Medinah Minerals (MDMN)

[Beth0515]

The frustration being expressed here is a reaction to the “boy who cried wolf” syndrome. Now that our long awaited joint venture is really happening, people expect action in a matter of a few days. Ironing out the details necessarily takes weeks if not months (hopefully not!) and patience, yes, patience is required here.

No Goldstrike, that is not it at all. We've all watched bungled attempts to find partners or sell the ADL for years. We've suffered through "top secret" potential partners who we promise to sue after nonperformance but are forgotten about. We experience perpetual NDAs which insulate management from having to explain how particular deals were botched.

We are fed financial statements that are more akin to garbage, incomplete and chock full of accounting and grammatical errors.

And yet we're chagrined to demonstrate patience, while these guys supposedly work at deal with yet another potential JV partner, the process of which will likely encompass more time than Microsoft's $7.2 billion acquisition of Finland's Nokia required.

Patience?

Let's revisit the pitiful LDM saga. See how many discrepancies and misleading statements you can find in the following chronology:


Per Financial Statement footnotes

On January 27, 2012, it was announced that the LDM property was going into production at an approximate cost of one million dollars, funded by the company, LDM, Chile. Medinah's net position in this is 37.5% with no capital outlay.

Q&A 9/26/12 (almost one year ago)
All exploitation permits necessary for moving into the full production phase, from the present area being mined, are now fully documented and legalized. With the exception of the recent 5-day Chilean Independence Day Celebrations, mining continues on a daily basis advancing toward the intersection with DDH-02, while expanding into other potential production tunnels and adits.

Q&A 11/15/12
 The ore continues to be stockpiled for shipping to the Enami refinery, as well as to a nearby custom processing plant. The material that grades in excess of 5 g/t au will be sent to Enami. All assays attained show results that are economically viable as to their gold and/or copper content. Consideration is also being given to mining the recently encountered/discovered high-grade copper.

Per December 31, 1012 form 15c-211
As reported earlier, new access roads have been upgraded and completed to handle larger 20 ton ore trucks, which are shortly to start trucking ore directly to the Enami refinery and other processing plants. As the claims are situated at the 1,400 to 1,500 meter levels, winter snows are not a problem.

Q&A 4/19/13
Late in 2012, financiers did put up non-collateralized exploratory dollars to undertake a serious level of risk. Expenditures for road work, equipment, housing, manpower, maintenance costs, explosives, permits, etc., were undertaken by the financiers. Through pure chance discoveries were made while clearing a base camp and far away from the intended intersections of targets DD-001 and DD-002. These initial finds at Los dos Marias have far exceeded expectations. Further, these discoveries gave rise to the potential economic viability of the entire Altos de Lipangue plateau. In early 2013, Compañia Minera LDM Chile began stockpiling large amounts of ore while simultaneously applying for an Exploitation permit to begin transporting the ore for processing at the Chilean owned Enami (Empresa Nacional de Mineria) refinery. Recently, the Exploitation permit was granted and LDM Chile will begin transportation of stockpiled ore next week.

Shareholder update June 19,2013
…first shipments of copper ore to the San Pedro processing plant at Til Til has now been delivered. Regular daily shipments will continue until the targeted capacity of 400 tones per day is achieved.

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Yet stockholders have received NO quantification of any of the supposed LDM ore shipments that the company suggests started nearly one year ago. Our financials are strangely silent on this as well. Is this because it is better to ignore bad news, or is it because nothing is happening? Are we to actually believe the company forgot to disclose information about their first producing mineral extraction (ever?) in the June financials?

The problem, Goldstrike, is that management has completely lost the trust of rational stockholders in terms of believing anything "is really happening", based on HISTORY as well as the Company's continued ineptitude in terms of Investor Relations.

Patience isn't the issue. Wondering when Lucy is going to quit pulling the football away is.