CHLORIDE, AZ, March 8, 2012 /PRNewswire/ - Hondo Minerals Corporation (OTCBB: HMNC.OB) announced today that it has begun using its proprietary E-Leach extraction technology to evaluate several mining companies resources around the world.
These companies are furnishing to Hondo samples for testing and evaluation using Hondo's technology due to the recent proven successes experienced from the extractions of gold and silver done at the Tennessee Mine. Agreements have been executed for Hondo to begin testing on the companies mining material. The intent of Hondo and all interested companies is to joint venture or license the E-Leach technology to extract precious and base metals. The need for extraction is not just gold, silver or platinates but also copper and other highly commercial base metals. Hondo intends to supply a full suite of E-Leach based technology solutions to potential partners, and generate revenue through licensing fees, royalties or joint venture arrangements from our industry partners.
The Initial executed agreements represent the first success in the company's expanded business model, which contemplates supplying its proprietary extraction technology to mine operators under joint ventures or licensing arrangements. To date, E-Leach has only been used at Hondo's flagship property, the Old Tennessee Mine in Chloride, Arizona.
Bill Miertschin, Chairman and CEO of Hondo commented, "These opportunities mark the first time that Hondo's exclusive E-leach technology may be used by other mine operators. While we remain focused on our project in Chloride, the opportunity to diversify our revenue stream by using E-leach on other mining projects is another step in our growth as a company."
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 was at one time the largest producing silver mine in Arizona history. 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 US Southwest, which are being evaluated for additional reserves.
Cautionary Note Regarding Forward-Looking Statements
The company's presentation will contain 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-KSB and 10-QSB. The Company forecasts provided 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