VANCOUVER--(BUSINESS WIRE)--August 11, 1997--Medinah Energy Inc. has concluded negotiations to acquire 100% of the assets of Sierra La Plata S.A., a Chilean incorporation holding properties in Andacollo, and Copiapo, Chile, Company Management has approved a plan by which Medinah becomes the operator and majority owner of the group of properties known as the Andacollo and Copiapo. The Andacollo consists of approximately 7 square kilometers of ground in one of the best known gold camps in Chile. All of the current contractors working on the project will remain. A.C.A. Howe International Ltd. through their Chilean subsidiary, Howe Chile Ltda. is managing the project. The Copiapo group of properties known as the Monta Milagrosso, Mina Claudia, consists of 2000 hectares with a potential in excess of 50 million tonnes of copper ore.
A shareholders meeting has been called on the 18th day of August, 1997 to approve the acquisition.
Medinah Energy Inc., MDIN, will hold an 80% and NP Energy Corp., NPEC, holds a 20% interest in these properties. |
