CHLORIDE, AZ, Feb. 6, 2013 /CNW/ - Hondo Minerals Corporation (OTCBB:
HMNC.OB) today announced that the company has entered into an MOU with
GAL Resources Limited, to sub-license its E-Leach technology and
The signed MOU outlines that Hondo Minerals would agree to sub-license
its technology to GAL Resources as well as provide services, equipment
and support in the deployment of the same for the benefit of Gal
Resources and its properties.
Both companies desire to enter into potential cross development
agreements for the purposes of producing a continuous flow process for
the e3-leech process, and as a result, to create an ongoing strategic
alliance for their mutual benefit and any other joint venture
GAL Resources is a Hong Kong based private company that is, through its
principals and affiliates, in the business of financing, developing and
operating mining projects. GAL is currently investigating the
implementation and integration of the E-Leach technology in both new
and reclamation projects in South America, Australia and Cyprus.
Management of GAL has conducted substantial due diligence into the
E-Leach process and believes that their technological and engineering
experience will allow them to assist the Hondo team in the expanded use
of the technology in these and future projects.
Bill Miertschin, Chairman and CEO of Hondo, said, "We are pleased that
another mining company like Gal Resources recognizes the potential
value of our E-Leach technology. As planned this will allow Hondo to
create additional joint venture relationships and more importantly
additional revenue to our business."
About Hondo Minerals
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 operated from the late 1800s until 1947 producing lead,
zinc, gold and silver. The Company also owns numerous other mining
claims in the U.S. Southwest.
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-K and 10-Q. 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
SOURCE: Hondo Minerals Corporation
For further information:
Hondo Minerals Corporation