Dr Meade, your expert (sic) opinion please................
Patagonia Capital Announces Deferrral of Investment Coverage of Medinah Mining, Inc.
Medinah Mining, Inc. ("MDHM" on OTC - BB)
148 South Main Street Lake Elsinore, California 92530
Phone: (909) 245 - 9498 Fax: (909) 245 - 9438
Website: medinahmining.com
The recent erosion in shareholder value, combined with delays in achieving critical corporate and project milestones on a timely basis forces Patagonia Capital to defer its investment coverage of MDHM
Subsequent to issuing our initial buy recommendation on Medinah Mining in September 1999, we have been troubled by the lack of timely progress made by MDHM towards achieving key corporate and project objectives and the resulting negative impact on share prices.
Our earlier recommendation of MDHM was based primarily on our due diligence site visit to Chile, a review of technical data related to the Alto de Lipangue and Dos Marias properties (including the Howe Chile Ltda. reports), as well as representations made by management as to timely completion of significant pending corporate events and developments.
In the weeks since the company's Annual General Meeting in Reno on October 25th, there has been a lack of news offering concrete evidence that the Company will be able to restore the recent erosion of shareholder value in the immediate future. The Company has been unable to offer any substantial news to the market in recent months, and we believe that a credibility gap has developed. On the positive side, however, we still believe strongly in the long-term exploration potential of the Dos Marias and Lipangue properties - both projects have significant upside, and are certainly worthy of further drilling.
We are working with Medinah Mining's management and the Board of Directors to address and help resolve these issues and concerns. Patagonia Capital will issue further comments when measurable progress (either positive or negative) has been made, and the Company's situation has become clearer.
DISCLAIMER - PLEASE READ
Patagonia Capital Corp. ("Patagonia Capital") is not a Registered Investment Advisor or a Broker / Dealer. Readers are advised that this report is issued solely for information purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy. Reproduction of this report, in whole or in part, by any means, electronic or otherwise, including via the Internet, without prior written permission of Patagonia Capital, is strictly prohibited.
Patagonia Capital has independently prepared this report, drawing upon a range of public news and information sources, as well as data and opinions provided by Medinah Mining Inc. ("MDHM" or the "Company"). Prior to Patagonia Capital issuing this report, the Company's management and Board of Directors were provided with copies of this report for review and comment, and have approved the contents herein. Patagonia Capital has not independently verified the Company's representations.
Any opinions expressed in this report are statements of judgment as of the date of publication (15 December 1999) and are subject to change without further notice, and may not necessarily be reprinted in future publications or elsewhere. Neither Patagonia Capital nor its officers, directors, partners or employees / consultants accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. The information contained herein is not intended to be used as the sole basis of any investment decisions, nor should it be construed as advice designed to meet the investment needs of any particular investor.
The opinions and analysis included herein are based on sources believed to be reliable and in good faith but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness. The foregoing discussion also contains forward-looking statements that are based on current expectations and differences can be expected. The information and opinions contained herein is not intended to be a complete discussion of information regarding some of the current and/or intended business activities of the Company, and all information contained in this report should be independently verified with the Company. Readers are urged to consult with independent financial advisors with respect to an investment in the shares mentioned herein. Investors should review a complete information package on the Company which should include, but not be limited to, the Company's annual report, quarterly report, press releases, as well as all regulatory filings.
In order to be in full compliance with the Securities Act of 1933, Section 17(b), Patagonia Capital advises the readers of this document that it has received a total of 250,000 common shares of Medinah Mining under the terms of an eight-month consulting / marketing services contract, pursuant to which Patagonia Capital will be periodically writing and disseminating research reports on MDHM, in addition to providing the Company with public relations, investor relations, broker relations and other equity market / Internet consulting services. Patagonia Capital, its officers, directors, partners and employees / consultants may profit in the event the shares of the Company increase in value. These positions may be liquidated from time to time even after Patagonia Capital, its officers, directors and employees / consultants have made positive comments regarding the Company.
THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. INVESTORS MUST ALSO INDEPENDENTLY VERIFY THE "BLUE SKY" ELEGIBILITY OF THE SECURITY MENTIONED IN THIS REPORT BEFORE MAKING ANY INVESTMENT DECISIONS. TIMING OF, AND ANY BUYING OR SELLING DECISIONS, ARE THE SOLE RESPONSIBILITY OF THE READER.
We encourage U.S. readers to review the investing information available with the Securities and Exchange Commission ("SEC") at sec.gov and/or the National Association of Securities Dealers ("NASD") at nasdr.com The NASD has published information on how to invest carefully at its website. Medinah Mining is not yet a fully-reporting company with the SEC; at such time as the SEC has granted MDHM fully-reporting status, readers will be able to review public filings (including financial information) at edgar-online.com
SAFE HARBOR DISCLAIMER
Certain statements contained herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements include, without limitation, statements regarding business and financing plans, business trends and future operating revenues and expenses. Although Patagonia Capital believes that the statements herein are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically indicated by the words: believe, expect, anticipate, intend, estimate and similar expressions, or, which by their nature, refer to future events. Patagonia Capital cautions investors that any forward-looking statements made herein are not guarantees of future performance, and that the actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, the ability to continue its substantial project growth, or to be able to fully-implement its business strategies.
© 1999 Patagonia Capital Corp. < patagoniacapital@hotmail.com >
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