CHLORIDE, AZ, Feb. 6, 2013 /PRNewswire/ - Hondo Minerals Corporation (OTCBB: HMNC.OB) today announced that the company has entered into an MOU with GAL Resources Limited, to sub-license its E-Leach technology and provide services.
The signed MOU outlines that Hondo Minerals would agree to sub-license its technology to GAL Resources as well as provide services, equipment and support in the deployment of the same for the benefit of Gal Resources and its properties.
Both companies desire to enter into potential cross development agreements for the purposes of producing a continuous flow process for the e3-leech process, and as a result, to create an ongoing strategic alliance for their mutual benefit and any other joint venture arrangements.
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 is currently investigating the implementation and integration of the E-Leach technology in both new and reclamation projects in South America, Australia and Cyprus. Management of GAL has conducted substantial due diligence into the E-Leach process and believes that their technological and engineering experience will allow them to assist the Hondo team in the expanded use of the technology in these and future projects.
Bill Miertschin, Chairman and CEO of Hondo, said, "We are pleased that another mining company like Gal Resources recognizes the potential value of our E-Leach technology. As planned this will allow Hondo to create additional joint venture relationships and more importantly additional 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