Medinah Mining Chile Announces Acceptance of a Binding Framework Agreement
June 30 2014 - 10:45AM
Business Wire
On Friday, June 27, 2014, Medinah Minerals, Inc. (Pink Sheets:
MDMN) reports that its Chilean subsidiary, Medinah Mining Chile,
signed a binding Framework Agreement with Peruvian JV partners in
the city of Santiago, Chile with regard to the Altos de Lipangue
group of claims in Chile.
The Framework Agreement terms involve the sale of 85% of the
Altos de Lipangue group of claims for a minimum price of US
$100,000,000 in an all cash transaction upon the final exercise of
the Option Purchase Agreement. Medinah Mining Chile will retain a
15% equity interest in the properties.
A Chilean corporation will be incorporated within the next 30
calendar days. This new sub-corporation will be a wholly owned
subsidiary of AURYN Holdings Corporation ("AURYN"). Concurrently,
the JV partners, lawyers and their mining consultants will complete
due diligence in order to legalize the three year Option Purchase
Agreement among the parties.
The parties have agreed to an enforceable US $3,000,000 penalty
if either of the parties fails to comply and/or perform relative to
the requirements articulated in the signed binding Framework
Agreement.
The Board of Directors of the subsidiary Company will be
comprised of the following individuals:
Mr. Jose Roberto de Romana Letts, President-CEO-Director
Mrs. Irene Letts Colmenares de Romana, Chairwoman of the
Board
Mr. Italo Volante, Esq.- Secretary-Director
Mr. David Bent, P/Geo-Director
Mr. Carlos Jimenez Rodriguez, Esq.- Director
Mr. Gregory A. Chapin, Secretary/Treasurer of Medinah Minerals
Inc., stated: "We are excited to have reached an Agreement
containing the necessary steps to formalize an Option Purchase
Agreement with a recognized group of sophisticated mining
individuals. Collectively, they possess an incredible amount of
mining expertise as well as the financial wherewithal to
successfully explore and develop the Altos de Lipangue claims to
their greater potential. We look forward to completing the final
documentation and capitalizing on the value of the ADL claims
through this exciting partnership."
This release was jointly approved by the parties to the
Framework Agreement.
Further specific details as to the planned project development
activities will become available at www.medinah-minerals.com.
Juan Jose Quijano Fernandez
Chairman/President-Medinah Minerals, Inc.
South American Mining MediaRoberto de Silva,
702-727-8235Roberto@southamericanminingmedia.comhttp://www.medinah-minerals.com
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