Subject:
Stockwatch US: MDHM
Date:
Tue, 29 Feb 2000 13:17:22 -0800
(Applies to: MDHM)
Medinah Mining, Inc. -- Corporate Update
LAKE ELSINORE, Calif., Feb 29, 2000 (BUSINESS WIRE) -- The Board of Directors of
Medinah Mining, Inc. (Pink Sheets:MDHM) report that during a recent management
visit to Chile, Medinah completed the transfer of titles for the Alto de
Lipangue and Las Dos Marias groups of mining properties to a wholly owned
Chilean corporation, Medinah Mining Chile.
As described in the April 15, 1999, Medinah Mining, Inc. News Release, the
properties were acquired and paid for in full. The owner agreed to transfer 100%
of the right, title and interest in the properties to Medinah Mining, Inc. for
the total sum of US $10 million. This established a fully paid purchase price
with a title transfer to be completed at such a time as management mandated.
On May 7, 1999, Medinah Mining, Inc. issued, as a dividend, shares of Medinah
Gold, Inc. to the shareholders of record. The assets of Medinah Gold Inc.,
consist of all the mining properties of Medinah Mining, Inc. minus the Alto de
Lipangue and Las Dos Marias groups of claims. The original properties are now
under the control of Medinah Gold, Inc.
The Directors report that as of February 23, 2000, Mr. Larry Regis has resigned
from the position of President to assume the Chairmanship of the Board of
Directors. As Medinah Mining, Inc. is maturing as a Corporation, Mr. Regis felt
the timing was right for Medinah Mining, Inc. to acquire, as President, an
experienced executive trained specifically in mining and corporate operations.
Until such time as the position is filled, Mr. Regis has consented to continue
with the duties of President.
Medinah Mining, Inc.'s diamond drilling program, as recommended in the Howe
Chile Ltda. report of August 1999, is progressing well. The fourth hole of the
Alto de Lipangue program is well under way. Upon completion of this drill hole,
the rig will be moved to initiate a three-hole program on our adjoining gold
property, Las Dos Marias. The necessary access roads and drill pads have been
completed.
Howe Chile Ltda. is closing their La Serena, Chile office on February 28, 2000
and they will not be available to oversee the drill program on a regular basis.
Howe Chile Ltda. will write qualifying reports and make recommendations on these
properties with periodic on-site examinations.
On November 15, 1999, Medinah Mining, Inc. announced a tentative merger with a
NASDAQ trading company. After an extended period of due diligence, management
has concluded that the merger would be of little benefit to the shareholders
and, therefore, will not proceed.
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 Mining, 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 anticipate 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.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
CONTACT: RGM Communications Inc.
800/547-9375
800-774-5133
medinahmining.com
KEYWORD: CALIFORNIA INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: MINING/METALS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com |
