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.
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