LAS VEGAS--(BUSINESS WIRE)--On Friday, July 11, 2014, Medinah Minerals, Inc. (PINK SHEETS: MDMN) reports that its Chilean subsidiary, Medinah Mining Chile, has been notified that AURYN Holding Corporation (AHC) subsidiary AURYN Mining Chile (AMC) has been legally incorporated in the Country of Chile, and is on schedule to be fully operational by July 31, 2014. Signing of the final Mining Option Agreement, among the parties, is expected to occur on or before July 31, 2014.
AURYN Holding Corporation has secured a line of credit for US $10,000,000 (ten million dollars), from Banco Sabadell, to fully fund AURYN Mining Chile (AMC) through its first stage of drilling and exploration on the Altos de Lipangue project.
AMC Geologists are finalizing the first stage work program which will be completed and submitted to Medinah Mining Chile no later than August 15, 2014. Furthermore, the first stage of exploration is scheduled to commence in late August 2014.
AURYN Mining Chile (AMC) reports that the drilling and exploration program budget will be fully funded by AHC through AMC. Additionally, the drilling and exploration expenses are above the minimum US $100,000,000 purchase price detailed in the previous Framework Agreement.
This release was jointly approved by the parties.
Further specific details as to the planned project development activities will become available at www.medinah-minerals.com.
Medinah Mining Chile
AURYN Mining Chile