CHLORIDE, AZ, Aug. 11, 2011 /PRNewswire/ - Hondo Minerals Corporation (OTCBB:HMNC) is pleased to review its operational results for the fiscal fourth quarter ending July 31, 2011 and provide its operational outlook for fiscal year 2012.
Operational Highlights On May 11, 2011, Hondo announced that the company closed on a major new land acquisition in northwest Arizona. The company will begin to sample the property for future mining and processing in the next six months. Hondo Minerals now controls 1796 acres of patented and BLM claims in the southwestern United States.
In May 2011, Hondo acquired over $500,000 dollars of additional E-Leach equipment for its Tennessee Mine production facility. On June 9, the company announced that it paid the remaining balance of $1.9 million on the $2.4 million dollar purchase of additional processing equipment for the Tennessee plant. In July, the company announced that it commenced production at the Tennessee Mine. The company completed all work related to the construction of the plant structure, installed all equipment used for its innovative E-Leach leaching process, and completed all required training and regulatory approvals. The company is now starting to ramp the leaching step of its production process. This step produces a water-based solution with suspended metal content. The company purchased and will soon install the extraction systems which will remove and concentrate the metals suspended in solution.
2012 Outlook During fiscal year 2012, the company intends to:
- Apply for a listing on the NYSE Euronext's American Stock Exchange;
- Engage a Geologist to write a technical report that complies with both USA and Canadian Standards for the Tennessee Mine property;
- Install additional ionized water production equipment and metals extraction equipment, which will enable the final processing of leached metal solutions;
- Begin initial sales of metals