SOURCE: Hidalgo Mining International Inc.

December 02, 2008 08:30 ET

Hidalgo Announces Agreement Signed With North Bay on Gold Hill Project

PORT WASHINGTON, NY--(Marketwire - December 2, 2008) - Hidalgo Mining International Inc. (PINKSHEETS: HMIT) ("Hidalgo Mining" or the "Company") is pleased to announce that it has signed a Letter of Intent with North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay") to enter into a joint-venture for the development of North Bay's Gold Hill Project. Terms of the agreement will be announced once a formal contract has been executed.

The Gold Hill Project covers 5,887 acres near the village of Salmo in southeastern British Columbia. The property includes the former Gold Hill mine, and the area surrounding the Silver Dollar-Lucky Boy mines. The Gold Hill mine's past production averaged over 29.47 grams (0.95 ounces) per tonne gold and 54.11 grams (1.74 ounces) per tonne silver, while production figures from the Silver Dollar and the Lucky Boy workings averaged 9.39 grams per tonne gold and 335 grams (10.78 ounces) per tonne silver. More recent exploration has outlined an extended strike length of over 2600 metres, with reported assays from underground workings grading as high as 57.81 grams (1.85 ounces) per tonne gold and 3790 grams (121 ounces) per tonne silver (BC Assessment Report 18766).

The property also includes a surface ore dump from the historic Erie-Arlington mine. This resource is documented in MINFILE 082FSW205 as hosting 113,000 tonnes of dump material from which samples assayed between 3 and 53.5 grams of gold per tonne.

About Hidalgo Mining International Inc.

Hidalgo Mining International Inc., an innovative mining company headquartered in Port Washington, N.Y., strives to increase shareholder value while implementing aggressive plans to target and acquire near term producing mining projects on a global scale. Hidalgo's management, directors, and advisors have a wealth of experience and knowledge in this rapidly growing industry that will ultimately result in the Company achieving its goal of becoming a medium size producer.

About North Bay Resources Inc.

North Bay Resources Inc. engages in the acquisition, management, and development of precious metal and other mining properties. By combining 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.

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. 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.

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