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News after hours :Hidalgo Mining (HMIT) Announces: Consolidated Mining & Mineral Signs LOI with HMIT to Finalize Proposed Acquisition Which Initiates Due Diligence Process
Jun 7, 2007 6:59:00 PM
Copyright Business Wire 2007
NEW YORK--(BUSINESS WIRE)--

Hidalgo Mining International (PINK SHEETS: HMIT), an innovative coal mining company headquartered in New York with coal properties located in Northern Mexico, announced today that it has received a signed letter-of-intent (LOI) to finalize the proposed acquisition with Consolidated Mining & Minerals (CMM).

Pursuant to the terms of the LOI, both organizations will begin the due diligence process that will include the inspection and research of numerous corporate aspects. Due diligence requirements set forth by both organizations will be submitted within a 30 day period and will be disclosed upon its receipt. In addition and pursuant to the terms of the LOI, both parties must satisfy the due diligence requirements for the intended acquisition to be concluded.

In the event that both parties have satisfied all the due diligence requirements set forth, CMM will proceed in the finalizing of the proposed transaction between the two organizations.

"We are overly pleased with the professionalism of the Consolidated Mining & Mineral Organization as they have aided us during this extensive process. We are excited to have finalized the LOI and will begin the due diligence process within the next 30 days. Upon receipt of the due diligence requests of both our organizations, we will update our shareholders as to the requirements needed to bring this proposed acquisition to close," stated Jeff Bootes, CEO of Hidalgo Mining International.