NEW YORK, NY, Oct 22, 2008 (MARKET WIRE via COMTEX) -- Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, announced today that it has completed its acquisition of gold-rich Fifa area properties in Guinea, West Africa. These latest acquisitions effectively expand Hidalgo's gold mining project to encompass the entire area comprising the Fifa license, bringing the company's total mineable area to twenty-five square miles.
Mark Daniel Klok, President of HMIT, stated: "We are very pleased to have closed the agreement expanding our Fifa area interests. We now hold the entire area under the Fifa license and are poised for extensive production throughout the area laden with extensive hydrothermal gold veins. This is a landmark day for the company and its shareholders."
For more information, visit www.hidalgominingint.com.
ABOUT THE FIFA LAND PROJECT
The Fifa land prospecting permit is located in the northwest corner of the Siguiri Basin, approximately 88 kilometres west of the town of Siguiri and approximately 65 kilometres west of the Siguiri gold mine operation that is owned and operated by AngloGold Ashanti. On May 7, 2003, the Guinean Government granted HMM a prospecting permit for gold and associated minerals over an area that forms a rectangle extending north from the Tinkisso River.
This permit was issued for a period of two years and is renewable twice for two years, but each time its surface needs to be reduced by half. The permit has been renewed until April 2009. The Fifa land prospecting permit is bound to the south by the Tinkisso River dredging permit. The Fifa permit area is underlain by finely stratified siltites, argillites and minor feldspathic sandstones typical of continental marine platform deposits and filling up most of the Siguiri Basin and is almost entirely covered with laterite duricrust plateaus, pediments and recent alluvial deposits.
Outcrops are rare and mostly saprolitic in nature. Immediately south of the Fifa permit area, the pelitic sequences are cut by lenses and larger bodies of monzogranite and granodiorite of the type recognized throughout the Siguiri Basin. Altered and weathered cobbles of a fine to medium grain rock of basic composition (diabase) have also been observed in the area. The ductile deformation affecting the sedimentary sequences is along a general north-northeast axis. East-west attitudes are also noted south of the projects.
The linear pattern of some of the streams draining towards the Tinkisso River in and around the area suggests that north-northeast to north-south and east-northeast to north-northeast structures have affected the rocks. The various orientations of quartz veins and some of the ridges observed on the projects and elsewhere are concordant with these orientations. Evidence of hydrothermal activity is obvious on the projects where extensive quartz veining and kaolinite alteration is pervasive. The free gold recovered from the alluvial deposits on the permit area finds its source in the country rocks.
Lateritic processes acting in tropical climates have extensively transformed these rocks. Reconnaissance prospecting and soil sampling around the village of Fifa has highlighted the potential of the permit for both lateritic type and primary gold deposits. Several quartz veins related to hydrothermal activities, often associated with gold mineralization, have been found on the permit. Pits and a trench have been excavated to properly sample one of the veins located south of the village of Fifa. The trench revealed that the vein is part of an extensive hydrothermal veining system similar to the one hosting some of the gold deposits at the nearby Siguiri gold mine. Sampling in this trench returned anomalous gold concentration in the altered wall rocks. The highest value obtained was 13.4 grams of gold per tonne over a 60 centimetre section of the trench.
ABOUT HIDALGO MINING INTERNATIONAL
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, strives to increase shareholder value, while implementing aggressive plans to continue targeting near term mining production projects on a global scale. HMIT's management, directors, and advisors hold an abundance of experience and knowledge to implement expansion in this rapidly growing industry.
DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The results described herein cannot be guaranteed. The development of any and all of the subject mining claims stated herein is contingent upon multiple high risk factors that must be successfully dealt with in order to achieve the intended results. 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. 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. Hidalgo Mining International undertakes no duty to update any forward-looking statement(s) and/or to conform the statement(s) to actual results or changes in Hidalgo Mining International's expectations.
Contact:
Mark Daniel Klok
Hidalgo Mining International
(305) 778-8360
http://www.hidalgominingint.com/
SOURCE: Hidalgo Mining International
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