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Mon, May 18, 2009
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Thu, May 14, 2009 Hidalgo Mining International: Hidalgo Mining International (HMIT) Issues Update on Gold Hill Project Joint Venture
NEW YORK, NY--(Marketwire - May 14, 2009) - Hidalgo Mining International, Inc. (
The new claims are now included within the scope of the ongoing joint-venture and cover 365 acres adjacent to the Erie-Arlington Mine, which is one of the principal target areas of the Company's upcoming work program this summer. Included with the new claims are the past-producing Canadian King, Keystone-Delaware, and Second Chance mines.
The Canadian King Mine (MINFILE 082FSW203) was operated as part of the Erie-Arlington mine (MINFILE 082FSW205), which is situated 500 meters to the southwest of Canadian King. Past-production is recorded at a grade of 86.3 grams (2.78 ounces) per tonne gold, and 183 grams (5.88 ounces) per tonne silver.
The Keystone-Delaware mine (MINFILE 082FSW202) is situated 1.3 kilometers east of the Canadian King mine. Gold values are documented to vary from 2 to 100 grams per tonne. Past-production records show that the mine produced an average grade of about 50 grams (1.6 ounces) per tonne gold and 100 grams (3.22 ounces) per tonne silver.
The Second Chance mine (MINFILE 082FSW201) is located 600 meters due east of the Keystone-Delaware mine. Past-production from the Second Chance averaged 28 grams per tonne gold and 15.5 grams per tonne silver.
The Gold Hill Project covers over 5,000 acres near the village of Salmo in southeastern British Columbia. The property includes the former Gold Hill mine, and the area surrounding the Silver Dollar-Lucky Boy mines. The Gold Hill mine's past production averaged over 29.47 grams (0.95 ounces) per tonne gold and 54.11 grams (1.74 ounces) per tonne silver, while production figures from the Silver Dollar and the Lucky Boy workings averaged 9.39 grams per tonne gold and 335 grams (10.78 ounces) per tonne silver. The property also encompasses the historic Erie-Arlington mine, where a surface ore dump is documented in MINFILE 082FSW205 as hosting 113,000 tonnes of discarded ore from previous operations, and from which samples assayed between 3 and 53.5 grams of gold per tonne.
DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The results described herein cannot be guaranteed. The development of any and all of the subject mining claims stated herein is contingent upon multiple high risk factors that must be successfully dealt with in order to achieve the intended results. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect Hidalgo Mining Internationals' future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Hidalgo Mining International to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Hidalgo Mining International undertakes no duty to update any forward-looking statement(s) and/or to conform the statement(s) to actual results or changes in Hidalgo Mining International's expectations.
