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Hidalgo Mining International (HMIT) Announces Start of Production Plan, as President and Personnel Leave for West Africa
55 minutes ago - Market Wire

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HMIT 0.03 7.14%

As of 9:51 AM ET 5/15/08
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, N.Y., announced today that an additional four key personnel left two weeks ago for West Africa and are currently on Hidalgo's property in Guinea to begin phase one of the production plan.

Mark Daniel Klok, President of HMIT, stated from on location in Guinea: "The Company has completed nearly all necessary infrastructure repairs required to successfully transport the Alaskan 50 yard per hour processing plant to the mining location to begin production. The second shipment of equipment, which includes a D-8H, a Cat 950 front-end loader, a 50 ton Hyster trailer, a Kenworth tractor truck, a 150 kw 3 phase generator, a scrubber, and a Western Star dump truck, has now cleared customs and is currently being moved to our location in Guinea. I am with Mr. William Ross, Jr., Mr. Robert Howie, and Mr. David Herrera here, in Guinea, to oversee the upcoming operations. Additionally, Mr. Francisco de Assis Dias, Mr. Anderson Napomuceno, and Mr. Abracos Gerson will soon be joining our group from Brazil to assist with the implementation of the excavation and processing plan. Based upon previous testing and sampling there are several alluvial mining blocks that are expected to have grades ranging from 1 - 8 grams per yard, equaling approximately $28 US per gram (with gold prices above $900 US). If we were to run the plant at full capacity, 50 yards per hour, the monthly gross income would be approximately $672,000 at one gram per yard and $5,376,000 US per month at eight grams per yard (running a double shift, 20 hour day and figuring 24 days of production a month). The purpose of this first phase is to help quantify what grade production should consistently yield and to help quantify and determine the next phase of larger scale production. According to a Yahoo! industry snapshot of over 80 Gold Mining Companies, the industry average trades at over 24 times earnings. Attaching a multiple of this nature, on the low end of anticipated production, would give Hidalgo a market capitalization of well over $100 million."

Klok went on to state: "Additionally, our team of mining specialists and industry insiders from all over the world plan to work tirelessly to ensure that our operation is running aggressively in order to stockpile gravel before the rainy season begins; and therefore be able to continue production throughout the rainy season. I would like to continue to thank all of our shareholders for their continued support in our long-term efforts in building a world-class junior mining company."

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.

Disclaimer:

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

The results described herein cannot be guaranteed. The development of any and all of the subject mining claims stated herein is contingent upon multiple high risk factors that must be successfully dealt with in order to achieve the intended results. 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. These expectations and assumptions are subject to risks and uncertainty, which could affect Hidalgo Mining Internationals' future. 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
[phone]
http://www.hidalgominingint.com/