HASBROUCK HEIGHTS, N.J., June 11, 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 completed its acquisition of the copper mining project, Jose Del Transito, in Chile. The project has been in production of copper since January 2012.
Located approximately 3 kilometers north southeast of Ovalle, Chile, the Jose Del Transito Project is within mountain ranges surrounding the city known for its minerals, gold, silver, copper and iron ore. Chile is the world's largest copper producer, producing 5,390 thousand metric tons in 2010. Additionally, Chile has approximately 24% of the world's known copper reserves.
The Jose Del Transito project area appears to lie on an inflection point in the area between two north trending fault systems. The property is ideal for both open pit and stope mining and currently there are three substantial sets of artisanal workings and several small shafts in the project area. It is a copper oxide project with very good grades ranging from 1.8 - 2.4%.
The mine is currently producing up to 1,100 tons per month and the Company anticipates it will begin to generate revenues immediately from the production in place this month. It has been estimated that the production lifespan of this project is potentially 15 years. At current production levels, the Company hopes to generate $3 million in revenue this year.
Gary Kouletas, CEO of All Grade Mining commented, "The upside revenue potential of the Jose Del Transito Project was an opportunity we could not pass up. Based on the recommendations from our geological team of advisors, we believe we can continue to maintain a self-sustaining operation and later this year, the production will grow from its current level, increasing the revenue stream this fiscal period."
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.