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SHAREHOLDER UPDATE

December 22 , 2006

Dear Shareholders,

The following letter from our associate Juan José Quijano Fernández was today received by the Board of Directors of Medinah Minerals, Inc.

Since Mr. Quijano is authorized to negotiate these agreements also for and in behalf of Cerro Dorado, Inc., we present this information to you with our best wishes.

The Board of Directors of Cerro Dorado, Inc.

LETTER FROM THE PRESIDENT OF MEDINAH MINERALS, INC.

December 22, 2006

Dear Shareholders:

I was very pleased to meet so many of you at our AGM on September 23 as well as have an opportunity to address your concerns and set forth the goals of the company.

I discussed several prospective Joint Venture Agreements and various prospects regarding the Alto de Lipangue property

Several factors prolonged the completion of the Joint Venture Agreement, some of which are:

1. Several legal questions arose that had to be resolved. Those problems are now behind us and have been satisfactorily concluded.
   
2. Significant additional geological information regarding the properties was requested by the interested parties and has now been provided and assessed.
   
3. The complications of working with several entities as owners of the different properties had to be resolved and keep the Joint Venture property as a single entity.
   
4. The value of additional new properties adjacent to Lipangue had to be assessed as to possible increase of acquisition values. Detailed satellite imaging and mapping has concluded.
   
5. Coordinating scheduled meetings with Joint Venture executives and their busy agendas led to time delays as we are involved with various major companies, each of which have their own geological staffs and Abogados.

Please allow me to assure you that we are all working to the best of our abilities to conclude a meaningful Joint Venture Agreement with a group of the major parties interested in our properties. Each day the demands placed upon major resource companies adds value and negotiating power to our position. We will reach our goals.

Juan José Quijano Fernández
President

 

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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