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The unaudited Financial Statements were prepared by Bagell, Josephs, Levine & Company, LLC (www.bagelljosephs.com), a registered PCAOB CPA firm that has gained national recognition as one of the top CPA Firms and is currently ranked 70th in the nation. Bowman's Accounting Report named Bagell, Josephs, Levine & Company one of America's top four fastest growing auditors based on total public companies audited in 2005-2004 and their Public Companies/SEC team has over 60 years of combined experience.
At the end of FY 2008, the Company had $1,645,855 in Total Assets, almost exclusively equipment, and $875,601 in Total Liabilities.
At the end of 2008, the Company reduced their liabilities by approximately $3.5 million. This debt was associated with the acquisition of major equipment and was eliminated through friendly negotiations and the issuance of Preferred Stock.
The Company generated no income for FY 2008 and had a Net Loss of $1,243,768. This was almost exclusively attributable to the costs associated with the preparation of the Guinea Property for production. The Net Loss per Share was posted as zero due to the exact loss per share being less than half a penny and general accounting standards only going out 2 decimal points.
Commenting on the Company's results for FY 2008, President and CEO Mark D. Klok stated, "We are very pleased to announce nearly twice as much in Assets as Liabilities at this early stage in our growth. I believe we have made significant strides towards becoming a producing Jr. Mining company as well as a current and transparent issuer. Furthermore, I anticipate being able to announce a significant event in the near future that could dramatically affect the Company and our shareholders in a very positive manner in the coming weeks."
ABOUT HIDALGO MINING INTERNATIONAL
Hidalgo Mining International (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.
Disclaimer: 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.
Contact: Mark Daniel Klok Hidalgo Mining International (305) 778-8360 http://www.hidalgominingint.com/
SOURCE: Hidalgo Mining International Inc
http://www.hidalgominingint.com/
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