Here's the entire update.
SHAREHOLDER UPDATE ~ January 20, 2012
Dear Medinah Shareholders:
Señor Juan José Quijano Fernandez, representing the "Lipangue Holders," has notified Medinah Minerals, Inc. (USA) that a Purchase Agreement has been received and accepted for the Altos de Lipangue group of claims located near Santiago, Chile.
As previously reported, several offers of possible purchase and/or joint venture of the Altos de Lipangue claims were being analyzed and reviewed. All of the offers reflected the end price, terms and conditions requested by the "Lipangue Holders". Each party recognized the value of the Altos de Lipangue properties and the sizeable potential that exists in terms of ore deposits. This is potentially a major size project that could not be examined without serious commitments of time and resources. Of the three offers that were still being considered by Medinah Minerals (Chile) S.A.; two were in the form of a Memorandums of Understanding, and the other, a formally documented Offer of Purchase.
Señor Quijano has actively negotiated each of the monetary terms, time frames and contract conditions with the Principals’ attorneys and Company representatives. Señor Quijano, representing the "Lipangue Holders," has made a final decision, accepting and executing a Purchase Contract of the Altos de Lipangue group of claims. The "Lipangue Holders" consist primarily of the Quijano family and Medinah Minerals (Chile) S.A., of which Medinah Minerals, Inc. (USA) holds a 50% interest. The purchaser group is working together with Señor Quijano for presentation of final documents to the office of the Notario and other required Government agencies.
Medinah Minerals, Inc. (USA) Management will convey to shareholders the specific terms and conditions of the Purchase Agreement upon release from the Non-Disclosure Agreements.
On behalf of the Board of Directors
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