HASBROUCK HEIGHTS, N.J., May 16, 2012 (GLOBE NEWSWIRE) -- All Grade Mining (OTC: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 copper mining project, Jose Del Transito, in Chile.
The Jose Del Transito Project is located approximately 3 kilometres north east of Ovalle. The mountain ranges surrounding the city are known for its minerals, gold, silver, copper and iron ore. The project currently has three substantial sets of artisanal workings and several small shafts in the project area, which indicates that the property is ideal for both open pit and stope mining. The mine is currently producing 1,100 tons per month and the Company has estimated a production lifespan of 15 years.
Gary Kouletas, CEO of All Grade Mining commented, "The opportunity on the Jose Del Transito Project enables the Company to acquire the project at a low cost with an immediate revenue stream which we expect to increase the monthly production over the next several months. We hope to complete the acquisition of the project and take control of the mining operation in the coming weeks."
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.