions, the issuance of permits, the size and quality of mineral resources, future trends for the Company, progress in development of mineral properties, future production and sales volumes, capital costs, mine production costs, demand and market outlook for metals, future metal prices and treatment and refining or milling charges, the outcome of legal proceedings, the timing of exploration, development and mining activities, acquisition of shares in other companies and the financial results of the Company. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially and substantially from those anticipated in such statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.