HASBROUCK HEIGHTS, N.J., May 30, 2012 (GLOBE NEWSWIRE) -- All Grade Mining (OTCBB:HYII), a development-stage company focused on the extraction of iron ore, today announced that the Company has signed a Letter of Intent (LOI) to acquire a second iron ore mining project located adjacent to the Company's Salitrosa Project in Chile.
The iron ore property is located outside of the town of Chañaral with identical geological landscape as the Salitrosa property. There are several small and medium mines in the area of the prospectus by individuals and small companies that currently exploit the iron ore in small amounts. Preliminary geological study was performed on the property and based on the geo structure of the area and the region itself, the Company believes there is a substantially larger deposit of iron ore on the property well above the estimated reserves on the Salitrosa property. The mineral appearing in cloaks and streaks on the surface is a mixture of Hematite, magnetite and surround rock mass and in vertical depth the study indicates higher concentration of magnetite-Hematite; therefore indicating iron concentrate possibility of approximately 65%.
Gary Kouletas, CEO of All Grade Mining, commented, "We continue to seek out additional prospects in Chile and as the global demand for iron ore continues to rise, we have an opportunity to lock our footprint in a region that is known for tremendous amounts of iron ore production and with the Chilean government enacting favorable new mining legislation we believe that we are in the right place at the right time to establish growth for the Company and build shareholder value."
The transaction is subject to a number of terms and conditions, including but not limited to, completion of satisfactory due diligence and the execution of a definitive agreement.
About All Grade Mining, Inc.
All Grade Mining is a development-stage company whose mission is to acquire mining concessions in all phases, all sizes and all minerals. The Company is currently focused on the extraction of iron ore in South America, primarily in Chile and has established an experienced team of executives and mining professionals to lead its exploration and excavation efforts.
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.