All Grade Mining Inc. (PINK: HYII), a development-stage mining company, today, announced positive results for the feasibility study it completed on its Salitrosa Iron Project in Chile. HYII shares rose sharply following the announcement.
HYII shares rose to an intra-day high of $0.85 in early trading today, and at last check, the stock was trading 5.84% higher at $0.815 on above average volume of 903,873.
The feasibility study was conducted to identify the technical feasibility and economic desirability of the design, manufacture, install, and operation of a plant to produce 50,000 tons/month of iron ore on the site of the Salitrosa Project.
Gary Kouletas, CEO of All Grade Mining, said that HYII is very encouraged with the results of its feasibility study of Salitrosa which highlights the existence of 40 million metric tons of iron ore within the property. The study was designed to provide an engineering and economic assessment of the viability of the project, said Kouletas.
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