SOURCE: Hidalgo Mining International

Hidalgo Mining International

February 26, 2009 09:30 ET

Hidalgo Mining International (HMIT) Announces Joint Venture With Castle Peak Mining Ltd.

NEW YORK, NY--(Marketwire - February 26, 2009) - Hidalgo Mining International (PINKSHEETS: HMIT) (www.hidalgominingint.com), an innovative mining company headquartered in Port Washington, N.Y., announced it has entered into a joint venture with Castle Peak Mining Ltd.

Mark Daniel Klok, President of HMIT, stated: "Hidalgo has completed a 50/50 joint venture agreement on the first 1 million ounces of production with Castle Peak Mining Ltd. Castle Peak has interests in 8 exploration properties in southwest Ghana of which 7 are held by three 100% owned subsidiary companies that have joint venture agreements with local Ghanaian companies. Hidalgo has chosen only the highest quality mineral projects that have real prospects of ultimate economic development. It is intended to mobilize funds from the Issue into (i) immediate commercialization to generate cash flow and (ii) into exploration and development to facilitate resource delineation and demonstrate Hidalgo's commitment to value adding at every stage. Hidalgo will begin to generate cash from its Castle Peak Project and production is expected to begin in the second quarter of 2009 with revenues of more than $25 million in the first year of full production. The Company will use the cash generated to perform additional geological work on its properties in order to confirm additional reserves and resources, which will result in an increase in the Company's underlying value. Hidalgo's management and directors have a wealth of experience and knowledge in this rapidly growing industry that will ultimately result in the Company's production success."

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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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