Altos de Lipangue
Sale of 1,508 claims in Chile to Amarant Mining Ltd.
December 31, 2012
Dear Medinah Shareholders:
On July 12, 2012, the formalized Purchase and Sales Agreement as to the 1,508 Altos de Lipangue claims matters were signed by all parties at the law offices of Baker McKenzie in New York. Significant progress has been accomplished to conclude the various stipulations of the $180,000,000 Sale Agreement that includes a 15% free-carried interest for the Altos claims group owners.
The Sales Agreements are significant in complexity which is not unusual for a sale contract for $180,000,000 involving 1,508 separate mining claims. Medinah Mining Chile has met all mandated obligations for closing, with the exception of providing Chilean Ministry of Mines final transfer of the 1,508 mining claims. Verified “proof of no encumbrances” has been provided to the purchasers as to the 1,508 claims. Final notarization must be completed in the Country of Chile. The Principals are scheduled to meet in Santiago in January 2013.
So they will be meeting in January for what looks to be the closing of the deal
Will Money transfer prior or at the meeting or even after ?
While Amarant Mining Ltd. is the lead purchaser, Amarant has the right to assign part of the contract to affiliated companies without receiving prior written approval. We are informed that this will occur shortly at which time Medinah will be at liberty to release the name(s) of the participating companies.
Other then transfer claims which is to occur in short order (January Assuming with Money) They Tell us that We will here who the other participating parties are involved in the deal which would go a long way in providing transparency and more credibility and Ultimately give our SP a boost. This is also to Occur (Shortly). As Hr stated as well the mention of Amarant and Affiliates confirms there is a consortium that Amarant has the right to assign the contract
This assigning of the contract seams to be a big point in the update and possibly the hold up with the money being designated towards us per Amarant Dec 19th update.
Did JJ allow for a brief extension as the money was shown to him in exchange for release of more participating parties while Amarant assigns the alluvia collateral to an affiliate or to allow someone to take a position in MDMN (seams the plan is to release names and money simultaneously
Another speculation is JJ was introduced to a major IE whos behind Amarant finance and agreed to wait for money while allowing Uly to build his empire
The initial obligation of Amarant was to provide contractual security by transfer of 90,000,000 shares of an associated company, identified as Alluvia Mining Ltd., to the owners of the Altos properties prior to October 31, 2012. We are pleased to again report the verified deposit to the Medinah Mining Chile brokerage account of 90,000,000 shares of Alluvia Mining Ltd. These shares are now held for the benefit of Medinah Mining Chile, Medinah Minerals, Inc., and the Quijano family. These shares presently trade on the “Crest” system in Europe and senior major market listings are anticipated early in the New Year.
Medinah Mining Chile has requested an initial payment of the Sales Contract, backed by Amarant Mining Ltd., of 10% of the Alluvia Mining Ltd. shareholdings that amount to 5.7 million. Capital is being finalized to complete this repurchase request.
Without knowing the contract its tough to assume deadlines in the contract but to me a possibility here is that Uly missed the 18 miilion due date Dec 31st and JJ said that Enough! But with the significant progress as well as all that everyone has committed theres to much to lose prob
Still i wouldnt rule out Ulander bluffing JJ hence the no mention of the collateral on the 14th it was expected that the $ (18million) would be received prior to dec 31st
Amarant Mining Ltd. originally stated that their exploration project would commence in September, October or November. Unfortunately, some of their major anticipated funding did not occur as scheduled resulting in a delay in their drilling and exploration program. This shortfall has now been resolved as per Amarant Mining Ltd.’s. public release on December 19, 2012.
No money no drilling this has now been resolved supposedly ( WHOWHOWHO i for one cant wait to find out more details
Their exploration work will outline and provide a new engineering report to a completed 43-101 international standard. This will further augment all previous Altos de Lipangue diamond drilling reports. This will be completed prior to June 30, 2013.
Lets get this show on the road IMO it will be worth the wait i dont think they would hold this up over 5.4 million but could be possible if you think small
The Sales Agreement requires an annual payment of $18,000,000 over a 10-year payout. But, until the purchase price has been paid in full, Amarant Mining Ltd., will be required to pay the transferring ownership parties a Net Smelter Royalty (NSR) of 7.5% on the production of all minerals from the 1,508 Lipangue claims. The contractual obligation of Medinah Mining Chile as to the Compañia Minera LDM Chile claims, “is excluded”, but Amarant Mining Ltd. does retain the first right of refusal on any eventual sale in the future.
Amarant Mining Ltd. has now provided an Email contact for Medinah shareholders and will be posting exploration updates on their company website. We deeply appreciate their quick attention to assist the Medinah Minerals, Inc. shareholders in their quest for knowledge. Medinah Mining Chile and Medinah Minerals, Inc. are “not in charge” of the drilling/exploration program as its funding and administration lies solely with Amarant Mining Ltd.
The Altos de Lipangue properties have always delivered more than expected whenever a new area has been exposed or a new work program initiated. The Las dos Marias mining project is a shining example of this and the LDM claim is only a tiny corner claim of the entire Altos de Lipangue plateau. We anticipate significant and substantive surprises when the exploration work finall
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