The closing for the remaining payment is set for 10 June, and all of the equipment in this purchase is valued at over $4m and is virtually brand new.
Hondo Minerals chairman and CEO William Miertschin said finalizing the acquisition of the processing equipment will allow the company to greatly increase its production capacity and have the ability to reach production and revenue targets six to 12 months ahead of schedule.
The company also said that the Tennessee Mine processing facility near Chloride in the US state of Arizona will recover gold, silver, zinc and other metals.
It is estimated that the daily processing capabilities will commence at 10-20 tons per day and increase to 150 tons per day during late 2011 and 350 tons daily in 2012 as the newly acquired equipment becomes operational.
Hondo Minerals is engaged in the acquisition of mines, mining claims and mining real estate in the US, Canada and Mexico.
