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Help me out JJ. Why would they wait until Friday when they can pick up cheaper shares earlier in the week? Do they expect the share price to be cheaper on Thursday than on Monday? Thanks for some clarity.
This is just all a WAG....please take it as such...
Price and perhaps Chapin leave on Monday the 23rd for Peru. That's a 24 hour travel window from the West Coast. So, Monday is out and Tuesday would be a very short day. I'm under the impression the due diligence described in the update has been completed but not formalized. Between the half day on Tuesday and a full Wednesday all is completed. They fly to Chile on Wednesday night. Meet with the Notorio on Thursday and Friday. They all fly home and the announcement comes on Monday the 30th. How's that for a best case scenario?
Another WAG....we establish a very acceptable PPS launching point next week for news the following week.
I think I'm dreaming. Again...
It's obvious you have had your popcorn ready for a long time. Me, I'm on the wait to see mode. Based on the posted travel schedules I would not expect news until the week of the 30th. Next week is off. But a buying opportunity exists.
Lots of cheerleading going on today. Perhaps it's warranted. Business Wire News of accepting a JVP along with traveling to Chile next week to finalize a JVA is all good. Maybe, just a maybe, they finally go to the next level. Worth watching for now.
I agree. And news on shipments to Enami
It's not a done deal until it's notarized in Chile and money is in the bank. But in my opinion, based on the hard asset and the fact Volcan or Volcan family members are involved makes it interesting and worth keeping an eye on. You seem to show up at opportune times.
Combine a whole lot of DD, which you are doing, along with a whole lot of guts and intuition and sometimes you get a winner. Congrats to you for holding on to the 80%. See ya on the other side when we are talking about drill results and visibility studies.
Just offering up some DD at the request of Beth. Seems to be a mantra for her. I'm sure y'all can figure it from here.
I believe the estate on which the office resides is owned by Jeffery.
Jeffery Chapin is Greg Chapin's older brother.
The Interaction Between Medinah Minerals’ “Free Carried Interests” (FCIs), the Upcoming Assay Results And Leverage in the Case of Medinah Minerals Specifically
MDMN has negotiated for “royalty interests” in these projects referred to as “free carried interests” or FCIs. Holding an FCI, Medinah Minerals is not responsible to pay its pro rata share of expenses like the holder of the much more common “working interest” would. This represents a “hedge” in a mining environment in which costs are currently increasing at an average rate of 17% per annum (mainly labor and energy). This “hedge” has value and it mitigates a very significant economic risk. At the LDMC gold project Medinah Minerals retains not only a 30% FCI paid up front metaphorically right at the mill but it also has a 20% “ownership” interest allowing it access to 20% of the profit AFTER both the 30% FCI and the various operational expenses are paid. At the Nuoco copper project Medinah retains a 20% FCI again off of the top and a 20% “ownership” interest but with this “ownership” interest Medinah Minerals may or may notget a second kick at the can in regards to net profits like they got at the LDMC gold project. We’re awaiting clarification on this matter.
As you can see, with the 30% FCI/20% “ownership” package MDMN has at the LDMC gold project, they are EXTREMELY levered to gold assay grades and with the 20% FCI at the Nuoco copper project, they are highly levered to the copper grades at the Nuoco project. Part of this superior leverage at the gold project might be reduced in that at the vertical winze/shaft, production will probably be less than at the Nuoco copper project due to the restrictions associated with working with a verticle winze/shaft as opposed to having direct axis on a flat surface to the outside of the adit.
The terms as stated above are available via the newswire and the company website.
More to follow.
Just to be clear in regards to my previous post. I wasn't a participant in the point, counter point or summary. I'm just passing along information I think is valuable.
Here is some points and counter points to this investment. It was offered without name calling and total ignorance. These guys DO NOT live in their mothers basement.
I hope this is allowed here. It's valuable information for anyone considering investing.
THE IMPORTANCE OF MEDINAH MINERALS CLAIMS CONSOLIDATION
Point:
This is one 5 year shareholder’s opinion of what has transpired in the evolution of this investment.
We’ve been dealing win a Chairman who, like many S. Americans dreams big but lacks basic business sense. JJ has been raving about the prospects of this mountain for 17 years with the constant goal of expanding claims to attract an offer that greatly exceeded any normal, rational, industry standard deal. He has pursued this game plan with very little consideration to the expansion of shares and shareholder confidence while over promising and under delivering. On two separate occasions JJ chose flimsy deals over legitimate ones because they aligned with his vision of what he should get for the mountain versus what was realistic and professionally sound.
We’ve been dealing with a non-director insider who has a steadfast loyalty to JJ and a lifetime resume of being a promoter as his primary objective. Les has taken JJ’s constant Drabble of where we stand with multiple offers on this deal or the next, shipping ore or not, and morphed them into a weekly “Lespeak” which as we should all now know, was toxic and inappropriate misinformation.
JJ’s vision without follow through combined with Les’ shameless promoting created an environment over the past five years that has impacted credibility, increased skepticism to the point of fraud, and created a considerable discount to the stock. Shareholders have been stuck right in the middle with message boards scrambling to offer some explanation for the delays and inexplicably poor execution.
Chapin has had some success with other small ventures and, IMO, up until recently has been content letting Les and JJ fumble their way to a successful JV. However, a combination of the embarrassing Ulander debacle and Greg’s considerable investment in the LDM has shifted his focus back on Medinah. Chapin isn’t the type of guy who fk’s around and knowing that Tenney is just an empty chair, he began righting the ship well before JJ was forced to restructure his equity and take a back seat to many company initiatives. Hiring the consultant was a big first step. Bringing a guy like Kirkland on board and getting him involved was another huge step and finally getting Letts on the BOD was arguably the most significant add as it completely difused the “fraud card” and brought another geo savvy, well connected player onto the team.
Les has been sent to his corner. JJ has lost his autonomy. Major strides have been taken ever since the “adults” took over the romper room antics. I have to admit that I had assumed the adult supervision would be coming from outside of the company but, with the new additions to the board, we’re in an even stronger position for this company to make a solid recovery from within.
June 9th and the days preceding it will be very interesting.
Counter Point:
Let me present the other half of that coin suggesting that “JJ chose flimsy deals over legitimate ones because they aligned with his vision of what he should get for the mountain versus what was realistic and professionally sound”.
You never know but just perhaps after 40-plus years of developing this mountain’s assets and meeting with many dozens of distinguished geoscientists all, no doubt, having their own theories of the geo-modeling of the mountain, JJ may have attained a superior knowledge of the true value of this deposit. Maybe, just maybe, these other offers that YOU say were “legitimate, realistic and professionally sound” were the typical low ball offers that major miners always present to junior explorers counting on their sense of despair to bite on. You just never know but maybe this tri-porphyry discovery might just be something very special that JJ, being 40 years ahead of us on the learning curve, might have a better appreciation for the true value of even more than us shareholders.
Summary:
I think there is some accuracy in what both of them have to say. Everyone who has been to a shareholder meeting and has listened to JJ talk about the property knows just how highly he thinks about it. I don’t fully share The first assessment about JJ or Les because I don’t know all of the back story. There isn’t enough information regarding what JJ’s options were with respect to choosing “flimsy deals over legitimate ones” because we simply do not know what alternatives JJ had to choose from. In hindsight, there is no question that the deals JJ chose were suspect. He is great at acquiring properties, but doesn’t seem to be as great in judging partners.
I mostly concur with the first point description of the “environment over the past five years that has impacted credibility, increased skepticism to the point of fraud, and created a considerable discount to the stock.” MDMN is still significantly undervalued, especially after the Nuoco / LDM amalgamation, the game changing discovery, the JVA offer in hand, and adding Letts to the BOD.
I also happen to think that there is much to the counter point. JJ has spent a large part of his life acquiring this set of claims. Many of them have been in his family for years. JJ is also aware of the information backing the Perez report. Undoubtedly, JJ believes MDMN has a multi-billion dollar property and was not about to let it go for cheap.
One thing that neither point or counter point mentioned was the importance of consolidating the claims. Many years ago I was in a meeting with Counter Point and one of the project geologists, Terrence Smithson. Terrence showed us a large claims map (about 3' x 5') with all of the claims boundaries outlined for the 1000+ (at the time) claims. He told us that it was unlikely for MDMN to get a deal based on how everything was structured. MMC owned most of the claims, but many were also held solely by JJ or family members. MMC was owned 51% by JJ and 49% by MDMN. The reality was that JJ was in complete control for all those years, regardless of what anyone at MDMN wanted to do. Also, with everything as fragmented as it was, there was little chance of JJ or MDMN getting the JV it sought. Smithson’s comments were prescient. Unfortunately, at the time many of us didn’t know enough about the industry to believe him, nor was there much we could do about it even if we did.
With the LDMC project finally hitting pay dirt and JJ consolidating all the claims with MDMN for shares, it looks like everything is falling into place for a successful joint venture agreement. There has been an opportunity cost for waiting all these years. However, the dilution is not as bad as some describe. JJ absorbed a lot of it himself when he added the family claims to MMC and gave up his 51% ownership in it for what amounts to only 350 million shares after conversion (approximately 26% of the company.)
Finally, there is no question that the interest of management are completely aligned with the interest of shareholders. With continued exploration and production occurring on the LDMC / Nuoco projects, an offer in hand for the ADL, and mention of other competing offers on the way, MDMN has never been better positioned for Success.
They're heading north.
Not offended at all. And respect your commentary. Zero is a number I would not bet on. Let's check back around June 10th or 11th. Not saying we have a deal but IMO we will know where we stand. Good luck.
I'm relaying from someone who has been on the mountain and is familiar with some of the workings. If by some miracle we should close a deal on the ADL with a mid to major mining company they will have answered the question for us. I'll wait until June 9th or shortly thereafter and then try my best to do the math.
He's incapable in my mind because he hasn't closed a deal after 18 years. I'll call him capable when he does.
In regards to your point C. What incentive does JJ have to not close a deal? I'm all ears on that statement. He got 35 million shares for Medinah Chile. Not counting his very large previous holdings in MMI. I don't go long very often but when I do I drink information. Especially from someone who has been around awhile.
There is a close to the surface water table that returns adequate supplies for mining purposes. The gold adit and shaft employ 3 pumps 24/7. Adequate power and water is indeed compelling. Along with the proximity to a large metropolitan city for supplies and manpower. They have their ducks In a row except for JJ's inability to choose a viable partner. I doubt June 9th will come and go without a conclusion or news to that regard. JMO.
The "check in hand" I referenced would be drill monies. I don't expect any wind fall monies to land in their account immediately. What I do expect is an announcement by June 9th they have selected a partner . Either the offer in hand or one better with a a check in hand to commence drilling.
My impression is there would be more negotiations etc. to follow.
Great post by Cornhusker. But I disagree with the above sentence. I'll clarify and say I was NOT at the shareholders meeting and have no first hand knowledge of what was said.
First I'll point out he stated it was "his impression" there would be further negotiations. If I were Medinah what is there to negotiate? Medinah has a deal, it's acceptable to them because the party making the offer gave Medinah a June 9th deadline to accept or decline the the offer. At least that's how I read it.
Beat the offer on the table, in writing, check in hand, or I take the original offer.
That's my take on what they should do. And I think the new boys are very smart. Just my late night opinion.
I did some research and the office in Las Vegas is legit. It's at the very back end of a Bannie Ave Estate. Based on the anger directed at the BOD I wouldn't put myself on main street either. And it serves their purpose. As to the cost. I have reconciled it in my mind. I'll let you figure that out on your own.
I wouldn't call it a bidding war. I would call it a shot for them to up the ante. Bidding is when you know what the other bids are. I don't believe that to be the case. According to the company others parties are interested and have a deadline to make an offer. At the same time Medinah has until to June 9th to accept or reject the offer currently on the table. If they do not receive and/or reject new offers and decline the offer on the table we are back to square one. IMO they will will go with the offer on the table unless someone ups the ante with a check in hand. Speculation on my part but it's makes the most sense to me based on current events. June 9th or before will tell the story. Mark it.
No Les rumors of late. Unless I missed it.
It has been way too cheap for way too long.
On business wire. Heady stuff.
http://www.businesswire.com/news/lvrj/20140513005577/en
There is a lot of work to do before this stock rises to the occasion. It can ride Medinah's coattail but not to the extent it did before. But IMO a value at the current price long term. After the recent sister run I'll be investing here in small regular doses.
Thanks Gold. I wouldn't call it a PR machine. I would call it the truth.
The April 25th update was released on businesswire.com. One of the top four news release companies and the most expensive. The bull has be unleashed.
IMO Goldstrike, we will get news on the LDM next week prior to the meeting. Or, they could wait and announce the results at the meeting. Either way I believe they will build a launching point (10c or above) leading up to the ADL announcement that will occur on or prior to June 9th. Hang on to your hat. The wind is blowing our way.
If all would disregard the rhetoric on the the various boards and concentrate solely on the last few updates it will give you a clear picture.
Good news at the shareholders meeting to build a launching point and better news prior to or on June 9th.
We are on our way. It will be profitable and fun to watch. Jmo..
MEDINAH MINERALS, INC.
8.2 Earthquake Occurred in Northern Chile Report
April 1, 2014
Dear Medinah Shareholders:
At approximately 5:00 p.m. Pacific Standard Time a magnitude 8.2 Earthquake occurred 95 kilometers north by northwest of the city of Iquique, Chile.
The country of Chile is nearly 2,600 miles long from its southern tip to its northern border with the country of Peru.
The epicenter, near the city of Iquique, is approximately 1,000 miles north of the capital city of Santiago.
Our President, Senor Quijano and family, report that they are fine but extremely concerned for the welfare of the residents in and around the city of Iquique, Chile.
Senor Quijano advises that each of the Medinah Mining Chile properties sustained no damages related to the Earthquake event.
Dear Medinah Shareholders:
We are pleased to report that on March 28, 2014, the Corporate Income Tax return for Medinah Minerals, Inc. for the calendar year 2013 has been duly and properly filed. We will continue to comply with all legal, tax, compliance issues and reports in a timely manner, as mandated by pertinent government entities, regulatory agencies and authorities.
Seriously? I say sell and move on. Good for your health and heart.
Try the NYSE, S&P or fully reporting companies on the OTC. There is a reason, and it's speculative, why this is trading at 4cents. It's a gamble. You threw in and now you don't like the odds. Deal with it. With all due respect.
I'm certainly not a Geologist. I have talked to and researched many while investing in the Junior Mining Sector. IMO when you put five Geologists in a room you'll get ten different opinions. With all due respect of course.
The consensus was the POTENTIAL ore resource exceeds 32 million tons. The real "Elephant in the Room" is the Porphyry. There is one and it's in the core. Again, according to the consensus.
I'm in agreement. It will take a well funded and aggressive partner. I'm banking there is one.
"ROCK" cannot be defined as ore until you receive a check from the smelter.
Thanks again for the commentary. Seems like there has been more information since 1999. I don't mean to burden you. Just trying to get some clarity to your thoughts.
http://www.medinah-minerals.com/pdf/LipangueUpdate5_12_2012.pdf
http://www.medinah-minerals.com/pdf/ldminformdeanalisis.pdf
http://www.medinah-minerals.com/images/certificado.jpg
January 2008 - Satellite Imagery Report by Clemente Sepulveda Perez
SATELLITE IMAGERY REPORT OF CLEMENTE SEPULVEDA PEREZ (“REMOTE SENSOR ANALYST”) TRANSLATED FROM SPANISH
(Note that this report is truly a “Summary” report compiled after an exhaustive review of all of the information gathered to date which was then overlain with recent satellite imagery reports that successfully coalesced all of the prior information into the model utilized by nearly all of the major mining suitors involved in negotiations i.e. that of the existence of two “Classic Sillitoe type” porphyry systems. Sr. Sepulveda Perez was retained by 2 of the top 5 major mining firms in the world to perform this research and file this summary report.)
1. At the plateau at Lipangue, Medinah Minerals and Cerro Dorado have a mineral complex containing gold, copper, silver and molybdenum. Lead and zinc in lesser amounts was found out near the periphery of the deposit.
2. The mineral deposit underlies both the Lipangue plateau and its outskirts.
3. There are “at least” 2 porphyry bodies there. One is a low sulphide copper-gold type of porphyry and the other is a copper-moly type of porphyry.
4. The copper-moly porphyry was responsible for most of the mineralization in the “Lipangue Mining District”. (Note that a study of 55 porphyry deposits by Mutschler, Ludington and Bookstrom reveals that the average “Copper-gold” porphyry has approximately 300 million tonnes (metric or long tons) of economic mineralization while the average “Copper-moly” porphyry “weighs in” at approximately 500 million tonnes of economic mineralization or “ore”.)
5. The area in question is about 140 square kilometers.
6. The volume of mineralization between the surface level of the plateau and the 1,500 meter depth level below the plateau alone contains “Hundreds of millions of tons of resources
7. Mineral containing bodies include: Porphyries, stockworks, breccia pipes, mantos (Layered replacement deposits), Manto type skarns, fault zones (Shear zones) and mineralized veins.
8. Added to this are gold-bearing “Placer” deposits located on top of the plateau and peripheral to the porphyries (In the mountain’s watershed area both current and historical (Paleochannels)).
9. Over 30 years of recent exploration many roads have been built and access has been improved. Thousands of meters of tunnels and trenches have been completed and sampled. This included petrographic analysis of drill cores (Thin rock sections studies under a microscope.)
10. The petrographic analysis of 11/6/00 (Vancouver Petrographics) was very revealing in confirming the origin of the rocks (And the multi-phase nature of the mineralizing events).
11. There are high concentrations of gold, moly, copper and silver between the 60-meter and 120 meter level below the plateau (Which is at the 2,000 meter elevation above sea level). In general, the concentrations at or near surface average 5 to 20 times the concentrations of the valuable minerals at depth (perhaps from secondary enrichment blankets-“Supergene enrichment zones” which result from surface leaching of the metals which then trickle down through the strata to the areas of the water table where they precipitate out of solution).
12. The nature of the mineralization was poorly understood until recently when it was revealed that there were a series of intrusions involved over time (Petrographic analysis).
13. There were simultaneous mineralizing events and metasomatic events (the neighboring host rock contiguous with the intrusive was chemically altered.)
14. Skarns or “Stratiform” (Layered) deposits were formed as the permeable layers of rocks (Limestone-like “Carbonates”) were replaced with the mineralization provided by hydrothermal fluids.
15. As the intrusion of hot rock from below occurred the high gas pressures caused the mineralized fluids to dissect their way upwards and outwards through the areas of least resistance (Cracks and fissures). This resulted in gold, silver and molybdenum being deposited in veins and layered skarns.
16. When the releasing of this immense amount of pressure occurred in a violent manner the nearby rock actually broke up (Into gravel-like pieces) resulting in “breccia” pipes. Here the mineralization ended up in not only the fine-grained matrix gluing the fractured rocks together but also in the “Clasts” or gravel-like fragments themselves. This process was especially evident in the “Gordon breccia pipe” and the brecciated areas near the “Carrizo” copper-moly mine (The extensive “copper-moly breccias”)
17. The glue-like matrix is made up of crystalline quartz containing copper as chalcopyrite (Copper sulfide) as well as chalcocite (an “Oxide” form of copper). The chalcopyrite is converted (“Oxidized”) to chalcocite via oxygen containing rainfall trickling through the sulfur containing rocks near surface (Resulting in acid formation). Up to 15% pyrite is also contained in this matrix. Galena (Lead sulfide) is also in the matrix and is associated with silver and gold.
18. Peripheral to the porphyry bodies can be found “innumerable” examples of fracture lines and veins and veinlets containing gold, copper, lead and silver.
19. The “Mining District” at Lipangue is famous for gold, copper and silver production dating all the way back to Colonial times before the Spaniards arrived. The most famous vein in the area is the “Fortuna Vein” (Associated with the “Fortuna Mine”).
20. The satellite images reveal the “Hydrothermal alteration” patterns surrounding the plateau (which is 4Km long by 1.5 Km wide). One type of alteration pattern is associated with the porphyry areas and a different type of alteration is associated with the skarns.
21. The skarn zones have copper, gold and silver. They are located peripheral to the porphyry bodies. Intense alteration patterns occurred here as the mineralizing events took place.
22. The skarns have been tested and confirmed by various geological professionals.
23. The contact between the porphyry proper and the skarn located at the Dos Marias property has been identified.
24. Many areas of prior mine workings rich in gold and copper have been located. One of the most recent skarns found has massive pyrites of considerable volume.
25. A skarn has been located north of the Fortuna Mine near the (Northern) access road to the properties.
26. South of the plateau at Lipangue breccia pipes rich in copper, moly, gold and silver have been located (the extensive “copper-moly breccias” near the adits to the past-producing moly mines)
27. The satellite imagery has revealed about a “Dozen” intrusives running in a northeasterly to southwesterly direction south of the plateau. These areas are either partially or intensely altered by hydrothermal activity
28. This swath of intrusives runs at surface for 7Km in length and is 900 meters wide. The intrusives are mineralized with copper and moly
29. Three mines exist in this area including the Carrizo copper-moly mine, the Cobriza copper mine and the Andacollo copper mine.
30. “Zamarano” in 1979 wrote a report for Codelco and verified the superficial mineralization of chalcopyrite and moly in the area. He cited a complex body of porphyric rocks of “Endless dimensions” in the middle of an area of many intrusions. (Codelco reportedly dropped their interest in these moly mines back in the late 1970’s when the price of moly collapsed due to the introduction of moly substitutes by the Japanese. Sr. Quijano tied down these properties when the price of moly rebounded and Codelco now holds the properties to the south of this area bordering Sr. Quijano’s acquisition.)
31. The Carrizo mine has intense hydrothermal alteration present near its entrance which corresponds with the upper part of the copper-moly porphyry there (This implies a close proximity (little overburden) of the Cu-Mo porphyry. This area is now reachable by the refurbished “South access road”).
32. The analyst (Clemente Sepulveda Perez) gained access to a valuable study by Mr. E. Tidy Finch (A past professor of his) who was working on behalf of Codelco at the time and a geologist Mr. Francisco Ortiz regarding microscopic and macroscopic study of 3 samples of intrusive rocks taken from the Curizo mine.
33. They found heavily altered quartz diorite intrusive rocks with molybdenum copper and pyrite (Iron sulfide). These mineralizations came in a late phase intrusion.
34. They also found disseminated mineralization containing gold, moly, silver and copper “From an underlying porphyry”.
35. The above information allows the analyst to confirm that the plateau is underlain by a copper-gold porphyry which gave rise to the “Gordon pipe” and to the south underlying the 3 mines mentioned is a copper-moly porphyry some 7 Km “On the whole”.
36. References from 6 sources were identified.
37. HIS CONCLUSIONS: 2 PORPHYRIES ARE PRESENT AND A VARIETY OF MINERALIZATION TYPES WERE IDENTIFIED. AT LEAST “HUNDREDS OF MILLIONS OF TONS OF RESOURCES” ARE PRESENT IN THE UPPER PARTS OF THE PORPHYRIES AND SKARNS. HE SUGGESTS GEOLOGICAL MAPPING, GEOPHYSICAL STUDIES AND DRILLING. HE CITES THAT THIS IS WITHOUT A DOUBT A “WORLD CLASS” DEPOSIT.
And very little dilution. It doesn't cost much to make a widget.
I appreciate your timely and informative response. Finally someone that offers quality DD besides HR. You say the ADL is not wearing a Kilt and at the same time saying there hasn't been enough research done to prove it either way.
IYO..Is there enough information available to justify a major or mid major mining company the impetus to invest a significant amount money into a drill program? Say about 6M....
I have done a little research. The ADL claims are located near a small town called Lampa. The ADL claims owned by Medinah Minerals cover a very large area. There has been a small amount of drilling and some expert analysis done on the property. All to the positive. Chile is a mining friendly country, the claims are at an altitude to be mined year round. Again all towards the positive. In addition to the ADL claims they own the LDM group of claims, which, according to company updates they are currently mining but have yet to publish results. I am aware of the past failures and the suspect characters but geez loueeze. 4cents? There are penny's trading higher making widgets in a garage. It's profitable trading this stock but my all in stake is wondering why it's trading at such a low price and why a broken leg is so important. It seems like the soap opera is more important than the possibilities. 4cents doesn't make cents. I'm all ears....Thanks