Hondo Minerals Corp. (HMNC) Reports Update on Tennessee Property
Hondo Minerals Corp. issued an updated review on its mining activities at its properties in the United States, where the company is actively prospecting for gold, silver and other metals.
Hondo Minerals reported that it has signed a purchase agreement for processing equipment in the amount of $2.4 million. The company estimates that the equipment has a fair market value of $4 million.
Hondo Minerals said that the equipment is slated for use at the Tennessee Mine facility where the company is targeting gold, silver and zinc. The equipment will enable Hondo Minerals to process between ten and twenty tons per day at the facility.
Hondo Minerals said that operations at the Tennessee Mine facility will begin on May 30, 2011. The company also told investors that processing capacity is expected to ramp up to 150 tons per day by the end of 2011 and 350 tons per day in 2012.
Hondo Minerals has approximately one million tons of material at the Tennessee Mine facility ready for processing. The company believes that each ton of material may yield between one and three ounces of gold and 30 ounces of silver.
For more information on the company, go to hondominerals.com
Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.