HOLBROOK, N.Y., Oct. 25, 2012 /PRNewswire/ -- Rhino Human Resources, Inc. (IFHR.PK) today announced it has signed a non-binding Memorandum of Understanding (MOU) with MINERA SILVERADO, S.R.L., regarding a potential joint venture to develop the mineral rich Santa Rita Tres Property.
Located in Huaytara, Peru, the Santa Rita Tres and four additional properties involved in the MOU consist of 1,400 hectors or 3,460 acres. Preliminary findings indicate the site has 2.14 million tons of potential mineral reserves including gold, silver, copper, zinc and lead valued in excess of $1.6 billion. This has been established by a geophysical study of a vein named, San Martin, which goes through the Santa Rita Tres and adjoining properties.
"We have taken a long and tedious journey to seek a merger candidate that truly changes the Company's direction and increases shareholder value," said Rhino CEO, Ray Barton. "We have found such a candidate in MINERA SILVERADO. The potential revenues from Santa Rita Tres are staggering and we will do everything in our power to hit the ground running and extract that potential."
Barton said that MINERA will establish a Peruvian company that will become a subsidiary of Rhino Human Resources. They will also be responsible for providing the team to manage production, all local government and technical requirements including geophysical, environmental, roads, camp facility for employees and the entire infrastructure for the mine to produce all the minerals. He said both parties will be responsible for securing the necessary funding to develop the project.
"We have reviewed a number of potential partners for this project and we are very confident that Rhino is the perfect match," said MINERA, President, Victor Raul Velarde Garcia "Our timetable is aggressive. We anticipate all of the necessary governmental and geophysical requirements completed in time for production to begin in April 2013."
Mr. Garcia said the Company will work closely with the local community to use clean technology and responsible mining.
Barton emphasized that the Company has worked diligently since the beginning of the year to clear up previous debts and strive to become a fully reporting company.
"Clearly, we appreciate the patience, understanding and support of our valued shareholders," added Barton. "We strongly believe this is the clear path to generate revenue and earnings and of course, increase shareholder value."
ABOUT RHINO HUMAN RESOURCES
Rhino Human Resources, operates a wholly owned subsidiary, Lone Staffing, Inc., that consults businesses and helps them recruit commission only sales reps. Recently, management has decided to seek out a merger candidate in an emerging market to take the company to a higher level. For more information Contact:
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it.
Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advice in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
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SOURCE Rhino Human Resources, Inc.