Medinah Mining Inc. (MDHM) Message Board

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Gold/Mining/Energy : Medinah Mining Inc. (MDHM)

MDMN 0.000001000

-99.0%

Jun 3 1:07 PM EST

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To: Win-Lose-Draw who wrote (17278)	7/15/1999 10:36:00 AM
From: Mike Gold	Read Replies (1) of 25548

Pardon me but let me attempt that question as it was a sore point for many shareholders. Medinah underestimated what was required in order to setup a profitable placer operation. They had delays getting equipment into the country and then discovered the equipment would not be adequate for what was needed. They hired a consultant to assist them in better planning for a placer operation. About this time, a Russian group came in (from PR "A consortium of placer mining professionals based in Russia has completed an independent appraisal of Medinah's Carin and Puangue placer grounds. They have determined that commercial gold values exist. Mr. Paul Jones, Mining Engineer for Medinah, determined commercial values during a separate test of this area in the spring of 1998. Medinah owns in excess of 12 kilometers of placer leases on these two rivers. Medinah has been asked to joint venture, sell or partner these placer grounds. Professor Juan Jose Quijano, is representing Medinah in the process of brokering an agreement with the consortium.")and did extensive testing of the placers and discovered much higher gold values than had been found by Medinah. They attemped to do a JV with Medinah but were never able to come up with a large downpayment which Medinah required to cut the deal. Also about this time, the focus of Medinah has shifted to Lipangue after Gordon House recommended this site as a priority so Medinah rightly used their limited resources to focus on exploration of Alto instead. The sore point with shareholders concerning all of this was the fact that profit from this operation was to go to a sharebuy back program. The program has yet to occurr since operations have not begun at this site.(Moot point now since these properties are now a part of Medinah Gold.)I would not be surprised if some of this equipment shows up to process the Placers near Lipangue since the gold values found there are much higher than those in the two rivers.

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