All Grade Mining Inc. (fka HYII)

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40Mt iron ore at US$5.76bn for Salitrosa

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http://www.bnamericas.com/news/mining/all-grade-estimates-40mt-iron-ore-at-us576bn-for-salitrosa

All Grade estimates 40Mt iron ore at US$5.76bn for Salitrosa
By Business News Americas staff reporter - Tuesday, May 22, 2012

US-based All Grade Mining's (OTCBB: HYIID) feasibility study demonstrated estimated reserves of 40Mt of iron ore worth US$5.76bn for its Salitrosa mine located in Chile's northern region III.

The study was conducted to determine the technical and economic feasibility of the design, manufacture, and operation of the mine to produce 50,000t/m of iron ore.

The results projected first-year revenues of approximately US$36mn and US$388mn over the next 10 years.

"We are very encouraged with the results of our feasibility study of Salitrosa which highlights the existence of 40Mt of iron ore within the property, which would be worth US$5.76bn at today's prices," said Gary Kouletas, CEO of All Grade Mining.

Additionally, the company intends to increase its mining production capacity to 150,000t/m within the next year.

The study factored iron ore extraction and production costs, excluding transfer costs due to the unknown locations and distances.