All Grade Mining Finalizes Acquisition of Plateada Copper Sulfide Project in Chile
September 05 2013 - 9:00AM
Access Wire
HASBROUCK HEIGHTS, N.J., September 5, 2013 - (ACCESSWIRE) - All
Grade Mining (OTCBB: HYII), a development-stage company focused on
the extraction of iron ore, today announced that the Company has
finalized the acquisition of the Plateada Copper Sulfide Project, a
90 hectare property located approximately 55 kms southeast of
Ovalle, Chile in the commune of Combarabala.
All Grade Mining decided to acquire the Plateada Project from
its primary contractor, Foreign Commerce Consulting, after the
property produced 500 tons per month of high grade copper sulfide
and superficial copper oxides while showing a considerable presence
of other trace elements such as gold and silver over the past two
years.
Management anticipates the Plateada project will become cash
flow positive within seven to nine months. Upon initial production
of the Plateada Project, All Grade Mining will actively seek to
contract services from a third party mill previously utilized by
Foreign Commerce, whereby the Company can produce pure concentrate
from mined copper sulfide. This would generate additional cash flow
by eliminating significant transportation and production costs.
Within approximately 90 days, the Company expects to receive all
necessary sales permits from Enami, the National Mining Corporation
of Chile. During this period, geologists and engineers will perform
detailed technical evaluation of the project to determine the most
effective way to expand and excavate the property. Following the
technical evaluation process, All Grade Mining will solicit,
evaluate and select the necessary contactors to begin working
closely on the project with the team previously employed by
FCCS.
Gary Kouletas, CEO of All Grade Mining, commented, "We are very
excited to finalize the acquisition of the Plateada Project and
will immediately begin all of the evaluation and permitting
processes necessary to begin producing copper sulfide and other
precious metals that we believe are abundant on this property. All
Grade Mining will continually update shareholders on milestones
reached for this project as we expect it will become cash flow
positive within the next three quarters."
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:
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. Theseforward-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.
Contact: 888-959-7095 ir@allgrademining.com
Source: All Grade Mining