HASBROUCK HEIGHTS, N.J., Jan. 18, 2012 (GLOBE NEWSWIRE) -- All Grade Mining (OTCBB:HYII), a development-stage company focused on the extraction of iron ore, is pleased to announce that the company is in the final stage of engineering design for the mining operations of its Salitrosa Iron mine.
The Salitrosa mine is located 28 kilometers from Chanaral and 60 kilometers from the Caldera port. It comprises of an updated 1,000 hectares spanning 24 square kilometers with an estimated iron ore reserve of over 40 million metric tons based on magnometric and geological studies done on the property.
All Grade Mining's CEO, Gary Kouletas, stated, "We expect to complete the engineering design within the next two weeks and file our engineering plans and environmental impact study by the end of the month, paving the way for us to start production on the site. The necessary professionals required to do the site planning, excavation engineering, material sampling, concentration methodology, environmental impact declaration and logistics have been hired by Foreign Commerce who acts as the General Contractor for the project."
"The company expects to commence site preparation in August of 2012 and bring our production up to 150,000 Metric Tons monthly by mid 2013. Based on today's market price of $141 per metric ton CFR, we expect to see significant cash flow from operations in the near future, allowing us to expand our operations in Chile," continued Mr. Kouletas.
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.