Cobra - if you go back and look at my old posts on the HMNC board, you will see my posts about the historical tailings data (1940's) which shows a tiny fraction of the amount of gold that HMNC claims (0.010 oz/ton versus the 1-3 oz/ton that they are claiming). The old-time miners were actually pretty efficient in removing the gold (80% recovery), and to be honest, the ore was not very good gold ore to begin with (head grades of 0.050 to 0.070 oz/ton). It was mostly a lead and zinc mine with gold as a bonus. Those are the main reasons that no gold has been produced by Hondo.
Another reason is that the E-Leach process is a sham. Even if the gold were there, the process would still not work as advertised. Too much other stuff in the tailings (iron, arsenic, lead, zinc, copper, etc.) to allow the system to work at all.
They do have assets, though - lots of expensive processing equipment, and lots of real estate (a couple dozen parcels according to the Assessor's website). They just don't have gold.
Magnolia established some good due diligence guidelines for their buy-in, which Hondo will not be able to meet.
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