CHLORIDE, AZ, Nov. 26, 2012 /PRNewswire/ - Hondo Minerals Corporation (OTCBB: HMNC) today announces that on Tuesday, November 20, 2012, Hondo Minerals received an unsolicited offer to purchase all of the Company's common stock and assets. The offer as presented was for $0.62 per share in combination of cash and in stock. The letter of intent is subject to due diligence by both parties. Other requirements of the letter of intent included:
- Hondo Minerals complete a 43-101 reserve report relating to the minerals at the Tennessee Schuykill Mine property in Chloride, Arizona which is to be prepared and issued by an independent third party.
- Verification of the E-Leach technology as a process relating to the leaching of precious metals.
- Verification of the status of rights regarding patents covering the leaching process.
The Company's Board of Directors approved a Letter of Intent ("LOI"). The parties will negotiate the terms and prepare the Definitive Agreements that will govern the proposed purchase and agree to use all reasonable efforts to complete the foregoing within the next 120 days.
Bill Miertschin, CEO of Hondo Minerals says, "Other companies and industry professionals are now recognizing the value of our properties, our resources, our equipment and our facilities, as well as our technology and our processes. The path of Hondo Minerals is to independently verify and professionally categorize our assets and our technology. While this process takes place we will continue look to stream line operations, analyze and improve our process and generate additional income from the sale of precious and non-precious metals."
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. The company will file a 14d with the SEC. 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