We are always judged by our results, rightly or wrongly.

Value is based on a variety of things. One of them is perception. Perception starts with publicity and promotion. The job of public relations and promotion is to take small achievements and present them in the best possible light to enhance value.

Unfortunately there are some who abuse this. They blatantly mislead and deceive honest and trusting people by creating a web of lies. Eventually their lies catch up with them and the result is they end up destroying real value and harming people.

What do you do after that happens? How do you move forward? Someone needs to step up and put honesty back in motion and start undoing the wrong as much as possible and in the best possible way.

For Medinah and its shareholders, Kevin Tupper was that someone. As CEO of Medinah for the last year, Kevin led the effort. He worked diligently and served as a counselor and friend to both AURYN and Medinah. He sacrificed his time and relationships in order to bring a positive result to many shareholders. Unfortunately we have not been able to share much about this. The reason is quite simple: certain issues are still pending. However, I am free to say that the amount of work completed in the last year by Kevin is remarkable. On his own initiative he led the way looking out for Medinah’s and Cerro’s shareholders. He never dictated and always sought to build a consensus among the directors before moving forward.

I have asked Kevin to make a presentation to the shareholders summarizing the enormous amount of work that was done in the last year and the concrete result that has been achieved because of it.

Without question, Medinah and Cerro were saved from a certain death because of his leadership. As a result, the companies remain trading and have maintained their respective ownership percentages in AURYN. With no other business, their managerial duties and expenses have been greatly reduced. There is still risk involved. That is what mining is all about. However we can say, thanks to the work led by Kevin, the only risk we have is normal mining risk.

Please, take a moment to understand what happened here. Take a moment to appreciate and be thankful for all the hard work. It is easy to complain, blame, and demand immediate results. However, if your going to do that, do your homework. Make sure you fully understand the situation Medinah was in and where it was going.

I want to express my profound gratitude to Kevin Tupper and the other Directors for their work with Medinah. There is a time for everything.  Kevin is moving on to lead other projects. I wish him the best in his future endeavors. Even so, I am sure he will somehow remain connected.  I look forward to him offering his viewpoints and his positive expectation for our success.

We hope that the Medinah and Cerro shareholders rest a little easier now that their ownership interest in AURYN is secured and their overhead is reduced.  AURYN continues to execute its mining plan.  All shareholders of AURYN will be treated equally as we move forward  with our intention to access the public markets and provide eventual liquidity to all shareholders.  Further details will be announced in the coming quarter.

Thank you so much.

Respectfully,

Maurizio Cordova
MASGLAS Limited
AURYN Mining Chile SpA
AURYN Holdings Corporation
American Sierra Gold Corp.