SOURCE: Hidalgo Mining International

Hidalgo Mining International

April 21, 2009 14:52 ET

Hidalgo Mining International (HMIT) Reduces Company Debt by More Than $3 Million

NEW YORK, NY--(Marketwire - April 21, 2009) - Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, N.Y., announced today that the company has eliminated more than $3 million of the company's debt associated with major equipment acquisitions. Without affecting the current outstanding common stock, management has reduced a combination of short and long term liabilities from the company's balance sheet by more than $3 million from the company's initial equipment purchases. Some equipment acquired by the company includes, but is not limited to, an Alaskan Goldfield Plant, a Dove Processing Plant, a 2000 Western Star Dump Truck, a 1995 950F Loader, a D4C Caterpillar Crawler Tractor, two Caterpillar 350 Excavators, a 150KW Caterpillar, a Caterpillar D8H Dozer, a 250 yard per hour Trommel with parts, a crane truck, an M911Truck Tractor, a 60 ton trailer, a Model 300 Daewoo Loader, 2005 Daewoo Excavator S300LC-V, a heavy duty Dodge Ram, various fuel, dump trucks and worker transports, and too many conveyors, generators, sluice boxes, Deister tables, water pumps, concentrating bowls, air pumps, spare parts, tools, welding equipment, analytical equipment and surveillance equipment to list specifically in this release.

Mark D. Klok, President of HMIT, said, "We are pleased to have reduced the company's debt from the books without currently diluting our common stock shareholders. The elimination of this debt expands our options and the availability of credit facilities that will help us to achieve an immediate expansion in our production operations and facilities."

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 Information