Medinah Mining Chile Confirms that Compania NUOCO Mining Chile SCM has Received a Formal Letter of Intent Proposal with Regar...
December 10 2014 - 1:19PM
Business Wire
On Wednesday, December 10, 2014, Medinah Minerals, Inc. (OTC
Pink: MDMN) reports that its 100% owned Chilean subsidiary, Medinah
Mining Chile, was informed by Compania NUOCO Mining Chile SCM as
follows:
Compania NUOCO Mining Chile SCM has received a formal Letter of
Intent from AURYN Mining Chile, SpA to acquire all of NUOCO’s
claims holdings which include the Las Dos Marias claims, the Los
Amigos claims, Columbo and Mambo claims. The Letter of Intent
outlines the AURYN Mining Chile, SpA performance based goal of
purchasing a controlling interest in these consolidated claims.
Compania NUOCO Mining Chile SCM must either accept or refuse the
presented Letter of Intent proposal leading to an ultimate Joint
Venture Agreement by December 30, 2014.
The Letter of Intent followed the recently completed
restructuring of NUOCO which more than doubled the company’s area
of land holdings around the Altos de Lipangue plateau, into the
Compania NUOCO Mining Chile SCM ownership. The increased land
holdings were contributed under arrangement with the private
partners, to the benefit of all NUOCO shareholders, with a purpose
of consolidating into a cohesive package these key properties in
preparation for anticipated offers to purchase from major mining
companies.
NUOCO partners have funded the development work on the
properties resulting in discoveries of identified strata bound
manto structures indicated by the company geologist to contain at
least 1 million tons of copper ore grading around 2% copper. This
structure is similar to other well known strata bound deposits in
close proximity to the Altos de Lipangue plateau, which have proven
out at over 10 to 12 million tons of copper ore. More privately
funded exploration work is continuing to develop this deposit. To
date, development and exploration work costs have exceeded $3
million which has been funded by NUOCO partners.
This release was jointly approved by all the parties to the
Letter of Intent Proposal.
Board of Directors, Compania NUOCO Mining Chile SCM
Management Director, Medinah Mining Chile
Board of Directors, Medinah Minerals, Inc.
Board of Directors, AURYN Mining Chile, SpA
Further specific details as to the development activities will
become available on www.medinah-minerals.com.
South American Mining MediaRoberto de Silva,
702-727-8235Roberto@southamericanminingmedia.comhttp://www.medinah-minerals.com
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