North Bay Resources Inc. announced that it has received notification from Hidalgo Mining International stating that Hidalgo is 'unable to continue with any of its planned efforts on the North Bay Joint Venture projects due to capital needs which cannot be met at this time.' As a result, North Bay has elected to exercise its contractual rights to terminate both the Silver Leaf and the Gold Hill Project JV agreements, and will thereby regain its full 100% undivided ownership of both properties. The Silver Leaf Property covers 5,874 acres near Speculator Creek, 8 kilometres east-northeast of Slocan in southeastern British Columbia. It includes the past-producing Silver Leaf, Riverside, Slocan Prince, Anna, Hampton, Bondholder, Dumac, Westmont, Neepawa, and Mabou mines. Previous mining operations at the Silver Leaf mine produced an average of 598 grams (19.2 ounces) per tonne silver, and the Riverside produced an average of 1,534 grams (49 ounces) per tonne silver. Past production from the Slocan Prince and Hampton mines averaged 10,000 grams (321 ounces) and 16,817 grams (540 ounces) per tonne silver, respectively. A more recently discovered vein reports assays as high as 657 ounces per tonne silver. The Gold Hill Project covers 5,887 acres near the village of Salmo in southeastern British Columbia. The property includes the former Gold Hill mine, and the area surrounding the Silver Dollar-Lucky Boy mines. The Gold Hill mine's past production averaged over 29.47 grams (0.95 ounces) per tonne gold and 54.11 grams (1.74 ounces) per tonne silver, while production figures from the Silver Dollar and the Lucky Boy workings averaged 9.39 grams per tonne gold and 335 grams (10.78 ounces) per tonne silver. More recent exploration has outlined an extended strike length of over 2,600 metres, with reported assays from underground workings grading as high as 57.81 grams (1.85 ounces) per tonne gold and 3,790 grams (121 ounces) per tonne silver.

Hidalgo Mining International announced results of Geological Report on Ghana Project, which has been long awaited by shareholders. The seven concessions optioned from Castle Peak Mining Corporation by Hidalgo Mining Corp. contain a proven reserve of 223,425 troy ounces of gold (cutoff grade 0.05 g/tonne), and an inferred reserve of 103,865 ounces as paleoplacer and modern placer material in colluvium and underlying near surface conglomerates situated in the uppermost two to three meters of ground on these concessions. There is also the potential for other gold-bearing conglomerates in the underlying 50 meters of material and for gold-bearing quartz veins on these concessions although no drilling or sampling activities have yet been undertaken to identify and quantify these potential targets.

Hidalgo Mining International reported unaudited earnings results for the year of fiscal 2008. For the year, the company generated no income 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.