Medinah buys properties

California-based Medinah Energy (MDIN-O) has acquired the Alto de Lipangue and Las Dos Marias gold properties, which comprise 5,000 ha in central Chile.

The company paid US$10 million to the vendor, which is entitled to a 20% net profits interest.

To date, Medinah has drilled six core holes at Alto de Lipangue and has completed two at Las Dos Marias.

Hole 3, drilled at Alto de Lipangue, intersected 148 metres grading 1.1 grams gold per tonne. The interval included significant copper values as well.

The upper portion of hole 5 encountered 7 metres of 11.3 grams gold and 1.6% copper. Medinah is awaiting results from the lower part of the hole, as well as results from Las Dos Marias.