Well, just thinking out loud here … and for Idras:
Medinah/Cerro shareholders have been operating in the dark within what might be described in various terms as an “informational vacuum” or “cone of silence” for quite some time now. This is not fictional, it is merely a description of being in the dark, which may or may not be of strategic value for any number of reasons. The multiple reasons offered are all speculation. This is not atypical at this stage of development with an aggressively expanding “district scale” mining project that AURYN has initiated. There is no dispute in stating this is distressing for any long shareholder. There is little optimism unless shareholders receive at least a periodic glimpse into what is actually happening behind the scenes with progress and developments. This forum attempts to provide a glimpse at any DD that has been revealed by shareholders or the companies involved. The forum allows shareholders/posters to speculate what it all means to their investment here. It is not investment advice!
The arbitrage value for the conversion between MDMN and CDCH shares is meaningless without information of what is actually going on. Shareholders have pondered not only the silence, but why CDCH has ended up with all the claim titles that initially AURYN had “purchased” with a percentage equity interest in AURYN. Now, why are there no actual shares of the mining company Cerro and Medinah shareholders had all been led to believe we were getting in return? Whether we use the term “cone of silence” or “informational vacuum” as we are operating in the dark is also just as meaningless. Personally I prefer to use the description of “being in the dark” over other descriptions. Because of the way AURYN has structured the initial stages of going public, I think selling control of the mining claims to Cerro was intentional and strategic to a multi-step process in bringing AURYN public and treating all current shareholders equally. The fact remains there is minimal information flowing from AURYN, or the other common management/ownership behind CERRO, MEDINAH and MASGLAS.
What we had been told at the end of the last year:
AURYN has informed Medinah and the rest of its shareholders that AURYN will be exchanging its shareholders’ AURYN stock for shares in Cerro, pro rata, as soon as practical. When this transaction is complete, Medinah will own 1,649,130,000 shares of Cerro with a one-year holding period. This is in addition to the shares of CDCH that Medinah already owns.
… We anticipate this will leave 1.61 billion shares of CDCH to our Medinah shareholders pro rata. This is a ratio of 0.558 shares of CDCH for each share of MDMN that our shareholders own. 
Note, the updated information in the most recent Q1 report states that Medinah now has 1,739,360,000 shares (24.848%) equity stake in AURYN. As DOC posted (see post 371), the “informational silence” may have been necessary strategically to facilitate acquiring and locking down additional properties adjoining the ADL. AURYN has always shown a dynamic long view in adapting to changing conditions, IMO. The District wide analysis assisted by Dr Jannas likely resulted in changing AURYN’s strategic priorities for expanding and developing the project over immediate exploitation which is expensive:
This effort will help us refine our business plan as we consider the development of the entire project, including the possibility of bringing on additional partners for the porphyry targets. 
AURYN, not Cerro, is clearly the mining operation of this investment. The question remains , “How will present Cerro and MDMN shareholders benefit directly in the underlying asset from this arrangement of Cerro holding only the claim titles?”
Was it a “slip” late last October when AURYN announced:
Mr. Conetta will apply his visionary and strategic leadership and work with Maurizio Cordova to help AURYN put the Altos de Lipangue into production and become a public mining company. 
This isn’t a trading stock and hasn’t been for some time. My observation from the informational meeting is that many of the shareholders present were of the age that shares may presently be in an IRA or moved into a ROTH. For those “IRA” shareholders selling for a tax write-off is not a viable option. For those that have trading accounts where a position’s value has vastly decreased, this “tax loss selling” does make strategic sense, provided there is still optimism enough to buy back positions after the one-month holding period before repurchasing. There are different investing styles and circumstances that are suited to an individual’s circumstances and some that are just not suitable for speculative stocks.
…we now finally turn the page on the old and look forward to a very bright future for those who have invested in the Altos de Lipangue mining district. 
We don’t know what we don’t know. Why do we only own title to the claims and not AURYN (the mining operations)? It is quite apparent under the relaxed alternative reporting requirements of the OTC we are not seeing the expenditures incurred by AURYN. Without seeing the contracts for CDCH and MDMN we don’t know what new loan obligations exist. We aren’t getting a free ride as evidenced by our current PPS, but there are multiple possibilities for turning around our investments in CDCH and MDMN. We were told last September the only risk we have is normal mining risk. It is up to AURYN to show shareholders what the risks are. Strategically, I don’t think management plans on revealing much before all CDCH shares become free-trading.