CHLORIDE, AZ, Sept. 10, 2013 /PRNewswire/ - Hondo Minerals Corporation (OTCBB:HMNC) today announced that the Company has entered into an agreement with GAL Resources Limited, to sub-license its E-Leach technology and provide services.
The signed agreement outlines that Hondo Minerals would agree to sub-license its E-Leach technology to GAL Resources as well as provide services, equipment and support for the benefit of Gal Resources and its properties.
GAL Resources is a Hong Kong based private company that is, through its principals and affiliates, in the business of financing, developing and operating mining projects. GAL Resources is currently investigating the implementation and integration of the E-Leach technology in both new and reclamation projects in South America, Australia and Honduras. Management of GAL Resources has conducted substantial due diligence into the E-Leach process and believes that their technological and engineering experience will allow them to assist the Company in the expanded use of the technology in these and future projects.
Bill Miertschin, Chairman and CEO of Hondo, said, "We are pleased to consummate this transaction with Gal Resources, which we expect would help to affirm the potential value of our E-Leach technology. As planned, we expect that this agreement will enable the Company to establish additional joint venture relationships and, more importantly, generate revenue to our business."
About Hondo Minerals
Hondo Minerals Corporation is engaged in the acquisition of mines, mining claims and mining real estate in the United States, Canada and Mexico with mineral reserves of precious metals or non-ferrous metals. Hondo owns the Tennessee and Schuylkill Mines in Chloride, Arizona. The Tennessee Mine operated from the late 1800s until 1947 producing lead, zinc, gold and silver. The Company also owns numerous other mining claims in the U.S. Southwest.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.
SOURCE Hondo Minerals Corporation