SCOTTSDALE, AZ, March 28 /PRNewswire/ - By way of an update Hondo Minerals Corporation (OTC :BB : HMNCD), is pleased to announce that they anticipate the commencement of production in the second quarter of 2011.
Hondo Minerals Corporation owns the Tennessee and Schuylkill Mines in Chloride, Arizona which includes include one million tons of mineral rich tailings on the property's surface. In total, Hondo Minerals Corporation owns 950 acres of patented and BLM claims in Arizona and 540 acres of Mineral Rights in Colorado, as well as smaller mineral holdings in Utah and Nevada. Additional acreage adjoining current claims in Arizona are currently under contract or review for purchase in the future.
William R. Miertschin, Chairman and CEO of Hondo Minerals believes that "our combination of quality mineral properties, proprietary technology and favourable commodity pricing, coupled with managerial commitment, provide Hondo shareholders with a unique investment opportunity. Our initial independent testing, which were carried out by Kayzak Resources, has indicated the Tennessee Mine tailings and dumps, approximately a million tons of metal rich tailings and dump material, could produce an average of 1 oz. to 3 oz. of gold and about 30 oz. or more of silver per ton using our exclusive environmentally friendly technology."
About The Company
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 consisting 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. The Tennessee Mine operated from the late 1800's until 1947 producing lead, zinc, gold and silver. The Tennessee Mine includes approximately 1,000,000-tons of tailings pile and dumps which the company plans to begin processing. The Company also owns numerous other mining claims in the US Southwest, which are being evaluated for additional reserves.
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-KSB and 10-QSB. 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