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Dear Shareholders:
Our negotiator in Chile, for a possible Joint Venture Agreement, is Juan Jose Quijano Fernandez. He has forwarded correspondence to Medinah Minerals, Inc. providing an update of negotiations and a request for the directors of Medinah Minerals, Inc and Medinah Minerals, Chile to assist him in Santiago, Chile in the first week of March. He plans for their trip, with all available materials to review, to assist with Venture negotiations.
The next 7 items are in his own words:
Status of negotiations on Joint Venture Agreement on Alto de Lipangue
Each of the following major international companies have been actively involved in complete due diligence, negotiations, and the presentation of proposals for the last several months.
1. South America. One major interest party has visit the Lipangue property numerous times and is working on a proposal for us. I plan to further meet with him this week to learn more about this proposal for Lipangue. I know this party very well and we have done many things together in the past times.
2. South America – USA. Through the lawyer company we are talking with a very important investment group. The geology visit Lipangue and we are waiting the last trip to the claims recommended to receive the option offer. One of the lawyer is going to Texas in the week because there takes the decision. The other partner is now in Chile talking with us to wait this group.
3. South America – USA. Through the same lawyer company arrive to Chile the geologist consultant. He is working in the positive report for the company that he represent. They visit Lipangue Wednesday and friday (include visit to the course drilling).
4. USA Geologist. One of the most important in South America. He visit Lipangue first week of February 2010 and do a revision of the course (drilling). He confirm that we have a porphyry and he will return in March to complit the geological work in claims and do a proposal.
5. European/Canadian. They are in Europe at the moment and returning to Chile March 10. They visit Lipangue several times with important gold experts.
6. Chile National. Negotiations for last two months working on a three-year option.
7. Several of the companies are partners working together.
Thank you for your continuing support.
The Board of Directors
Cerro Dorado, Inc.
Note: This News Release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Cerro Dorado, Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future could differ materially form those anticipated in such statements. Important fators that could cause actual results to differ materially from the Company's expectation are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
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