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