CHLORIDE, AZ, May 2, 2013 /PRNewswire/ - Hondo Minerals Corporation (OTCBB: HMNC.OB) ("Hondo," "Hondo Minerals" or the "Company") today announces that the Company has entered into a binding Letter of Intent with Crowncorp Investments Corporation, a Texas corporation ("Crowncorp"), for the sale of 100% of the Company's assets and issued and outstanding stock for a purchase price of $88 million, which includes $13 million in working capital to be retained in the Company post-closing (the "Acquisition"). Bill Miertschin, CEO of Hondo Minerals says, "We have been working closely with Crowncorp and its associates and advisors for several months to arrive at an acceptable structure with which to facilitate this transaction. Of the total $88 million to be provided by Crowncorp, it is anticipated that the Company's shareholders will receive $75 million less the retirement of current debts and Hondo's transactional expenses. Of course, we will be constructing a substantive final agreement with extensive closing documents for required regulatory review and shareholder disclosure and subsequent approvals." Mr. Miertschin continues to say, "We are excited that Crowncorp recognizes the value of Hondo's assets both the in-ground and our processing technology, and that Hondo and its shareholders can receive that value." Crowncorp intends to acquire 100% of the assets and issued and outstanding stock of the Company in exchange for approximately $88 million, which shall be payable in cash to the Company and the Company's shareholders. As conditions to the consummation of the Acquisition, the Company and Crowncorp intend to execute: (i) a definitive operating agreement which shall transfer management and control of Hondo's assets and operations to Crowncorp; and (ii) a tender offer pursuant to which Crowncorp shall purchase all of the Company's issued and outstanding stock from the Company's shareholders in accordance with all appropriate laws and regulations and commercially acceptable practices and procedures.