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.
May 11, 2011
, Hondo announced that the company closed on a major new land acquisition in northwest
. 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
, Hondo acquired over
of additional E-Leach equipment for its Tennessee Mine production facility. On
, the company announced that it paid the remaining balance of
$2.4 million dollar
purchase of additional processing equipment for the
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.
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
, the Chief Executive Officer of Hondo Minerals, stated, "The whole team at Hondo is looking forward to the year ahead. After years of hard work and dedication, we are going into full production at the
mine, and should be producing substantial amounts of revenue in the months ahead. We are clearly demonstrating to shareholders our confidence in the
property, and are elated by our transition from a development stage company to a revenue generating business."
About Hondo Minerals
Hondo Minerals Corporation is engaged in the acquisition of mines, mining claims and mining real estate in
the United States
with mineral reserves of precious metals or non-ferrous metals. Hondo owns the
and Schuylkill Mines in
. The Tennessee Mine was the largest producing silver mine in
history. The Tennessee Mine operated from the late 1800s 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.
Cautionary Note Regarding Forward-Looking Statements
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.