All Grade Mining, Inc. announced that the company has signed a Letter of Intent (LOI) to acquire a copper mining project, Jose Del Transito, in Chile. The Jose Del Transito Project is located approximately 3 kilometres north east of Ovalle. The mountain ranges surrounding the city are known for its minerals, gold, silver, copper and iron ore. The project currently has three substantial sets of artisanal workings and several small shafts in the project area, which indicates that the property is ideal for both open pit and stope mining. The mine is currently producing 1,100 tons per month and the company has estimated a production lifespan of 15 years.