Hondo Minerals Executes Provisional Patent Sublicense Agreement With E-Leechâ¿¢
CHLORIDE, AZ, Aug. 3, 2011 /PRNewswire/ - Hondo Minerals Corporation (OTC:BB HMNC), is pleased to announce that it has just executed a Provisional Patent Sublicense Agreement with the patent holders of the E-Leech™ provisional patent.
On May 2, 2011, Hondo previously entered into an exclusive sub-license agreement to the E-Leech technology exclusively for the Mojave County territory (the "Mojave Agreement"), which is a patent pending process that creates a leaching process without the use of hazardous chemicals such as cyanide at its Tennessee Mine processing plant.
As an addition to the Mojave Agreement, Hondo and E-Leech successfully negotiated and executed a supplemental agreement with the same terms and conditions of the Mojave Agreement, but expanding the sublicense to the entire world on a non-exclusive basis.
Toxic chemicals previously used such as Cyanide or Hydrochloric and Nitric Acid are replaced with a water-based and pH adjusted medium to leach precious and base metals from mine tailings that is safe to humans and the environment. Electrochemical processes are used to generate pH levels low enough to leach metals such as Gold, Silver, Zinc and Rare Earths into a solution for recovery at an extremely low cost per ton.William R. Miertschin Chairman and CEO of Hondo Minerals says, "This agreement along with the purchase of $2.4 million of additional equipment, as previous announced, may allow the company the ability to reach its production and revenue targets 6 to12 months ahead of schedule." Mr. Miertschin went on to say, "Since we now have a license to use this technology on future projects worldwide, both the environment and our company and its shareholders will benefit from this green cost saving 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 of precious metals or non-ferrous metals. Hondo owns the Tennessee and Schuylkill Mines in Chloride, Arizona. The Tennessee Mine was the largest producing silver mine in Arizona history. The Tennessee Mine operated from the late 1800's until 1947 producing lead, zinc, gold and silver. 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. Please visit www.Hondominerals.com SOURCE Hondo Minerals Corporation
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