Hidalgo Mining International (HMIT) Announces the Execution of JV Agreement With North Bay Resources Inc.admin
Hidalgo Mining International, an innovative mining company headquartered in Port Washington, N.Y., announced today that it has finalized and signed a contract with North Bay Resources Inc. to engage in a joint-venture for the development of North Bay’s Silver Leaf Property.
With the signing of the Agreement, Hidalgo now has a 50% undivided interest in the Silver Leaf Property and will equally share any and all net revenue, including any near-term profits generated from surface ore recovery operations with North Bay.
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 D. Klok, CEO of Hidalgo Mining International, Inc. stated, “Hidalgo is looking forward to what promises to be a long and profitable relationship with North Bay Resources Inc. By combining our efforts, we enhance the likelihood of our success in increasing shareholder value for both HMIT and NBRI. Furthermore, the execution of this JV exemplifies our aggressive plan to target near term production projects and represents our focus on expanding globally by adding a North American property to our rapidly diversifying portfolio.”