SOURCE: Hidalgo Mining International

July 08, 2008 09:20 ET

Hidalgo Mining International Inc. (HMIT) Announces the Completion of the Fifa Mining Inc. Acquisition

NEW YORK, NY--(Marketwire - July 8, 2008) - Hidalgo Mining International, Inc. (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, N.Y., announced today the completion of the Fifa Mining Acquisition.

Mark Daniel Klok, President of HMIT, stated: "The consummation of this acquisition provides an invaluable addition to the Company's portfolio of mining assets and finalizes a crucial piece to helping insure our operations' sustainability and long term production goals. The 2 mining blocks we now have the exclusive right to mine are located on a property in the northwest corner of the Siguiri Basin which is approximately 88 kilometers west of the town of Siguiri and approximately 65 kilometers west of the Siguiri Gold Mine Operation which is currently owned and operated by AngloGold Ashanti. This acquisition not only provides Hidalgo the exclusive right to mine these 2 blocks but also conveys an option that, upon execution, would provide Hidalgo the exclusive right to mine the entire balance of the property in question.

We were initially very familiar with the property but exercised additional due diligence and are pleased to announce the completion of said due diligence, and the acquisition, well within the anticipated 60-day time period originally planned for. While we intend to initiate some degree of production on the property, due to the infamous rainy season in West Africa, there have been increasingly inclement weather conditions which have caused a setback in the initial setup of the production plan. Regardless, our personnel have continued to work hard in order to execute our initial plans."

Klok went on to state, "After receiving reports back from our personnel on location that the rain has been steadily falling, in some cases for periods of over nine hours at a time, I was concerned for our employees. The constant precipitation has made our job more difficult; however, after asking our team if they felt that we should halt our efforts, I was told that everyone is adamant about pressing on, despite any and all difficulties. Our team noted that they are looking forward to demonstrating to the shareholders how profitable this project will be during the first phase of production. It seems that even the most extreme weather has not extinguished the sprit of our personnel nor their desire to begin initial production this year. I, and our personnel, would like to thank all of our shareholders for their continued support in our long-term efforts in building a junior mining company."


Hidalgo Mining International Inc. (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, 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.


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.

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