SCOTTSDALE, AZ, May 2 /PRNewswire/ - By way of an update Hondo Minerals Corporation (OTC:BB: HMNC), is pleased to announce that the company is on track to commence initial production of its existing reserves at Tennessee Mine by May 30 th 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.
"After years of planning and hard work I am elated to be in a position of transitioning Hondo from pre-revenue to a revenue producing mining company" says William R. Miertschin, Chairman and CEO of Hondo Minerals.
Hondo's initial independent testing has indicated the Tennessee Mine tailings and dumps 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. At the Tennessee Mine there are approximately a million tons of metal rich tailings and dump material.Miertschin says, "Processing the million ton of metal rich tailings is only the beginning for Hondo. The Tennessee Mine was the largest producer of silver in Arizona mining history and produced substantial amounts of Gold. Historical reports claim that as much as 40% of the original mineralization remains intact underground and offers long term opportunities for continued exploration." 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV