Hondo Minerals (fka HMNC)

[gitreal]

Nope. No way, no how is Hondo and their "assets" worth $75 million. The only way anybody would pay that amount (or even a tenth of that) for this company is in some form of stock deal, which means it would be $75 million on paper only. I believe that these PR's proclaiming "unsolicited" buyout offers is an attempt to shore up stock price.

Besides, you'd have to be a fool to buy a company who owns a pile of tailings that could be Arizona's next Superfund Site. There are three tailings piles already designated as State or Federal Superfund sites (Klondyke Tailings, Hassayampa Tailings, and the Iron King Tailings sites). There was a study done by the Arizona Geological Survey back in the 90's which show surface water and groundwater around the Hondo operations is significantly contaminated with heavy metals http://repository.azgs.az.gov/sites/default/files/dlio/files/2010/u15/CR-95-I.pdf. They concluded this:

Groundwater in the immediate vicinity of the large Tennessee Mine, where ore processing took place, was found to be seriously polluted by heavy metals.

If you want read up on the other tailings Superfund sites, ADEQ has a good website which presents summaries of each of these Superfund sites. Or call ADEQ, and ask them what the status of Hondo's APP Application process is. Or, call the BLM which administers federal land all around Hondo's operations, and ask Paul (their geologist in Kingman) what he thinks about Hondo's operations.

You don't need a background in mining, geology, or environmental engineering to know that buying into a documented environmental mess like what Hondo is sitting on is bad business.