Completion of shares acquisition
(SANTIAGO, Chile – Mayo 16, 2016 at 7:59 am)
AURYN Mining Chile SpA (“AURYN” or “the Company” or “AMC”) is pleased to announce that our parent company, MASGLAS Limited, has purchased 218,763,318 shares of the common stock of Medinah Minerals, Inc. (MDMN OTCBB-Pink). The contract to purchase these shares was consummated April 29, 2016. Coincident with closing, the shares were delivered by the seller to MASGLAS Limited who then caused a new certificate to be issued registering MASGLAS Limited as the owner of record. These shares were received from the Transfer Agent by MASGLAS Limited on May 14, 2016.
As previously announced, MASGLAS Limited purchased 60 million shares subject to an agreement signed July 6, 2015. The shares purchased under the April 29, 2016 agreement were originally part of the July 6, 2015 agreement. With the completion of this transaction all parties have settled any and all outstanding issues pertaining to the original contract.
Submitted on Behalf of the Board of Directors AURYN Mining Chile SpA
Acquisition of Altos de Lipangue mining claims.
(SANTIAGO, Chile – Mayo 16, 2016 at 8:01 am)
AURYN Mining Chile SpA (“AURYN” or“the Company” or “AMC”) is pleased to announce the successful completion of the Memorandum of Understanding (MOU) signed with Medinah Mining Chile and Medinah Minerals Inc. (MDMN OTCBB-Pink). Pursuant to the previously announced MOU (AURYN Mining Chile SpA (AMC) Signs MOU to Consolidate 100% of Altos de Lipangue Project - AURYN Mining Chile), AURYN has acquired 100% of Medinah’s Altos de Lipangue (ADL) mining claims in exchange for 25,000,000 shares of AURYN Mining Chile SpA. The 25,000,000 shares, which represent a 25% equity stake in AMC, have been delivered to Medinah Minerals.
AURYN is very confident and excited about the potential of this project and has consolidated the 10,000+ hectares which make up the ADL mining district. With the closing of this agreement, AURYN has full control over the project. It should be noted that along with owning 25% of AMC, Medinah Minerals is a 15% shareholder of NUOCO, a company in which AMC holds the remaining 85%.
AURYN is working toward the exploitation of the Caren Mine. We have hired a team of Peruvian experts in underground mining. They have completed the project engineering and mining layout. According to the current exploitation license the maximum tonnage of production allowed is 5,000 tons per month. AURYN’s engineers plan to achieve this level of production within the next 6 to 8 months with a cut-off grade of 15 g/t of gold once production begins.
We expect to start mine preparation during the second week of June. Mine preparation will take approximately two months.
We have conducted metallurgical test runs at recognized laboratories in Chile and Peru. These have resulted in an average gold recovery of over 90% from concentrated ore obtained by a gravimetric Falcon system. Based on this, AURYN expects to produce a total of 5,000 troy ounces of gold in 2016 and over 25,000 troy ounces in 2017.
The cash flow generated from production at the Caren Mine will fund an aggressive exploration program of the Pegaso Nero and further drilling of the Merlin-Fortuna targets. The Pegaso Nero target has great potential to begin proving up a mineralized porphyry.
As we progress toward full scale production AURYN will provide updates regarding costs, mine life, and reserves. In addition, we will be updating our shareholders regarding possible cash distributions after the first quarter of full production.
For further information and regular updates, please visit http://aurynmining.com.
Submitted on Behalf of the Board of Directors AURYN Mining Chile SpA
Mike or anyone,
So with these updates and MDMN now a 25% equity owner of AURYN and MDMN a 15% equity owner of NUCO what are your thoughts? Thanks. Any breakdowns of equity or division of percentages, properties etc. would be greatly appreciated. Thanks in Advance.
I would say its a mute point. Auryn got what they wanted…the shares, J.J. got what he wanted and we can all move forward from PAST history. MDMN is now in new territory. A new day. Thanks Auryn.
Mike do you think they will come into the market and purchase more shares now that this is behind us or hold the money and use it for exploration costs
Congratulations to everyone. A new era of legitimacy, transparency, and profits appears to have begun.
I read some of the comments about GC earlier and it offers a good lesson to people about how one should be careful when speaking like they know the whole story when they don’t. You tend to end up looking and feeling really stupid. As for Greg Chapin, say and think whatever you like. This investment would very likely have been dead years ago without him. He has my complete appreciation regardless of what anyone chooses to think about him. Hopefully the whole story will get around which clears up some of the misconceptions that make him out to seem like a bad guy or incompetent.
And, as far as whatever returns he gets from this endeavor, as unfair as anyone chooses to believe they are, I personally can’t say that I blame him based upon the nightmarish nonsense that I KNOW JJ put him and the rest of the company through. I hope he profits tremendously!
No one is perfect so, when judging a person, we need to weigh the good and the bad. If the good outweighs the bad (and per what I also know, that’s the case) that person should be supported and not discredited.
