HACKENSACK, N.J., Dec. 22, 2011 (GLOBE NEWSWIRE) -- All Grade Mining, Inc. (OTCBB:HYIID) is proud to announce that it has purchased the Salitrosa mining concession in Chile, South America.
The Salitrosa mining concession is located in the 3rd region near Chanaral and 40 kilometers from the Caldera port. The acquisition has an anticipated iron reserve in excess of 50 million tons. All Grade Mining, Inc. CEO, Gary Kouletas, has been at the mine site in Chile for the past two weeks to close the acquisition.
According to All Grade Mining CEO, Gary Kouletas, "This acquisition should possess all the necessary factors for a long term profitable project. Based on our initial analysis, we believe that the Salitrosa property is logistically capable of mobilizing 100,000 tons of iron ore per month, both in country and to port. My current visit with our general contractor, Foreign Commerce Consultative Services, Inc. and our site engineers gave a clear understanding of the road infrastructure and more than visible iron reserves. With the expansion of the mining in Chile, and being its leading industry, I believe that we will have the support from the government and its people in our endeavors and growth."
All Grade Mining, Inc., formerly Hybred International, Inc., is a development-stage company focused on the extraction of iron ore from a mine located in the Republic of Chile. For more information please visit: www.AllGradeMining.com
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.