November 13, 2008
Hidalgo Mining International (HMIT) Announces the Execution of JV Agreement With North Bay Resources Inc.
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, N.Y., announced today that it has finalized and signed a contract with North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay") to engage in a joint-venture for the development of North Bay's Silver Leaf Property.
With the signing of the Agreement, Hidalgo now has a 50% undivided interest in the Silver Leaf Property and will equally share any and all net revenue, including any near-term profits generated from surface ore recovery operations with North Bay.
The Silver Leaf Property is located 8 kilometers east-northeast of Slocan, BC. The property consists of 10 claim units, which cover approximately 2,378 hectares (5,874 acres). The property includes the past-producing Silver Leaf, Riverside, Slocan Prince, Hampton, Bondholder, Dumac, Westmont, Neepawa, and Mabou mines.
British Columbian government records, known as MINFILE, show that previous mining operations at the Silver Leaf mine have produced an average of 598 grams (19.2 ounces) per ton silver and the Riverside produced an average of 1,534 grams (49 ounces) per ton silver. Past production from the Slocan Prince mine averaged 10,000 grams (321 ounces) per ton silver and the Hampton mine averaged 16,817 grams (540 ounces) per ton silver. As documented in Assessment Report 23054 report, a recently discovered vein has possible assays as high as 657 ounces per ton silver.
The Silver Leaf Property also includes the rights to the surface ore dump from the nearby Arlington mine. According to BC MINFILE 082FNW152 this surface ore represents proven reserves of 43,114 tons at 15.68 ounces per ton silver, or 676,238 ounces of silver.
Mark D. Klok, CEO of Hidalgo Mining International, Inc. stated, "Hidalgo is looking forward to what promises to be a long and profitable relationship with North Bay Resources Inc. By combining our efforts, we enhance the likelihood of our success in increasing shareholder value for both HMIT and NBRI. Furthermore, the execution of this JV exemplifies our aggressive plan to target near term production projects and represents our focus on expanding globally by adding a North American property to our rapidly diversifying portfolio."
ABOUT NORTH BAY RESOURCES INC.
North Bay Resources Inc. engages in the acquisition, management, and development of precious metal and other mining properties. By merging state-of-the-art technology with traditional acquisition targeting, the Company's mission is to build a portfolio of viable mining prospects throughout the world and developing them through its subsidiaries and partners to their full economic potential.
ABOUT HIDALGO MINING INTERNATIONAL
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, strives to increase shareholder value, while implementing aggressive plans to continue targeting near term mining production projects on a global scale. HMIT's management, directors, and advisors hold an abundance of experience and knowledge to implement expansion in this rapidly growing industry.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
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. 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.
Contact: Mark Daniel Klok Hidalgo Mining International (305) 778-8360 http://www.hidalgominingint.com/
SOURCE: Hidalgo Mining International, Inc.