 The President of Honduras, Marco Aurelio Soto, offered companies that invested in the mine in San Juancinto a 20-year exemption from all taxes.In 1880, Julius Valentine, of New York City founded the New York and Honduras Rosario Mining Company, exchanging 50% of the Company's stock for the mining rights of the El Rosario deposits at San Juancito which were owned by Soto.Washington S. Valentine, son of Julius took over his father's post and became the figurehead of the corporation.