Company Estimates Monthly Revenue of $200,000 from Plateada by Doubling Previous Sulfide Production
HASBROUCK HEIGHTS, N.J. / December 18, 2013 / ACCESSWIRE / All Grade Mining (OTCBB:HYII), a development-stage company focused on the extraction of copper, today announced that the Company will be contracting Ambiental Chile, SA, a firm that specializes in mine engineering, compliance and permitting, to devise and execute an extraction plan of copper sulfide on its Plateada Project in Chile.
Initial estimates by Ambiental Chile have placed an initial target of 2,000 tons of copper sulfides to be achieved at Plateada, resulting in the production of 40 tons of high grade copper concentrate containing 42% – 45% copper, 800+ grams of silver and 9-12 grams of gold per ton. At today’s prices between $4,400 and $5,000 per ton, All Grade Mining projects monthly revenues between $176,000 and $200,000 from its Plateada Copper Sulfide Project with a gross profit margin of 45%.
Ambiental Chile’s evaluation of the Plateada mine included the surface area, the higher area copper oxide workings, the previous copper sulfide working in the center of the south face and the newest of the exploration tunnels at the base of the mountain. The firm showed that these three workings are all targeted a south by southwest vein up to 5 meters wide in some cases and that at the highest point of the workings clearly has produced and has substantial evidence of oxides.
Foreign Commerce, All Grade Mining’s primary Chilean contractor, will utilize the services of Ambiental Chile, SA and plans to hire an extraction contractor in the coming month based on skill, cost and availability. Following some initial excavation work and the inspection of tunnel closures by Sernageomin, the Chilean National Mining and Geology Service, All Grade Mining will commence full scale copper sulfide production at Plateada.
All Grade Mining’s CEO, Gary Kouletas, commented, “We are very pleased to begin the extraction process in the coming month and that Ambiental Chile’s estimates confirm our initial thoughts that we could generate up to $200,000 per month in revenue from copper sulfides on our Plateada project. This is the culmination of much hard work and planning by our primary contractor, Foreign Commerce and All Grade to ensure that we can significantly increase the volume of sulfides mined at Plateada that can be processed into high grade copper concentrate.”
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 copper 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: http://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.
Source: All Grade Mining, Inc.