Auryn/Masglas principals own approximately 40% of MDMN via their share purchases. And even though they already own approximately 75% of the ADL outright, etc., it stands to reason they will not be giving away their interest in MDMN (which translates to about another 10% of the ADL) for a song - they will be systematically developing the value of their own investment in a manner and to the extent they are comfortably and financially able to do so, which will benefit the MDMN shareholders. They are therefore incentivized to reinvest net income from the project in further development/exploration and declare dividends and do share buy-backs as well. A premature TO would be totally inimical and will hurt them just as much as it hurts us. I would therefore not expect them to be short-sighted.
New pics up on fb
Doesn’t look a lot to me but what do I know I live in San Diego😄
A small amount of precipitation changes dirt road conditions and the abilities of heavy equipment to operate safely. I’ve operated heavy equipment. I would not feel safe doing it on a steep slope in slippery conditions. Safety first. As it should be. Thanks to whom ever is driving the Facebook Medinah page for the update and photos.
I thought some of the roads had been upgraded and rain wasn’t suppose to be a factor now
Hey Elvis, 
I also appreciate the pics. Definitely an improvement!
Some will recall that the first storm was going to be mostly rain with snow levels 2000 meters and above. It appears that it probably changed to a little snow when it ended.
Unfortunately, today is another story. Rain probably started last night and should change to heavy snow today as the snow levels drop to 1500 meters. Up to 2 feet of snow is possible. Yet another storm could be on the horizon as well.
Cecilia Jamasmie | Jun. 27, 2016, 3:57 AM
World’s No. 1 mining company BHP Billiton (ASX, NYSE:BHP) (LON:BLT) will raise its annual exploration spending by 29%, allocating nearly all its $900 million budget to finding new copper and oil deposits, which the miner has singled out as the key resources that will bolster its future growth.
The budget increase comes despite the Melbourne-based mining giant’s decision to cut overall capital expenditure to $5 billion in the year beginning next month, compared to a peak of $25 billion in fiscal 2013.
“We are investing at a time when most in our sector continue to reduce discretionary spend,” Laura Tyler, BHP’s head of geoscience, said in a statement.
BHP, already the world’s second-biggest listed copper miner, will be looking for more of the red metal in Chile, Peru, the US, Canada and South Australia, and eyeing new partnerships to boost its growth pipeline.
“We execute our copper exploration both directly and through investment in joint venture opportunities and we continue to seek partnerships with junior explorers,” Tyler said.
Good times ahead!! Don’t forget the Chile Explore Congress in September alongside BHP !
Carlsbad checking in here DD.
You can see the storm near Santiago in this SAT image.
Looks like a front with a cold swirl of clouds out in the ocean that will hit the mountain later today. 50 knot winds should be blowing around the snow shortly. The webcam in the nearby Andes shows the storm: http://snowforecast.com/world-forecasts/around-the-world/south-america/valle-nevado/
MEDINAH Clarifies AURYN Sales Agreement
Shareholder Notification – July 14, 2016
Over the past many months, shareholders have raised questions regarding option agreements, memorandums of understanding, and contracts. MEDINAH would like to make several items regarding our contract with AURYN clear.
MEDINAH started with a 51% interest in a little more than 3,000 hectares. With AURYN’s help we were able to obtain a 100% interest in the mining claims for less than 40% dilution to our common shares.
MEDINAH entered into an option agreement with AURYN which was announced on August 1, 2014. This agreement was subsequently translated and published by MEDINAH. The full agreement was published. There were no hidden or secret NDA’s, side agreements, or addendums to this agreement.
As per the announcements of both companies on May 16, 2016, the option agreement was cancelled and MEDINAH and AURYN reached a sales agreement in which MEDINAH exchanged our 100% ownership in approximately 3,000 hectares for 25,000,000 shares of AURYN and a 5-year option to acquire an additional 5,000,000 shares of AURYN for $50,000,000. The 25,000,000 shares represent a 25% equity stake in AURYN. Additionally, MEDINAH retains its 15% ownership in NUOCO.
This is a very simple sales agreement. We swapped our mining claims for equity in AURYN. There are no hidden side contracts or addendums signed; nor will there be any signed.
MEDINAH management believes this is a very beneficial sales agreement for our shareholders.
Before the agreement
100% interest in approximately 3,000 hectares.
No cash resources or opportunities for early production.
No ability to pay the taxes to maintain claims or acquire surface rights without significant dilution.
No in-house mining experience.
After the agreement
25% interest in over 10,500 hectares of consolidated claims making up the Altos de Lipangue (ADL) mining district.
Elimination of the need to dilute shareholders to cover taxes and surface rights.
A partnership with a capitalized company capable of developing the project.
Participation in early stage production opportunities including the Caren and Fortuna mines.
In summary, the sales agreement with AURYN allowed us to go from a position of weakness to a position of strength. We gave up direct ownership in approximately 3,000 hectares which we had limited resources and ability to develop. In exchange we gained a 25% equity stake in AURYN, a company on the cusp of becoming profitable through production on its Caren and Fortuna claims. This agreement effectively ends the dilutive cycle that MEDINAH shareholders have endured through years of taxation, claims maintenance, and other expenses.
AURYN is sufficiently capitalized to bring the Caren and Fortuna claims into early production and achieve profitability. We believe that MEDINAH will be able to maintain our interest in AURYN with no further share dilution for taxes, surface rights, or claims maintenance. We expect to be profitable in 2017.
Cautionary Statement – Forward-Looking Information
This shareholder notification may contain certain “forward-looking statements” within the meaning of the United States Securities Exchange Act of 1934, as amended. This forward-looking information includes, or may be based upon estimates, forecasts and statements of management’s expectations with respect to, among other things, the completion of transactions, the issuance of permits, the size and quality of mineral resources, future trends for the Company, progress in development of mineral properties, future production and sales volumes, capital costs, mine production costs, demand and market outlook for metals, future metal prices and treatment and refining or milling charges, the outcome of legal proceedings, the timing of exploration, development and mining activities, acquisition of shares in other companies and the financial results of the Company. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially and substantially from those anticipated in such statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.
Investor Contacts
Investor Relations
Website: http://medinah-minerals.com/
Phone: 702-605-4715
Email: info@medinah-minerals.com
Copyright © 2016 Medinah Minerals, Inc., All rights reserved.
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Medinah Minerals, Inc.
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Las Vegas, NV 89129
Well folks who have Les’ ear…here is your opportunity to make him come clean on his past statements regarding side agreements.
Why do I believe that Wiz wrote that “excellent” pr. If not, thanks to whoever did.
I apologize in advance, I can’t help but to remember all the crazy notions about “escalotor clauses, cash payments, NDA’s…” Les is a real piece of work.