All Grade Mining issues feasibility results for Salitrosa iron ore project

Wednesday, 23 May 2012 17:51:23 (GMT+2)

Hackensack, New Jersey, US-based All Grade Mining, Inc., a development-stage company focused on Chilean iron ore extraction, has announced announced positive results for the feasibility study that the company has completed on its Salitrosa iron project in Chile. The purpose of the study is to determine the technical feasibility and economic desirability of the design, manufacture, installation and operation of a plant to produce 50,000 mt per month of iron ore on the site of its Salitrosa Project.

The study projects revenues of approximately $388 million over the next 10 years starting with an estimated $36 million in revenue in the first year of production. Additionally, the company intends to increase its mining production capacity to 150,000 mt a month within the next year.

All Grade Mining CEO Gary Kouletas said, "We are very encouraged with the results of our feasibility study of Salitrosa which highlights the existence of 40 million metric tons of iron ore within the property, which would be worth $5.76 billion at today's prices."