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All Grade Mining, Inc. (HYII) Continues Ore Extraction Efforts In The Republic Of Chile 0 comments
Oct 16, 2012 5:49 PM
All Grade Mining, a development-stage mining company specializing in the acquisition of mining concessions in all phases, sizes, and minerals, continues its iron ore extraction efforts in South America, chiefly taking place at the present time in the Republic of Chile. During the third quarter 2012, the company has been focused on the commencement of mining operations for iron ore on its Salitrosa property, located in the Atacama Region of Chile.
Located 28 kilometers from Chañaral and 60 kilometers from the Caldera port, the Salitrosa Iron Ore Mine consists of 741 hectares spanning 24 square kilometers. The property has an estimated iron ore reserve of more than 40 million metric tons, based on magnometric and geologic studies conducted on the property. All Grade expects to bring monthly production at the Salitrosa Mine up to 150,000 metric tons by mid-2013. The company additionally expects to see substantial cash flow from these operations in the near future, which will enable further expansion of All Grade's operations in Chile.
All Grade recently acquired the Jose Del Transito Project, located approximately 3 kilometers north-southeast of Ovalle. This mine, ideal for both open pit and stope mining, is a copper oxide project with very good grades, ranging from 1.8 to 2.4 percent. The Jose Del Transito Project is currently producing up to 1,100 tons of copper per month, and the company is in the process of submitting permits with the Chilean government to double that production later this year. The production lifespan of this project is estimated to be potentially 15 years.
Led by an experienced team of executives and mining professionals, All Grade Mining is a development-stage company currently focused on the extraction of iron ore and copper ore from mines located in the Republic of Chile. The company's mission is to acquire mining concessions in all phases, sizes, and minerals.
For more information, visit AllGradeMining.com
