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Hidalgo Mining (HMIT) Instantaneously Catapults Into Production Phase as Agreements Are Finalized to Obtain $10M in Capital Funding. Propulsion Into Coal Mining Phase Generates Nearly $31.2M in Immediate Revenues
2007-05-24 06:00 ET - News Release
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 it will begin Phase-One of mining on its 50,000 acre coal plot as a direct result of finalizing an agreement with McKim & Company, an investment banking organization, to obtain $10M in capital funding.
Initial output estimates generated from Phase One mining are intended to range from 20–50K tons on a monthly basis, resulting in 250-600K annual tons of revenue-generating coal production. The existing market rate for one ton of Bituminous coal is holding at $55.00 (fifty-five-dollars). With the estimated rate of mining, HMIT will produce annual revenues between $13.5-31.2M from its Phase-One output.
Pursuant to the terms of the agreement with McKim & Company to obtain funding, HMIT will receive an initial capital injection of $2M followed by subsequent installments of $4M. Initial funding will be implemented to immediately activate the aforementioned mining. The financing will be received from both institutional and strategic investors.
HMIT will subcontract an industry leader in the mining and extraction of high-grade coal to begin the Phase-One mining. Upon the receipt of the remaining capital infusion from McKim & Company, HMIT will obtain the necessary equipment to end its need for sub-contracting and begin the mining process within its own organization, hence reducing project costs and increasing bottom line figures.
“We are excited to finally “break-ground” on a project that has consumed many hours of development and research. The HMIT team considers this to be a monumental milestone within the overall project scope of the organization. We are further pleased to have the investment and support of a respectable investment banking organization like McKim & Company and intend to provide notable results that will ensure the future of our company and its shareholders,” stated Jeff Bootes, CEO of Hidalgo Mining International.
Posts: 29 | From: canada | Registered: May 2007
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I played it for a few flips and got caught on the last one. I'm hoping for one more small bounce, but not much more.
Posts: 29 | From: canada | Registered: May 2007
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quote:Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI) Announces Status of Joint Venture Friday July 6, 2:18 pm ET
PEMBROKE PINES, FL--(MARKET WIRE)--Jul 6, 2007 -- Siguiri Basin Mining, Inc. (Other OTC:SBMI.PK - News) President, Launa Carbonell, regretfully announces the termination of SBMI's agreement with Consolidated Mining and Minerals (CMM). Through considerable due diligence over the past week, SBMI has confirmed numerous unauthorized releases both inside information and incorrect information of principals or agents of CMM. Additionally, information has come into the hands of SBMI that indicates not all of the funds provided by SBMI to CMM under their agreement were appropriately applied to the projects in West Africa. This allegation is being thoroughly investigated for the benefit of the Company and its shareholders. Finally, SBMI has been required to disassociate itself with CMM after CMM's involvement in questionable press releases with Pinksheets company, Hidalgo Mining. These releases caused very questionable activity with the Hidalgo stock and CMM used the name of SBMI without authorization or prior knowledge of SBMI. After further investigation, SBMI will release all additional gathered information to the public on these subjects. ADVERTISEMENT
Within the coming week, SBMI will announce its future plans to continue its efforts to achieve producer status in the industry.
Siguiri Basin Mining Inc. (Other OTC:SBMI.PK - News) is a mineral exploration and development company focused on achieving producer status. The Company's is currently in a joint venture with Consolidated Mining & Minerals Inc. and targets are precious metal properties in stable countries within opportunity rich West Africa, Haiti, North, Central and South America with near term production capabilities. www.sbmining.com
The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in written statements to be made) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement.
Contact: For further information contact Rich Kaiser YES International 1-800-631-8127 001-757-306-6090 (outside North America) Email: yes*yesinternational.com
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