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Medinah Minerals, Inc. Announces Completion of Sales Agreement with AURYN Mining Chile, SpA.
Medinah Minerals, Inc. Announces Completion of Sales Agreement with AURYN Mining Chile, SpA..
About this update from Medinah Minerals, Inc.
[{"type":"text","content":"\n \n Medinah Minerals, Inc. (“Medinah”) (NQB:MDMN) has entered into a Sales \n Agreement (“Agreement”) successfully completing the previously announced \n Memorandum of Understanding (MOU) with AURYN Mining Chile SpA \n (“AURYN”). AURYN has acquired 100% of Medinah's Altos de Lipangue claims \n in exchange for 25,000,000 (twenty five million) shares of AURYN, a 25% \n equity stake in AURYN. Medinah has received the 25,000,000 (twenty five \n million) AURYN shares called for in the Agreement. Furthermore, as part \n of the Agreement, Medinah has a 5-year option to acquire an additional \n 5% equity stake in AURYN’s capital structure for U.S. $50,000,000 (fifty \n million dollars). AURYN assumes all rights, responsibilities, costs and \n liabilities of the entire Altos de Lipangue Project. All previous Option \n Agreement contracts and addendums between the parties have been \n cancelled.\n \n \n The Medinah Board of Directors considers this Agreement to be very \n significant and a major milestone event. Medinah is extremely pleased to \n have a well-funded, professionally run and highly competent partner in \n AURYN. The Company’s goals are to look at the real possibility of \n issuing cash dividends and initiating share buyback programs. Medinah \n shareholders will share in the entire Altos de Lipangue Project \n production revenues for many, many years to come.\n \n \n The Company is planning to hold a Shareholders Meeting in Las Vegas on \n October 1-2, 2016.\n \n \n AURYN issued a release on May 16, 2016, regarding the completion of this \n Agreement. Within its release are projections as to gold production on \n the Altos de Lipangue Project. AURYN has stated:\n \n \n \"AURYN is working toward the exploitation of the Caren Mine. We have \n hired a team of Peruvian experts in underground mining. They have \n completed the project engineering and mining layout. According to the \n current exploitation license the maximum tonnage of production allowed \n is 5,000 tons per month. AURYN’s engineers plan to achieve this level of \n production within the next 6 to 8 months with a cut-off grade of 15 g/t \n of gold once production begins.\n \n \n \"We expect to start mine preparation during the second week of June. \n Mine preparation will take approximately two months.\n \n \...