RELEASE JUST HIT BUSINESS WIRE:
LAKE ELSIMORE, Calif.--(BUSINESS WIRE)--April 15, 1999--Purchase
of the Alto de Lipangue and the Las Dos Marias properties, upon which
the current diamond drilling program is being conducted, was concluded
between Medinah Energy, Inc. and Senor Juan Jose Quijano.
Medinah entered into an option agreement with Senor Juan Jose
Quijano for the purchase of the properties in 1998. The completion of
the purchase inscribes Medinah Energy, Inc. on the titles of the
properties in Chile as the registered owner and concludes that part of
the contract. Title was registered to Medinah Energy, Inc. for payment
in full for $10,000,000 in previously issued Medinah shares, thus
eliminating further share dilution.
The claim titles include Gordon 1-60, Gordon 61-120, Amparo 1-40,
Alta Mira 1-30, Mercedes 1-33, Juan Jose 1-25, Los Amigos 1-10,
Concordia 1-20, Las Dos Marias 1-30, Lo Amarillo 1-72, Millalelfun
1-55.
The delivery of the claim titles gives Medinah control over the
5,000 hectares (+12,000 acres) block. Located there is the recent Alto
de Lipangue discovery diamond drill holes that intersected widths
approaching 500 feet of ore grade gold/copper mineralization.
Properties remaining under the option agreement include the Isle
de Ipun, Caleu, Puangue and Carin placers and several other future
potential acquisitions. Senor Quijano retains a 20% interest in any
net profit received by Medinah from the claims. There is no net
smelter royalty.
For further information, contact RGM Communications Inc. at
1-800-547-9375 or access the web site at http:/www.medinahenergy.com/
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 Energy, 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.
--30--lp/ny*
CONTACT: RGM Communications Inc.
1-800-547-9375
http:/www.medinahenergy.com
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