CHLORIDE, AZ, Feb. 20, 2013 /PRNewswire/ – Hondo Minerals Corporation (OTCBB:
HMNC.OB) today announces that its Board of Directors, in accordance
with its fiduciary obligations to its shareholders, continues to review
and negotiate the terms of the unsolicited offer from Crowncorp
Investment Corporation to purchase all of the assets of the Company’s
wholly owned subsidiary, Hondo Minerals, Inc., which holds 100% of the
Company’s assets, in exchange for $75 million in cash. To that end, the
Company has engaged Mergers & Acquisitions legal counsel to assist with
its review, consideration and structuring of the proposed transaction.

Bill Miertschin, Chairman and CEO of Hondo, said, “We are diligently
working to assess the financial viability and structure of Crowncorp’s
offer and to determine the best course of action for the Company and
its shareholders. We hope to complete this review and structuring as
soon as possible.”

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.

About Crowncorp Investment Corporation

Crowncorp Investment Corporation, a corporation duly formed under the
laws of the State of Texas in May 2007, has been involved in buying and
selling of petroleum, petroleum derivatives, and commodities since its
inception. In addition, the Company has expertise across a wide range
of activities related to mining and minerals processing including
exploration, development, smelting, refining, safety, environmental
protection, product stewardship, recycling and research and seeks to
enhance shareholder value and seize growth opportunities by acquiring
mines and mining claims in the United States.

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