SHAREHOLDER UPDATE
March 23, 2011
Dear Shareholders:
Company Management has today received written documentation that the first tranche of funds, necessary to complete the initial catalyst part of the Joint Venture Agreement, are finally in the last stage of transfer to the Company bank account. Management will continue to monitor the funding process, on a daily basis, until we can affirm and report that the Company is in verified possession of funds received from our Joint Venture Agreement partners. The Company wishes to advise that the caveat of concern is still in effect - i.e., until we have verified funds in place, the Joint Venture Agreement is not fully consummated.
As reported earlier, in our Question and Answer forum, Medinah Minerals (Chile) and Medinah Minerals, Inc. (USA) members have continued to work on numerous collateral matters in furtherance of the Company's short- and long-term goals. These efforts, in concert with the ultimate goal of acquiring necessary funding through the Joint Venture Agreement, are provided below:
1. Meeting and soliciting highly professional, international, geological management firms to augment the direction of the Alto de Lipangue project. This, to further provide additional
43-101 qualifying reports, leading to further exploration and eventual full production of the claims. A world-renowned firm is ready to assume immediate duties upon the receipt of payment(s).
2. Discussions with Chilean contractors, including geophysical surveyors, diamond drillers, geologists, and mining engineers. Accepting resumes of those deemed qualified to assume required duties upon Medinah Minerals (Chile) receiving the anticipated funding.
3. Drafting of preliminary contracts for POLO Claims participation with a London-based Development Company. Receipt of a significant tender offer for exploration of the POLO claims by the London-based Company is expected in the next few days. Medinah Minerals, Inc. (USA) owns a 15% interest in this project.
4. Medinah Minerals (Chile) members are actively participating in the reorganization of the Pumillahue claims, and Turner plant operation alterations. Medinah Minerals, Inc. (USA) holds a 5% ownership holding.
5. Entertaining several credible interest offers in the exploration of the Las Dos Marias claims, proximate to the Alto de Lipangue claims.
6. Discussions with various tax professionals regarding steps to upgrade our Pink Sheet status to a higher level. The Company is also trying to ascend to a fully reporting status company pursuant to Sarbanes-Oxley mandates. The exhaustive time and expense of becoming a fully reporting company is difficult to attain without arduous administrative work and monetary outlay. The Sarbanes-Oxley requirements have been somewhat revised, but the complete history of the Company must be provided and reviewed by tax authorities in order to try and reach our goal. Some of the preliminary items being worked on are listed as follows:
a. Re-reviewed and provided all completed Federal income tax returns for calendar years 2002-2009 to tax professionals, who have now filed all returns with the applicable taxation authorities. Effective yesterday, the 2010 tax returns were completed and readied for filing with State and Federal agencies.
b. Working on contingent aspects of further Edgar reporting requirements. Received preliminary approval, but noticed that additional information was required, which is being completed. Our tax professionals are completing the required steps for finalizing our ability to become fully Edgar-compliant.
c. The Company, on an annualized basis, completes and files a 15c-211 with all Market Makers in compliance with current/full disclosure rules. Medinah Minerals, Inc. (USA) is presently updating our annualized 15c-211 report due for filing by June 30, 2011. The Company will complete all updates and be able to file prior to July 2011.
d. The Company continues to provide unaudited 10Q and 10K Schedule of Expenses and Balance Sheet Financial Statements for shareholder review. These Financial Statements, completed for many years, are another historical basis necessary for our efforts to become a fully reporting entity. These documents are being professionally reviewed in order to assess our likelihood of attaining a fully reporting status in the future.
7. Working with our Transfer Agent by filing requests to be allowed to utilize the FAST transfer system to deal with Brokerage Firms electronic acceptance of shares. We are informed by our Transfer Agent that this process is well on the way to completion.
8. The Company intends to announce an Annual General Meeting date approximately 30 days after the receipt of verifiable funds. The intended meeting venue will be Las Vegas, Nevada.
9. Medinah Minerals (Chile) which includes Medinah Minerals, Inc. (USA) are recognized as a mining concern by the Chilean Government as noted in the attached below:
From the website: Government of Chile, Chilean Copper Commission - www.cochilco.cl
Anglo American (United Kingdom)
One of the world’s largest mining companies, active throughout the world. Anglo American produces gold, platinum, diamonds, coal, base and ferrous metals, and industrial minerals
Austral Gold Ltd.
Exploration company based in Australia, with a focus on gold and other metals. In Chile it owns the Guanaco mine.
Atlantic Copper (Spain)
One of the world’s largest producers of refined copper and the largest Spanish supplier of copper cathodes.
BHP Billiton (Australia)
A leading producer of mineral and energy resources. It owns over one hundred operations and has offices in 25 countries.
Breakwater Resources Ltd. (Canadá)
A company active in the acquisition, exploration and development of metal deposits in the Americas and Northern Africa
Coeur d'Alene Mines Corporation (United States)This U.S.-based company is the largest producer of primary silver in the Americas and one of the world’s largest.
Chilean Copper Corporation (Codelco Chile)One of Chile’s largest companies and the world’s largest producer of copper. Its various divisions handle mining, processing, and market placement.
Doña Inés de Collahuasi Mining Co. (Chile)
One of the world’s leading recyclers and processors of metal-bearing ores.
Compañía Minera del Pacífico S.A. (Chile)
Based in La Serena, Chile, this company evaluates, develops, and mines mineral deposits. It also provides geological and mining research, engineering, mechanical, industrial maintenance, construction, and earth movement services.
National Petroleum Company (ENAP) (Chile)
A group of Chilean companies active in Argentina, Ecuador, Colombia, the United Kingdom, Iran, Yemen, and Egypt. ENAP produces fuels and other industrial and petrochemical products.
ENAMI (Chile)
Freeport – McMoran Copper & Gold. (EE.UU)
One of the world’s largest copper producers following its 2007 acquisition of Phelps Dodge Corp.
Grupo México (México)
This group of Mexican companies is the world’s third-largest producer of copper and the fourth- and fifth-largest producer of silver and zinc, respectively.
International PBX (Canadá)
A company conducting promising exploration work in Chile, where it has been active through the past eight years.
Kinross (Canada)
Established in 1993, Kinross is the world’s seventh-largest producer of primary gold. It owns stakes in 13 mines in four continents.
Manganesos Atacama S.A. (Chile)
Manganesos Atacama is active in the mining and ferroalloy industries, notably involving manganese.
Milpo (Perú)
A mining group concerned with development and operation of medium-size, low-cost zinc, copper, lead, and silver mines.
Medinah Minerals (Chile)
A mining exploration company strategically located in Chile. The company has actively engaged leading Chilean miners.
Market Research (Estados Unidos)
A web-based mining industry clearinghouse. Market Research specialists provide bias-free information required for effective strategic decision-making.
Minera Valle Central (Chile)
Owned by Canada’s Amerigo Resources Ltd. Established 1992, following a 20-year contract with Codelco-Chile.
Minera Escondida (Chile)
Mantos de Oro (Cánada)
An equal gold mining partnership by Canadian firms Placer Dome Inc. and TVX - Normandy Americas.
Newmont (Estados Unidos)
One of the world’s largest gold producers, active in all continents. Established in 1921, it is traded in the NYSE since 1925.
Noranda (Canadá)
One of the world’s largest zinc and nickel miners and a leading copper, aluminum, gold, sulfuric acid, and cobalt producer.
Norilsk Nickel (Rusia)
A company traded in German, United Kingdom, and U.S. (NYSE) exchanges. Active in the non-ferrous metals market, it is the world’s largest nickel and palladium producer. It also mines copper.
Barrick (Chile)
Barrick (United States)
Río Tinto (Inglaterra)
A leading mineral resource exploration and processing company. Rio Tinto is active in Australia, North America, and South America.
SQM (Chile)
World leader in the production of speciality fertilizers, iodine, and lithium. The SQM network of 20 international subsidiaries generate significant economies of scale and provide quality customer service.
Southern Peru Copper Corporation (Perú)
This integrated copper producer is Peru’s largest mining company. Worldwide, Southern Peru stands among the world’s ten largest private copper producers.
South American Gold and Copper Company Limited (Canadá)
A company concerned with mineral resource exploration, notably gold and copper from mining properties in Chile and Peru.
Teck Cominco Limited (Canadá)
An important metallurgical coal, zinc, copper, and gold producer. Teck has exploration facilities in nine countries.
In summation, the Company continues to do everything within its power to prepare for the expected arrival of the verified funding from our Joint Venture partners.
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.
Medinah Minerals, Inc. (USA) wishes to advise that this is our official Web Site. Medinah Minerals, Inc. (USA) is not responsible for the PUBLICATION of any Company information presented on any other site.