AURYN Mining Corp. (AUMC)

[luckylong]

SHAREHOLDER UPDATE
September 28, 2007


Dear Shareholders:

Weekly, from July 10, 2007 to date, we have posted answers to the most commonly asked questions posed by shareholders. We have also provided a “link” to the American Registrar & Transfer Co. website to assist our shareholders in answering questions relating to topics such as lost certificates, registration, etc.

We trust that the Question and Answer Forum on the Company website has assisted you in following the activities of Medinah Minerals, Inc. We will continue this process on an every 2-week basis unless it is deemed that an immediate answer is essential to clarify a specific matter for our shareholders.

As previously disclosed, Company Management has been negotiating a Joint Venture (JV)/Sale/Production Holding deal specific to the Alto de Lipangue property with a long list of major mining companies. It should be noted that several of the entities have initiated terms and conditions sheets as a precedent to final offers of purchase or Joint Venture.

The final list of interested parties has been narrowed down to those that Management feels have demonstrated “real” intentions towards the project that best reflects the common goals and interests of Medinah Minerals, Inc., and its' shareholders.

Management has mandated that the final preferred list of companies’ present formal offers that involves the final level towards closing. A formal offer is one that if agreed to and signed by Medinah Management, is binding upon the other party.

Management has researched the best strategy regarding the tax treatment of each of the proposed final transactions. This action by Company Management is an integral aspect in constructing an advantageous Business Agreement. Poor tax planning will inherently create negative costs for the project. Company Management is actively conferring with tax experts to base the most plausible strategy going forward. Taxes for production, production JV or outright sales are complex and treated differently. This is the final step forward toward the completion of a Business Agreement for the Alto de Lipangue project.

Les Price
CEO