HASBROUCK HEIGHTS, N.J., May 1, 2012 (GLOBE NEWSWIRE) -- All Grade Mining (OTCBB:HYII), a development-stage company focused on the extraction of iron ore, today provides a detailed profile of its Salitrosa iron mining property located in Chile.
The Salitrosa Project is located in the Atacama Region, Province Chanaral, "Quebrada Salitrosa" Sector, 135 km from the town of Caldera and 76 km from the town of Chanaral way Mantoverde. The property consists of 741 hectares, which equates to 1,831 acres. The Company acquired the property through its general contractor, Foreign Commerce Consultative Services, Inc. (FCCS), which is based in the United States and Chile.
The Salitrosa and its sister mines were worked superficially from 1960-1972. Since then, large iron deposits were mined on the Escondida Mine, the adjoining property. In 2010, the owner of the Salitrosa Mine decided to have a magnetic metric survey performed and trenching work to aid commercialization during the final months of 2010. The results of the survey and trenching work indicated anomalies throughout the property that could potentially produce several million metric tons (mt).
With the advent of the latest mining technology, All Grade Mining believes that the Salitrosa mines could potentially produce tremendous amounts of iron ore. The Salitrosa project would involve an open pit mine and a dry magnetic concentration plant for the production of 200,000 tons/month of iron ore concentrates with an average grade of 63.5%. The Salitrosa property is comprised of 23 concessions (separate mines) and is located within 40-60 km of inactive Maritime Concessions that could become proprietary to the Company; as well, it is within 18 km of a national railway and easily connectable by short line spur. Currently, each concession with its current permits can produce approximately 5,000 tons/month of iron.
According to All Grade Mining CEO, Gary Kouletas, "The Company is expected to commence mining operations in the 3rd quarter of this year. At full capacity the mine, with multiple extraction points, could potentially produce approximately 150,000 tons/month."
About All Grade Mining, Inc.
All Grade Mining (AGM) 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.