MDIN news out ! Incidently, NPEC owns 14+ mil shrs of MDIN. NPEC at .03.
MDIN at .20 ! **********Thursday July 16, 11:16 am Eastern Time
Company Press Release
Medinah Energy Inc. -- News Release -- Andacollo -Chile- Property Update
LAKE ELSINORE, Calif.--(BUSINESS WIRE)--July 16, 1998--Medinah Energy
Inc. reports that most of the information contained in the July 13,1998
news release of Dayton Mining, as it pertains to Medinah, is inaccurate.
It bears no consequence to the holdings and assets of the Company. The
properties that Medinah holds under contract in the Andacollo mining
district are uncontested and under contract. The properties that have
pending lawsuits are a small area but of much importance to Dayton.
Medinah does not own and has never claimed to own these, they are owned
by Ms. Olivos Araya Gurmercinda. Medinah has right of first refusal to
buy these properties subject to the outcome of the Dayton/Olivos law
suits rights to which Medinah has purchased.
Medinah Energy Inc. holds a large group of properties in both the
Santiago area of Chile and the Andacollo mining district. These
properties are currently under contract to the company and are
undisputed in their validity. The Santiago group of properties comprises
1788 individual claims including both placer and hard rock. The
Andacollo claims shall be listed in their entirety for clarification of
the Company's substantial holdings in that area. The properties
contained in the Andacollo agreements are as follows: Cobre Morado one
to ten, Mina Verde, Berta one to five, Ultima one to three, Mac Pato, La
Colorada one to five, Alianza, Lanzazo one to four, Niclolas one to
twenty seven, Corazon de Jesus one and two, Espacio one to four, Capacho
one to five, Toro, Mercedes one to three, Mercedes Siette, Volcan one to
sixteen, Maria Luz, Beagle one to twenty eight, Las Violetas one to
twenty, Nerransula, Carla one and two, Rodrigo, Gabriella, Nueva,
Eduardo Uno one to twenty, Eduardo Dos one to twenty, Eduardo Tres one
to twenty, Turista one to one hundred. In addition to these properties
Medinah has registered claim blocks over these areas to create more
contiguous land groupings and purchased directly from the Tornero family
all of their undisputed Properties in the Andacollo area.
Medinah also leased the Churumata plant site, the subject grounds of the
Dayton/Olivos lawsuits, from Ms. Olivos Araya Gurmercinda and her son
Julio Tornero, Olivos. Shortly after leasing the property the following
events took place:
January 1998, Dayton employees bulldozed to the ground all buildings
plant and equipment on the Churumata property owned under lease by
Medinah. Unconfirmed parties destroyed concrete property boundary
markers of Medinah properties. Dayton filed suit against Medinah's
Chilean law firm claiming the Company entered into an unlawful lease
agreement on the disputed properties. July 9, 1998 Courts find in favor
of Medinah and declare Medinah's lease agreement valid on the Churumata
Plant site, which clears the way for a lawsuit by Medinah against
Dayton. Chilean courts state that Dayton exceeded the rights granted
them under an easement, permitted on this property, when they bulldozed
Medinah's plant site. (Confirmed in writing by Company legal council).
A meeting was held in Vancouver, Canada, between Medinah and Dayton
prior to the Dayton AGM at the request of Diane Thomas, VP, Dayton.
Diane Thomas and Richard Hall met with the CEO of Medinah and discussed
properties owned by Medinah, which are within Dayton's published and
outlined property boundaries. It was clear to Dayton that Medinah owned
these properties: Mercedes, Toro, Rodrigo, and Gabriella. June 18, 1998
Dayton distributed to its shareholders, and annual report, which
included properties, owned by Medinah within Dayton's borders as
outlined on pages 12 and 15 of its annual report. Dayton was aware that
these properties did not belong to them.
These are the properties disputed by Dayton in their recent news
releases. The facts of this issue are and have been for month, public
information, well known to Dayton and open for public inspection. As
disclosed in news releases by Medinah Energy Inc., settlement of
lawsuits on properties owned by Ms. Olivos Araya Gurmercinda are not
expected for several months. The outcome of these lawsuits has no
material effect on Medinah Energy Inc. or its holdings. If the suits are
won by Ms. Olivos Araya Gurmercinda the properties will become part of
Medinah's large stable of holdings under the negotiated agreements
between Medinah and Ms. Olivos Araya Gurmercinda.
For further information, please call investor relations: 1 888 572 0170
On behalf of the Board of Directors Per: Larry Regis, President
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Contact:
Medinah Energy Inc.
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More Quotes and News:Medinah Energy Inc (OTC BB:MDIN - news)Related News
Categories: mining/metals
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