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[QUOTE]Originally posted by Gary59: [QB] REAL GOOD NEWS TO HELP OUT HERE:::: Thursday, June 07 2007 10:14 AM, EST -------------------------------------------------------------------------------- Hidalgo Mining (HMIT) Cancels 106M Shares of Insider Stock Commencing Stock Buyback Program Business Wire "US Press Releases " 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 the Board of Directors of the Company have initiated steps to begin a buyback program of the outstanding common stock of the corporation. Jefferson Bootes, Chairman of the Board, stated "This buyback program is expected to strengthen the financial resources of the Company to carry out its asset acquisition programs currently underway. My full participation in this buyback program is inspired by my confidence in the success of these acquisition programs. The current shareholders will be contacted with details to participate in this opportunity." Directors and officers of record have already cancelled 106M shares of common stock they held in exchange for voting participating preferred shares of the Corporation. Other insider shareholders are anticipated to follow suit with additional exchanges resulting in a significant reduction of the common shares outstanding. The cancellation of stock does not apply to the shareholders that have purchased HMIT securities in the open market. This cancellation applies only to the insiders, officers, and directors of the HMIT organization. Additionally, Mr. Bootes further stated, "We have completed the assignment of assets to our operating subsidiary, Hidalgo Mining Inc. of Nevada. These mineral claims, options, and operations were brought into Hildago Mining International as a result of earlier merger activity of the corporation. The consolidation of this operating subsidiary under my continued direct control creates greater flexibility in pursuing future acquisitions and accountability for business development." ABOUT HIDALGO MINING INTERNATIONAL Hidalgo Mining International (Pink Sheets: HMIT), an innovative coal mining company located in New York, NY, currently possesses over 50,000 acres of coal populated land located in Northern Mexico near the Texas border. Within an existing multi-billion dollar industry, HMIT strives to maintain corporate creditability while making aggressive moves to continue marketing its coal production on a global scale. HMIT management and directors hold an abundance of experience and knowledge in this rapidly growing industry that will ultimately result in the success of its ventures and longevity. Learn more about HMIT by visiting: (www.hidalgointernational.com) Disclaimer: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS 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 plans. 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 detailed in Hidalgo Mining Internationals' periodic report filings with the Securities and Exchange Commission. Hidalgo Mining International undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Hidalgo Mining Internationals' expectations. Source: Hidalgo Mining International [/QB][/QUOTE]
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