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Friday, December 06, 2013 1:01:20 AM
Medinah Minerals, Inc. Cancels Its 20% Ciclon I & II Purchase Agreement.
December 5, 2013
Dear Medinah Minerals, Inc. Shareholders:
Recently, Medinah Minerals, Inc. received confirmed notification from the Ciclon I & II majority land owners, that Serena Minerals had decided they could not exercise their monetary purchase option of the Ciclon I & II properties. Serena Minerals had requested another extension period, and proposed an exploration and drilling program during the calendar year 2014, without up-front monetary consideration. This extension request was denied.
After further consideration of its near and longer term strategic interests, and in an effort to sharpen its primary focus, being specifically the Altos de Lipangue properties, Medinah Minerals, Inc., with the concurrence of the majority land owners, has cancelled the purchase contract as to its 20% shareholding in the Ciclon I & II projects. As a result, the 20,000,000 million allocated shares which Medinah Minerals, Inc. previously issued to the land owners of the Ciclon projects, have been returned to the Treasury for cancellation. At the same time, however, Medinah Minerals, Inc. retains a one year discretionary option to re-enter the contract if it is deemed prudent and beneficial during the next twelve months, ending December 31, 2014.
Respectfully,
Dennis B. Tenney - CEO
Medinah Minerals, Inc.
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