Hasbrouck Heights, New Jersey-based All Grade Mining, a development-stage company focused on the extraction of iron ore, announced that the company has signed a Letter of Intent (LOI) to acquire a second iron ore mining project located adjacent to its Salitrosa Project in Chile.
The iron ore property is located outside of the town of Chañaral with identical geological landscape as the Salitrosa property. There are several small and medium mines in the area of the prospectus by individuals and small companies that currently exploit the iron ore in small amounts.
Gary Kouletas, CEO of All Grade Mining, commented, "We continue to seek out additional prospects in Chile and as the global demand for iron ore continues to rise, we have an opportunity to lock our footprint in a region that is known for tremendous amounts of iron ore production and with the Chilean government enacting favorable new mining legislation we believe that we are in the right place at the right time to establish growth for the Company and build shareholder value."