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Dear Medinah Shareholders:
Management reports that the Company is progressing with talks aimed at bringing a funded Joint Venture contract forward on the Altos de Lipangue group of claims near Santiago, Chile.
The recent news that the original Joint Venture group, as a result of their own internal issues, failed to close the funding aspect of the Contract Agreement has opened the door for Medinah Minerals (Chile) S.A. to now move ahead with two contingent major mining companies. There no longer exists an “exclusivity factor” that had prevented Medinah Minerals (Chile) S.A. from legally negotiating with other parties up to this time. The original group is insistent that they will finally complete the funding, however they failed to deliver through several extension periods, and it is now Medinah Minerals (Chile) S.A.'s ultimate decision as to which group will be chosen.
We present the following updated valuations and discussions of the Altos de Lipangue breccia zone for the information of shareholders.
The original discovery zone is a breccia pipe area that was drill intersected and tonnages calculated by Gordon House, P.Geo. in February of 2003, as to the preliminary estimates of inferred ore contained in the breccia pipe. This area represents only a very small portion of the total land mass of the Altos de Lipangue claims.
The “estimated” gross metal content of gold, silver and copper in this original in-ground discovery zone is $2.12 billion at today’s commodity price points.
Subsequent to the discovery of the original breccia zone, further exploration of the property also uncovered indications of at least three other breccia pipes. These areas will be explored in the next phases of work. Also, and of significant importance, is the fact that the previous drill programs on the Altos de Lipangue intersected the “contact zone” that exposed the probable existence of an intrusive porphyry that was the hydrothermal heat source of the breccia pipes. Porphyry deposits are known to be some of the largest gross tonnage ore bodies in existence. The mineralization at the Altos de Lipangue claims appears to be at very accessible mineable depths and remains open in all directions including underlying.
Medinah Minerals (Chile) S.A. intends to initiate work programs on the Altos de Lipangue project, this mining season, to explore and further develop the property. Management suspects that geologic indications of further value ore reserves will be uncovered during these early work programs and that the valuation of the contracts currently, and futuristically, under negotiation will be born out with these results.
Several additional areas of investor interest include the Las dos Marias section of the property that contains high-grade gold intersections; high-grade moly/copper deposits, and the as yet untested Oriente, Sur and Poniente claims on the northerly and eastwardly sections of the Altos de Lipangue plateau. Included in this area are potential high-grade iron ore deposits with associated gold values. Realistic values of gold may be determined herein via massive arseno-pyrite formations that were originally opened up in old Spanish gold explorations. The old workers never attempted to recover gold from the arseno-pyrite and so this was discarded on large tailings piles.
The Altos de Lipangue project could deliver significant results throughout the next phases of discovery work that Management intends will begin this mining season.
Several proposals are being reviewed with the intent to commence adit, drifts and shafts to develop the Las dos Marias gold property. Drilling intersects, over a significant width, returned 100+ grams gold/tonne (3 ounces) at the 70-meter depth with lesser gold values at shallower depths. An engineering development plan has recently been reviewed. Since it is in a “designated mining zone”, there are no Chilean Government restrictions and work on the project could be started immediately upon funding.
Management looks forward to announcing the final selection of our Joint Venture “funding” partner as well as the announcement of the long-awaited new beginning of various operations at the Altos de Lipangue and Las dos Marias projects.
Señor Juan José Quijano Fernández
President/CEO
Note: This News Release may contain certain “forward-looking statements” within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Medinah Minerals, Inc. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed under the heading “Risk Factors” and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
