HACKENSACK, N.J. - July 30, 2012 - All Grade Mining Inc. (OTCQB: HYII) a development-stage company focused on developing mining properties in South America, today announced that the Company is in discussions to acquire the Plateada Copper Sulfide Project to bolster sales revenues and augment cash flows.
The Plateada Copper Sulfide Project was one of the first pilot programs established by the Company’s primary contractor Foreign Commerce Consultative Services, Inc., as a joint venture with a group of private investors. The project’s initial phase was successful and its projections were achieved as planned. Now, the project is ready for its next expansion phase, according to the Company’s management.
Gary Kouletas, CEO of All Grade Mining, stated, “We made the decision to move towards acquiring this project after careful consideration, evaluation, and negotiations. Letters of intent and all necessary contracts for the assignment and assumption of the business are in place and will be ratified within the first two weeks of August. These agreements and contracts will be inscribed with the conservatory of mining in Combarbala and publicized in the Chilean Business Journal.”
The Plateada Copper Sulfide Project is located approximately 55 kilometers south east of Ovalle. Mineralization is hosted by a NNE fault, which is bounded by two NNW faults, but satellite imagery indicates that there are multiple NNE faults.
Mineralization in the project is hosted by a steep westerly dipping shear system which strikes approximately 215 degrees magnetic. The shear system is partly sericitised and partly silicified. According to historical sales records and prior workings, the sericitisation hosts the better copper grades, the silicification the best silver grades, and the better gold values are associated with a yellow brown quartz vein or stockworks system.
Although similar mineralization is found in parallel shears, the majority of the tonnage is to be found in the main system. Inside the main adit copper mineralization is represented by chalcocite and copper oxides; silver mineralization by grey sulphosalts. Given that gold is reported in Enami flotation products, it is inside sulphide minerals.
Over the 100m length of the adit, the shear pinches, swells and splays off a few meters. No significant cross structures may be seen, but this may be because they have been mined out. The ownership showed the Company a shaft which it maintains exposes two galleries at about 30m and 60m deeper than the main workings. The presence of these workings suggests that the main shear might continue further along strike from the end of the adit.
The Enami reports from production are useful and confirm grades as their sample numbers are all over the adit, and Enami generally survey workings, which would help with improving estimates on planimetric areas.
There are three levels of exploration which may be carried out in the longer term
1. 10-30m drilling from the adit to identify parallel mineralization.
2. Backhoe trenching along strike for extensions of surface mineralization.
3. Exploration of the larger area (1-2 square kilometers) by geologic mapping and sampling, followed by trenching and, if successful, drilling to identify a larger scale of mineralization.
About All Grade Mining
All Grade Mining is a development-stage company focused on the extraction of iron ore and copper from mines located in the Republic of Chile. The Company has assembled a team of experts in mining and logistics to acquire mining concessions in all phases, all sizes, and all minerals. Through established professionals, All Grade Mining’s goal is to bring projects from exploration to exploitation.
For more information, visit http://www.allgrademining.com/
This press release contains "forward-looking statements." Expressions of future goals and similar expressions reflecting something other than historical facts are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
All Grade Mining, Inc.