SCOTTSDALE, AZ, Feb. 11 /PRNewswire-FirstCall/ - Tycore Ventures, Inc. (OTC BB: TYCV), announced today it has closed a transaction pursuant to a Share Exchange Agreement with Hondo Minerals, Inc. ("Hondo"), and the shareholders of Hondo, whereby the Company acquired 100% of the outstanding shares of common stock of Hondo from Hondo Shareholders. In exchange for the Hondo shares, the Company issued 22,103,000 shares of its common shares to the Hondo shareholders.
"We are extremely pleased and excited about this transaction" stated William Miertschin, newly appointed Chairman and CEO of Tycore, "the acquisition of Hondo puts us squarely in the conversation when describing the most exciting junior gold and silver companies on the market. The historic and prolific Tennessee and Schuylkill Mines, when combined with the numerous other mining prospects now resident in our Company, give us the perfect blend of the opportunity for near term cash flow and the prospect of longer term discovery. We look forward to creating solid and expanding value for our current and future shareholders."
About The Company
Tycore and it's now wholly owned subsidiary Hondo, 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 Tycore Ventures Inc.