::: originally posted by AURYN Mining SpA :::
AURYN Mining Chile SpA (AURYN) is a private company that owns and controls over 10,500 hectares of mining claims in the Altos de Lipangue mining district. Two of our shareholders are public companies.
- Medinah Minerals, Inc. (OTCMKTS: MDMN) (Medinah) owns 23.559% of AURYN.
- Cerro Dorado, Inc. (OTCMKTS: CDCH) (Cerro) owns 5% of AURYN.
To provide liquidity to these companies and give their shareholders direct ownership in the underlying asset, AURYN has sold its mining claims to Cerro for 6,650,000,000 common shares of Cerro and cancellation of Cerro’s AURYN shares. The remaining AURYN shareholders now own 95% of the issued and outstanding shares of Cerro. These shares have a one-year restriction on them. AURYN will work with its shareholders to convert their AURYN stock to CDCH stock.
As the majority owner of Cerro, we look forward to working with current Cerro management. This includes the following:
- Creating a management team and Board of Directors suitable for an exploration company intent on becoming a junior and major mining company.
- Launching a massive exploration program on the Altos de Lipangue mining district including entering JV agreements with companies that have the specific expertise necessary for exploring and mining the variety of targets we believe we have in the district.
- Focusing our resources on becoming an active gold producer by reopening the Fortuna gold mine and actively exploring and mining the gold veins found in the Larissa tunnel.
- Subject to regulatory approval, consolidating the capital structure, changing the name of the company, and moving to a higher exchange or tier on the OTC.
Along with the Medinah shareholders, AURYN was also impacted by Price’s misrepresentations. AURYN, could have abandoned the Medinah and Cerro shareholders, but chose to treat everyone fairly, the same way we hope to be treated. With the best efforts and support of Gary Goodin, Italo Volante, Raul del Solar, Kevin Tupper, and friends of the companies, we now finally turn the page on the old and look forward to a very bright future for those who have invested in the Altos de Lipangue mining district.
Merry Christmas and Happy New Year.
Maurizio Cordova
Executive Chairman
AURYN Mining Chile SpA