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Press Release Source: Hidalgo Mining International
Hidalgo Mining (HMIT) Announces the Spin Out of Subury Inc. Wednesday October 24, 9:00 am ET
NEW YORK, NY--(MARKET WIRE)--Oct 24, 2007 -- Hidalgo Mining International (Other OTC:HMIT.PK - News), an innovative mining company headquartered in Port Washington, N.Y., announced today that the Company's Board approved the spin out of Subury Inc. The Board Resolution called for the transferring of all the shares of Subury Inc., a subsidiary of HMIT, to John Darrah in exchange for the cancellation of 60 million shares held in Darrah's name. ADVERTISEMENT
Mark Daniel Klok, President of HMIT, stated: "The spin out of Subury is the closing of the door on HMIT's past and represents The Company's transition from only being an exploratory company to a company focused on projects with near term production potential." To quantify what this new direction potentially means to shareholder value, Mr. Klok pointed out that, "It is very hard to place a valuation on strictly exploratory companies because of their speculative nature. However, if you look at the valuation of currently producing companies, it becomes clear that the industry average trades over 40 times earning and, even without any of our anticipated acquisitions, we expect to net approximately $6.5 million in our first year of production." Instead of dwelling on past shortcomings and failed efforts by the Company, before the arrival of new management, Mr. Klok instead emphasized that he could not change the past, especially one he was not a part of, and rather chose to focus on the Company's new direction, going on to state, "Our existing projects are anticipated to yield over $8 million in revenue in the first year of production and, as the recently signed LOI with AIM reflects, we are aggressively pursuing numerous other projects with near term production potential. The AIM project could add over $3.5 million to our top line and we anticipate the closing of several similar, if not larger, acquisitions in the very near future."
Additionally, the company has announced that it is forming a special advisory board to utilize the wide range of talents and skills within Mr. Klok's network of colleagues, which will help support and guide the company into a successful future.
Hidalgo Mining International (Other OTC:HMIT.PK - News), an innovative mining company located in Port Washington, N.Y., strives to increase its shareholder value while implementing an aggressive rollup plan to achieve mining production on a global scale. HMIT's management and directors feel they have the vision, drive and experience to become a highly successful, major multi-national producing mining company.
Disclaimer:
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.
-------------------------------------------------------------------------------- Source: Hidalgo Mining International Contact Information Business Description Hidalgo Mining International 650 E. San Lorenzo St. Pahrump, NV 89041
Phone: 877-621-1884 Fax: 775-727-8259 Acquisitions of mineral rights and mining claims in exploration and development stages.
Disclosure Category No Information Primary SIC — Industry Classification 1000 - Metal Mining State Of Incorporation NV Jurisdiction Of Incorporation USA Year Of Incorporation 1993 Company Officers John Darrah, President, Treasurer, Dir. Kent Conshafter, Secretary, Dir.
Number of Employees 1 as of Apr 13, 2007 SEC Reporting Status non-SEC Reporting Company Fiscal Year End 12/31 Estimated Market Cap 2,376,012.352 as of Oct 26, 2007 Outstanding Shares 148,500,772 as of Jul 17, 2007 Authorized Shares 250,000,000 as of Jul 17, 2007 Float 55,036,708 as of Jul 17, 2007 Current Capital Change shs increased by 4 for 1 split Ex-Date: May 7, 2007 Record Date: Apr 27, 2007 Pay Date: May 2, 2007 Dividends Div: Spin off; One restricted share of Communications Enterprises for each share held. Will not be quoted Ex. Pay Date: Mar 16, 2007 Record Date: Feb 28, 2007 Company Notes Formerly=Communication Corp of America until 4-07. State of Incorporation Delaware changed to Nevada concurrent with name change Security Notes Capital Change=shs decreased by 1 for 50 split. Pay date=04/13/2007. Capital Change=shs decreased by 1 for 3 split. Pay date=1-15-97 Transfer Agent Olde Monmouth Stock Transfer Co., Inc., 200 Memorial Pkwy Atlantic Highlands, NJ 07716
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Hidalgo Mining (HMIT) Announces Equipment Purchase and Completion of AIM Due Diligence
NEW YORK, NY, Nov 20, 2007 (MARKET WIRE via COMTEX) -- Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, announced today the purchase of 4 dredges. Mark Daniel Klok, President of HMIT, stated, "These 4 dredges will allow us to start production in January 2008 at an approximate rate of 120 yards per hour. While we anticipate the purchase of additional equipment, these 4 dredges alone are anticipated to yield the Company over $4 million in revenue for 2008." Klok also announced the return of key personnel from West Africa where they completed their due diligence on the proposed AIM acquisition and began preparation of the first 20 metric tons of Tantalum for shipment and sale. He announced that HMIT and AIM are working together to prepare the equipment on location to begin operations while the stockpiled minerals are prepared for shipment and sale.
Klok further stated, "The Hidalgo/AIM team clearly has some of the most talented individuals in the industry and I look forward to closing the proposed AIM acquisition in the very near future. The HMIT/AIM team has organized, and is ready to implement, a comprehensive production plan to produce Gold and Tantalum on a commercial scale. We have also already received a purchase order for the first 20 metric ton shipment of Tantalum, which would bring the company immediate revenue and truly reflect our transition from an exploratory company to a producing company. I truly believe the management team we have in place has the necessary skills and determination it takes to build a new world-class mining company and I anticipate being able to announce additional good news in the very near future."
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company located in Port Washington, NY, strives to increase its shareholder value while implementing an aggressive rollup plan to achieve mining production on a global scale. HMIT's management and directors feel they have the vision, drive and experience to become a highly successful, major multi-national producing mining company.
Disclaimer:
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.
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