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Company Press Release
Medinah Energy Inc. Announces New Properties in Chile
LAKE ELSINORE, Calif.--(BUSINESS WIRE)--June 17, 1998--
Medinah Energy Inc. Announces That an Agreement Has Been
Negotiated to Acquire Contractually All Rights and Entitlement to
Any Court Awarded Settlement of Lawsuits Involving a Percentage
of the Dayton Open Pit Mine in Andacollo, Chile.
Medinah has an agreement with Gumercinda Olivos Araya and Julio Alberto
Tornero Olivos, which gives Medinah the right of first refusal to
purchase several properties, when the vendor is legally entitled to sell
them.
These are the Marilola 1 to 6, Marigen 1 and 2, Encarnacion 1 and 2
(Dayton has lost two cases before the courts, files no. 1.813, 1.814 and
1.815 titled Dayton Vs. Tornero, Olivos, Julio, which petitioned to have
these claims canceled and absorbed into their (Dayton's)
Churrumata/Andacollo properties. A temporary ban on the sale of these
properties was imposed by the courts until all appeals are heard.)
The superficial rights to these properties have already been granted to
the owner, Gumercinda Olivos Araya, before the courts in Chile.
The Abismo, Madrid and Pique properties of Dayton are claimed to be
overlapping the Olivos' (Marilola, Marijen, Encarnacion) properties and
have been requested in the courts, by the Olivos', to be canceled (files
no. 1.996, 1.997, 1.998, 1.999, 2.000, and 2.001, titled Olivos Vs.
Dayton.) Experts have evidenced that there is overlapping and a decision
is expected within a few months.
In court case files no. 2.119 and 2.120 titled Dayton Vs. Olivos Araya,
Gumercinda and Dayton Vs. Aguero Plemkosic, Maria Andrina (sister in
law), Dayton was granted surface access to certain Olivos properties.
Dayton was prescribed a compensation payment to Olivos of 50 million
pesos for this access.
Chilean courts have stated that Dayton exceeded this access right
granted them when they demolished all of the buildings, plant and
equipment owned, under a legal lease agreement, by Medinah Energy Inc.
This has prompted the filing of criminal charges by Olivos and civil
compensation suits by Medinah Energy Inc. against Dayton.
Medinah Energy Inc. has negotiated the purchase of the lawsuits which
means that judgements would insure to the benefit of the Company.
Medinah will pay all future expenses and costs of these actions.
The properties described here are in addition to Medinah's Andacollo
properties, the Mercedes one to three, Mercedes, Toro, Gabriella, and
Rodrigo, which are inside of Dayton's published open pit area and
Medinah's other extensive holdings in Andacollo and Santiago.
For further information, please call investor relations: 888/572-0170
On behalf of the Board of Directors Per: Larry Regis, President
Note: This news release may contain ''forward looking statements''
within the meaning of the United States Securities Exchange Act of 1934
as amended. All statements of historical fact, including 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
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.
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Contact:
Medinah Energy, North Vancouver
Investor Relations, 888/572-0170
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