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1/10/08
HMIT is currently
at .017 Shares Outstanding 319 ml |
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Hidalgo Mining International has successfully completed over $US one
million dollars in financing to begin the purchase and mobilization
of equipment and personnel to begin gold mining production in West
Africa. Mark Daniel Klok, President of HMIT, stated: "We received incredibly favorable terms and have up to four years to satisfy our obligations under the terms of this financing agreement. Completion of this funding has allowed the company to hire the necessary employees as well as to purchase the equipment necessary for the Guinea Project. The initial steps have already been put into place to start on the roadwork to access the property in Guinea, which requires the use of excavators and bulldozers to clear access so tractor-trailers with the rest of the equipment can get to the property and we anticipate being able to actually start production by the end of February/beginning of March." Klok went on to state: "With the completion of this financing, we feel we are right on track to generate north of $US 6 million dollars in revenue in our first year of production Projected Production The Company is prepared to start full dredging production on the Tinkisso River dredging permit area in the 2008 field season. The dredging program would last approximately eight months. Based on sampling carried out by HMM, the Company has estimated the following revenue projections for the first five years of production at a gold price of $700 per ounce. |
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ABOUT GOLD IN WEST AFRICA Gold from West Africa found its way into Europe as early as the tenth century and probably before. Most of this gold came by Sahara caravan to Barbary and thence to Europe, the original sources being the kingdoms of Guinea, Ghana, Mali, and Songhai. It is said that much of this gold came from a region known as Wangara (a tributary of the Senegal River and noted for its placers), but considering the aurificity of West Africa it seems likely that the gold had a much more widespread source. In any event, one of the motives of the Portuguese voyages inspired by Henry the Navigator was to ascertain and exploit the west African gold. The Portuguese were soon followed by a host of English, French, Dutch, Danish, and Spanish entrepreneurs. It is thought that annually more than a quarter of a million ounces of gold reached Europe during the fifteenth and sixteenth centuries from African sources. Based mainly on native workings, numerous gold deposits, both bedrock and placer, were rediscovered during the latter part of the nineteenth century throughout Senegal, Guinea, Sierra Leone, Ghana, Nigeria, and the other nations of the Gold Coast. The Precambrian auriferous Tarkwa conglomerates of Ghana were developed in a modern way during the period 1876-1882 by Pierre Bonnat, the father of modern gold mining in the Gold Coast. In 1895, Ashanti Goldfields Corporation began work in the Obuasi district of Ghana, developing the Ashanti and other mines, which have produced the largest proportion of gold since 1900 in the countries of the Gold Coast. All of these deposits are of Precambrian age. |
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ABOUT HIDALGO MINING INTERNATIONAL Hidalgo Mining International (OTC: HMIT), an innovative mining company located in New York, strives to increase shareholder value while making aggressive moves to continue marketing its mining production on a global scale. HMIT management and directors hold an abundance of experience and knowledge in this rapidly growing industry that will ultimately result in the success of its ventures and longevity. ABOUT HAMILTON MINING, INC. Hamilton Mining Inc. ("HMI"), a Nevada corporation, assembled a portfolio of mining and exploration properties in Guinea, West Africa over the past two years, and held rights to gold mining assets acquired through its relationship with Hamilton Mining and Marketing SARL ("HMM"), a West African subsidiary company owned by Consolidated Mining and Minerals Inc. ("CMM"). CMM began operations in June 2006 with the purpose of consolidating the mining holdings and operations of HMM, a private company previously owned by William A. Ross, Jr., President and Chief Operating Officer of CMM (http://www.ConsolidatedMining.com). This merger makes HMIT the irrevocable owner of the assets held by HMI, which includes a portion of the Tinkisso River dredging permit in Guinea, West Africa. As a result of this acquisition, HMIT will begin production of five contiguous kilometers of gold mining property on the Tinkisso River. The project is strategically located between two operating mines; approximately 30 kilometres west of the large Siguiri gold mine operation at Kintinian that is owned and operated by AngloGold Ashanti and 15 kilometres from the Guinor mine located at Lero. Mark Klok, President and CEO of HMIT, stated: “This merger is viewed as a key part of getting the company on track and positioned to enter near term production. We have seen testing results ranging from .25 to as high as 28.8 grams per meter cubed. We expect to see great results from the production of the gold rich property in this region." Tinkisso River Dredging Permit Hidalgo Mining has been granted an exclusive right to mine for gold and related minerals along a five kilometre stretch of the Tinkisso River until August 2012. The Company believes the Tinkisso River permit has the potential to become a short term gold producer from the dredging of loose sediments at the bottom of the river bed. HMI carried out dredging as well as a reconnaissance sampling program on the Bandou Siitou gravel bar, one of nine gravel bars banking the Tinkisso permit area. A total of 11 pits were excavated along the entire length. More than 90% of the sand and pebbles were found to be composed of sub-rounded to well rounded quartz fragments, which yielded grades between 0.34 to 29.76 milligrams of gold per cubic metre. From 2004 to 2006, HMI tested recovered fine gold from sand bars along the permit area. Based on HMI’s data, Hidalgo Mining has estimated the gold dredging potential of the Tinkisso permit area to be 115,241 ounces of gold at a grade of 1.28 grams per cubic metre. Hidalgo Mining is prepared to start full dredging production in the 2008 field season and anticipates production of 9,481 ounces of gold in Year 1 for revenue of $6.64 million increasing to 23,026 ounces of gold in Year 5 for revenue of $16.11 million at a gold price of $700 per ounce. |
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Contact: Mark Daniel Klok Hidalgo Mining International (305) 778-8360 http://www.hidalgominingint.com |
