Message from the President
medinahminerals.com
July 7, 2003
Dear Shareholders:
In response to numerous queries from shareholders, and as there has been a lot of behind the scenes activity since the Annual General Meeting in September, 2002, we’d like to bring everyone up to date with the current status of your Company.
At present, financing negotiations are ongoing with four separate financing groups with the first publicly announced proposal being modified to better serve the interests of our shareholders. As further funding arrangements and groups become involved and finalize their offers, news of these serious funding proposals will be made public. The basic structure of a successful financing for Medinah will involve the sale of portion of the Lipangue property in return for cash and a commitment to fund further exploration on the project The completion of a financing will be announced when funding monies have been received by the Company.
In February 2003, we welcomed Mr. Juan Jose Quijano Fernandez as a Director of the Company. His expertise in Chilean mining law, familiarity with the property and his knowledge of the participants in the mining exploration business in Chile will greatly assist the Company. Since his appointment, he has also facilitated negotiations with several financial groups who operate within Chile and are interested in financing properties of merit to feasibility or production.
In April of this year, I was asked to assume the Presidency of Medinah Minerals, Inc. in order to provide a more technical based input into the financing negotiations and proposals. Russell Godwin remains as a Director and continues as the Investor Relations contact person.
The legal case involving Mr. Les Price and the “Bermuda Short” continues in legal limbo with the prosecution twice now, first in January and then in March, requesting the start of trial be delayed. In the latest chapter, in May of this year and only one week before the third attempted start of the trial, the Judge withdrew from the case and now with a new Judge and conflicting trial schedules, the earliest the trial can start is September 2003. This assumes, of course, that the prosecution won’t once again ask for another delay.
As we all know, Medinah has seen its share of troubles during the past year but now looks poised to regain the energy and enthusiasm the Company and Alto de Lipangue properly deserves. We will persevere and succeed.
Sincerely,
Gordon D. House
President
Medinah Minerals, Inc. |
