CHLORIDE, AZ, Oct. 9, 2012 /PRNewswire/ - Hondo Minerals Corporation (OTCBB: HMNC.OB) today announced that the company has entered into an MOU with Lustros, Inc., to sub-license its E-Leach technology and provide services.
The signed MOU outlines that Hondo Minerals would agree to sub-license its technology to Lustros as well as provide services, equipment and support in the deployment of the same for the benefit of Lustros and its properties.
Both companies desire to enter into potential cross investment agreements for the purpose of providing capital for the development of the parties' properties and, as a result, will look to create a strategic alliance for their mutual benefit.
Lustros, Inc.'s subsidiary Bluestone SA is a Chilean corporation in the business of copper mining and the manufacturing of food grade copper sulfate. Bluestone has a majority equity position in Sulfatos Chile S.A., which owns the Anica Copper Mines as well as a copper sulfate production project and employs a highly experienced staff of mining professionals. Lustros, Inc.'s subsidiary Mineraltus SA is a Chilean corporation that extracts copper from the tailings (waste products) of expired copper mines to secure the raw materials to manufacture high quality, feed-grade copper sulfate.
Bill Miertschin, Chairman and CEO of Hondo, said, "We are pleased that Lustros recognizes the potential value of our E-Leach technology, our equipment, and our services. Now that we are in production at the Tennessee Mine we are able to conduct real time demonstration of our technology in a production setting. We are now attracting other mining to our technology which as planned will allow Hondo to create 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 investing public.
SOURCE Hondo Minerals Corporation