Lake Elsinore, California, April 14, 1999 … Purchase of the Alto de Lipangue and the Las Dos Marias properties, upon which the current diamond drilling program is being conducted, was concluded between Medinah Energy, Inc. and Señor Juan Jose Quijano. Medinah entered into an option agreement with Señor Quijano for the purchase of the properties in 1998. The completion of the purchase inscribes Medinah Energy, Inc. on the titles of the properties in Chile as the registered owner and concludes that part of the contract. Title was registered to Medinah Energy, Inc. for payment in full for US$10,000,000 in previously issued Medinah shares, thus eliminating further share dilution.
The claim titles include the Gordon 1-60, Gordon 61-120, Amparo 1-40, Alta Mira 1-30, Mercedes 1-33, Juan Jose 1-25, Los Amigos 1-10, Concordia 1-20, Las Dos Marias 1-30, Lo Amarillo 1-72,and the Millalelfun 1-55 claims
The delivery of the claim titles gives Medinah control over the 5,000 hectare (+12,000 acres) block. Located on the property is the recent Alto de Lipangue discovery diamond drill holes that intersected widths approaching 500 feet of ore grade gold/copper mineralization.
Properties remaining under the option agreement include the Isle de Ipun, Caleu, Puangue and Carin placers and several other future potential acquisitions. Señor Quijano retains a 20% interest in any net profit received by Medinah from the claims. There is no net smelter royalty.
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On behalf of the Board of Directors
Per: "Larry Regis", President
For further investor information, please contact RGM Communications Inc. at 1 (800) 547-9375, (604) 687-1414 or access the web site at medinahenergy.com
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 Energy, 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 results 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. |
