HACKENSACK, N.J., Aug. 14, 2012 (GLOBE NEWSWIRE) -- All Grade Mining Inc. (OTCBB:HYII), a development-stage mining company focused on the extraction of iron ore, announced today the engagement of a new accounting firm Accounting Management Solutions Inc. (AMS) to work with their auditors to insure their regulatory filing and statutory obligations filed within the proper time limits according to the SEC requirements.
Gary Kouletas, President and CEO stated "We are very pleased to have hired AMS as an outside bookkeeping service to work with our auditors to insure all of our filings meet regulatory standards. In the future our auditors will have a professional accounting service to help complete the internal accounting work in a timely manner."
This strategy will allow the management team the flexibility to oversee the Salitrosa project anticipated final approval from the Chilean government for its permit applications. Once this process is complete, the Company will immediately begin the contracting process for a third party excavator to begin site preparation for production on its Salitrosa property. All Grade expects to begin mining operations in the 3rd quarter of this year and, at full capacity, produce and mobilize 150,000 tons/month of iron ore.
Results of survey and trenching work performed on the Salitrosa property have indicated anomalies throughout the property potentially in excess of 40 million metric tons (mt). The Company has recently completed a feasibility study on the property, which yielded positive results regarding the design, manufacture, install and operation of a plant to produce 50,000 tons/month of iron ore on the site of its Salitrosa Project.
The Salitrosa project will involve an open pit mine and a dry magnetic concentration plant for the potential production of 200,000 tons/month of iron ore concentrates with an average grade of 63.5%. The Salitrosa property is comprised of 23 separate mines and is located within 40 - 60 km of inactive maritime concessions that could become proprietary to All Grade Mining. The property is also within 18 km of a national railway to which it could easily be connected by short line spur.
About Accounting Management Solutions Inc. (AMS) is a leading supplier of outsourced accounting and financial management services in the Northeast and New York City, AMS supports public, private and nonprofit organizations of all sizes with experienced industry specific consultants. For additional information, visit http://www.amsolutions.net. For finance news and information subscribe to The AMS Report or visit the AMS Resource Center.
About All Grade Mining, Inc. (HYII) 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. AGM 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.