FORM 7
MONTHLY PROGRESS REPORT
MONTHLY PROGRESS REPORT
Name of CNSX Issuer: Mahdia Gold Corp. (formerly Wintercrest Resources Ltd).
(the “Issuer”).
Trading Symbol: MGD
Number of Outstanding Listed Securities 102,249,020
Date: December 5th 2011
This Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each month. This report is not intended to replace the Issuer’s obligation to separately report material information forthwith upon the information becoming known to management or to post the forms required by the CNSX Policies. If material information became known and was reported during the preceding month to which this report relates, this report should refer to the material information, the news release date and the posting date on the CNSX.ca website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management activities that occurred during the preceding month. Do not discuss goals or future plans unless they have crystallized to the point that they are "material information" as defined in the CNSX Policies. The discussion in this report must be factual, balanced and non-promotional.
General Instructions
(a) Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be altered nor should questions be omitted or left unanswered. The answers to the items must be in narrative form. State when the answer to any item is negative or not applicable to the Issuer. The title to each item must precede the answer.
(b) The term “Issuer” includes the Issuer and any of its subsidiaries.
(c) Terms used and not defined in this form are defined or interpreted in Policy 1 – Interpretation and General Provisions.
Report on Business1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact.
During the month of November 2011, the company presented a work program and budget to the Guyana Geology and Mines Commission. The company met with the GGMC to discuss the said work program on the OMAI property and use of land space. The company will be able to use the airstrip and waterways for its purposes. A determination of shared land use with other parties in the area will be worked out soon between the company, GGMC and other parties in a manner that will be mutually beneficial to all.
2. Provide a general overview and discussion of the activities of management.
Management visited Guyana in November as a series of on-going meetings with the GGMC. The staff in Guyana are operating at great efficiency and a field team has been dispatched to White Creek property to prepare it for a work program that has been developed by the company. Trado drills have been purchased for exploration work on the White Cree property and in enroute from the Brazilian supplier. These drills will be put into action in January 2012 on that property.
A drill program as part of the OMAI work program has been prepared. An inventory of the assets of OMAI is being undertaken. The condition at OMAI is one that can be described as a fully functional mine site with respect to buildings with working lights and plumbing in office, residences that can sleep hundreds of people, functioning kitchen, etc.
Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.
Management has bought trado drills for the work program on White Creek. They are not on site as yet but is expected there soon.
A drill company has been engaged to prepare for the OMAI drilling company. The types of drills required for the OMAI are unique and are already in country. Mahdia expects to start the drill program on OMAI in January 2012 with results due out around three months after. Due to the fact that most commercial labs very booked up, there may be some delay with assays but the company will use every attempt to get our assays out as soon as the OMAI drilling is completed.
3. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.
None to report.
4. Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.
None to report.
5. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s affiliates or third parties or cancellation of any financing arrangements that have been previously announced.
None to report.
6. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.
None to report.
7. Describe the acquisition of new customers or loss of customers.
None to report.
8. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.
None to report.
9. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.
None to report.
10. Report on any labour disputes and resolutions of those disputes if applicable.
None to report.
11. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.
The issuer Mahdia Gold is dealing with a minor litigation matter in Guyana concerning the nine Tiger River blocks. The company considers it a minor nuisance. Mahdia Gold expects to rapidly have it dismissed in Guyana.
12. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.
None to report.
13. Provide details of any securities issued and options or warrants granted. No securities and options or warrants were granted during the month of December.
14.
| Security | Number Issued | Details of Issuance | Use of Proceeds(1) |
| | | | |
| | | | |
| | | | |
(1) State aggregate proceeds and intended allocation of proceeds.
15. Provide details of any loans to or by Related Persons.
None to report.
16. Provide details of any changes in directors, officers or committee members.
None to report.
17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer’s market(s) or political/regulatory trends.
None to report.
Certificate Of ComplianceThe undersigned hereby certifies that:
1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.
2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.
3. The undersigned hereby certifies to CNSX that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all CNSX Requirements (as defined in CNSX Policy 1).
4. All of the information in this Form 7 Monthly Progress Report is true.
Dated: December 5th, 2011.
David Bending Name of Director or Senior OfficerDavid Bending
Signature
VP Explorations
Official Capacity
| Issuer Details Name of Issuer Mahdia Gold Corp. | For Month End November 3oth, 2011 | Date of Report 2011/12/05 |
| Issuer Address 3300 Bloor street west, Central Tower, 11th Floor, Suite 3140, Toronto, Ontario, M8X 2X3 | ||
| City/Province/Postal Code Mississauga, Ontario, L5V 1N3 | Issuer Fax No. ( ) | Issuer Telephone No. (647)965-3367 |
| Contact Name Alan Zaakir | Contact Position President | Contact Telephone No. (647)965-3367 |
