Hidalgo Mining International (Other OTC:HMIT.PK - News), an innovative mining company headquartered in Port Washington, N.Y., announced that it has signed a Letter of Intent with North Bay Resources Inc. to enter into a joint venture for the development of North Bay’s Silver Leaf Property. The terms of the Agreement will be announced once a final Agreement has been executed.

ABOUT THE SILVER LEAF PROPERTY

The Silver Leaf Property is located 8 kilometers east-northeast of Slocan, BC. The property consists of 10 claim units, which cover approximately 2,378 hectares (5,874 acres). The property includes the past-producing Silver Leaf, Riverside, Slocan Prince, Hampton, Bondholder, Dumac, Westmont, Neepawa, and Mabou mines.

British Columbian government records, known as MINFILE, show that previous mining operations at the Silver Leaf mine have produced an average of 598 grams (19.2 ounces) per ton silver and the Riverside produced an average of 1,534 grams (49 ounces) per ton silver. Past production from the Slocan Prince mine averaged 10,000 grams (321 ounces) per ton silver and the Hampton mine averaged 16,817 grams (540 ounces) per ton silver. As documented in Assessment Report 23054 report, a recently discovered vein has possible assays as high as 657 ounces per ton silver.

The Silver Leaf Property also includes the rights to the surface ore dump from the nearby Arlington mine. According to BC MINFILE 082FNW152 this surface ore represents proven reserves of 43,114 tons at 15.68 ounces per ton silver, or 676,238 ounces of silver.

Mark Daniel Klok, President of HMIT, stated: “As previously announced, we are pleased and excited to begin our long anticipated full production at the beginning of 2009. This joint venture exemplifies our aggressive plan to target near term production projects. Furthermore, it represents our focus on expanding globally by adding a North American property to our rapidly diversifying portfolio.”

ABOUT NORTH BAY RESOURCES INC

North Bay Resources Inc. engages in the acquisition, management, and development of precious metal and other mining properties. By merging state-of-the-art technology with traditional acquisition targeting, the Company’s mission is to build a portfolio of viable mining prospects throughout the world and developing them through its subsidiaries and partners to their full economic potential.

ABOUT HIDALGO MINING INTERNATIONAL

Hidalgo Mining International (Other OTC:HMIT.PK), an innovative mining company headquartered in Port Washington, N.Y., 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.

This entry was posted by Gold Mining on Friday, November 7th, 2008 at 1:56 am and is filed under Mining Stock, Silver. Tags: Acquisition, America, Arlington, Arlington mine, British Columbia, Bunda, Columbia, Company, Directors, Hampton, Hampton mine, Hidalgo Mining International, Joint Venture, Managem, Mark Daniel Klok, metal, Mine, mining, New York, North, North America, North Bay Resources Inc., Port Washington, Precious Metal, PROPERTY, Resources, Resources Inc., Silver, Silver Leaf mine, Slocan, Slocan Prince mine, technology, term mining production projects, Washington. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.