Hana Mining Ltd. Announces Spin-Out of Kuke Property to New Hana Copper Mining Ltd.
By an agreement dated January 21, 2010, the Company will undertake a plan of arrangement (the "Arrangement") with New Hana Copper Mining Ltd. ("New Hana"), a newly incorporated subsidiary of the Company, and Hana Mining Botswana (Proprietary) Limited ("Hana Botswana"), an existing subsidiary of the Company, wherein the Company will spin-out and transfer Hana Botswana to New Hana, with the intention of building a new base metals company. Hana Botswana holds eleven (11) prospecting licenses in Botswana, known as the Kuke Property, comprising an area of 10,654 sq. kms. These prospecting licenses are outside of the Ghanzi Copper-Silver project's prospecting licenses, and there has been no exploration work yet conducted on the Kuke Property.
The initial share ownership of New Hana will mirror the shareholder base of the Company. There will be no change in the holdings of shareholders in the Company. The Company will determine a date of record for the Arrangement, after receipt of all required regulatory, court, and shareholder approvals (the "Effective Date"). As of the Effective Date, under the terms of the Arrangement, every ten (10) common shares of the Company will essentially entitle the shareholders of record to receive one new common share of New Hana. It is anticipated that New Hana will then seek a stock exchange listing for its common shares on the TSX Venture Exchange (the "Exchange"), and complete an equity offering to raise at least $500,000 to further explore and develop the Kuke Property.
Management believes separating its current assets into two companies, with the Company's shareholders initially holding proportionate interests in both companies, will allow the accelerated exploration of the Kuke Property independently by New Hana, without dilution to the shareholders of the Company in the more advanced Ghanzi Copper--Silver project. The Company will continue to hold the Ghanzi Copper-Silver project, and New Hana will hold the Kuke Property through Hana Botswana. The location of the Kuke Property is shown in relation to the Company's Ghanzi Copper--Silver project on the attached map. The proposed reorganization will provide greater market awareness of the Company, New Hana, and their respective assets, and offer both the Company and New Hana increased flexibility to utilize and exploit their respective assets, without unnecessary dilution to the other.
The Board of Directors of New Hana will be Joseph Arengi, a resident of Ontario, Marek Kreczmer, and Julie D. May-Frederick, both residents of British Columbia. Mr. Arengi is currently VP, Exploration of the Company, and Mr. Kreczmer is CEO, Chairman and a director of the Company. Ms. May-Frederick is a corporate administrator.
As part of the Arrangement, it is proposed that New Hana will conduct a private placement of its securities to raise a minimum of $500,000 up to a maximum of $1,000,000 (the "New Hana Financing"). These funds will be used for maintaining the Kuke Property, conducting further exploration work thereon, and meeting general working capital requirements. As the Kuke Property has not yet had any exploration work carried out on it, the Company plans to conduct shortly a work program, including an initial aeromagnetic survey and preliminary soil sampling. The aeromagnetic survey is expected to be completed in February 2010, the results of which will form the basis for a NI 43-101 technical report.
The Company will investigate the need for the appointment of a sponsoring broker to New Hana in connection with the Arrangement or the New Hana Financing, details of which will be announced in a future news release.
The completion of the Arrangement is subject to the fulfilment of a number of prior conditions, including Exchange acceptance of the Arrangement and the conditional listing of the New Hana common shares, the approval of the Arrangement by the shareholders of the Company by a special resolution of at least 2/3rds of the shares voted in person or by proxy at a general meeting held to consider the Arrangement, the approval of the Supreme Court of British Columbia, and the completion of the New Hana Financing. The Arrangement cannot close until all of these conditions precedent and others are met. There can be no assurance that the Arrangement will be completed as proposed or at all. Investors are cautioned that except as disclosed in the Information Circular to be prepared in connection with the Arrangement, and information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
It is anticipated that the special general meeting of the shareholders of the Company to approve the Arrangement will be held sometime in April, 2010. Shareholders will receive an information circular setting out further details of the proposed transaction.
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About Hana Mining's Ghanzi Copper-Silver Project in Botswana
The Ghanzi Project is located in the center of the Kalahari copper belt in northwestern Botswana. The Ghanzi property covers 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of 26.9 kilometres. This favourable geology extends over the entire strike length of 600 kilometres Hana Mining released results of it's first NI 43-101 resource estimate for the Ghanzi Project in June 2009, announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on a 0.75% Cu cutoff grade, and averages 1.51% Cu and 17.98 g/t Ag. The Banana Zone represents 40.7 million tonnes of this total resource (67%), has been the focus of the Company's drilling and development efforts for 2009, and will remain the primary focus for 2010.
The Banana Zone exhibits certain areas of high grade Cu and Ag mineralization, particularly in the New Discovery area and the fold nose at the northern end of the zone, which represent an opportunity to locate starter pits and mine initial tonnages at higher than average grades. These +2% Cu pockets tend to be well within open pit depth parameters and represent opportunities to improve early cash flow and overall returns in development.
The project will benefit from contemplated rail/power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study is currently underway (funded by the World Bank and the governments of Botswana and Namibia) to support completion of a rail line link that would connect Botswana with the Namibian port of Walvis Bay, on the Atlantic coast. The closest existing railhead (to port) is at Gobabis, in Namibia, approximately 550 km from our property. A planned 600MW expansion of the government-owned Moropule Power Plant continues to advance, with US$825 million project funding secured in May 2009, and key supply contracts awarded. Currently, our project is served by the paved Trans-Kalahari highway, which passes within 15 km of the property.
Hana Mining is focused on demonstrating that the Ghanzi property represents one of Africa's premier future copper-silver resources.
FOR FURTHER INFORMATION
Contact:
Marek Kreczmer
Chairman & CEO
Hana Mining Ltd.
Tel: (604) 676-0824
Email: info@hanamining.com
Website: www.hanamining.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Hana Mining RC drilling in Banana Zone intersects 1.21% Cu and 16.8 g/t Ag over 15 metres in South Limb. Latest results increase total mineralized strike length 8%
January 20, 2010 (Vancouver, British Columbia) Hana Mining Ltd., ("HMG" or the "Company") - (TSX-V: HMG) (Frankfurt: 4LH) is pleased to announce completion of 23 new RC drill holes at its Ghanzi sediment-host copper-silver project in Botswana. Results on 8 of these holes are shown below. The 23 new holes extend total mineralization by 2000 metres along strike for two areas in the Banana Zone; the South Limb (section 60,000), and the Southwest Fold Closure ("SW Fold") (sections 30,000 to 45,000). See figure 1 for locations.
Highlights of recent drilling results:
- Of these 23 new RC holes, 19 holes returned significant mineralization, increasing mineralized strike length in the Banana Zone by 2000 metres, to a total 22.4 km, now 44% (6,900 metres) greater than reflected in the current NI 43-101 resource estimate.
- South Limb results (8 holes) extend mineralized strike by 1000 metres, to 3.4 km, and
- SW Fold results (15 holes) extend mineralized strike by 1000 metres, to 3.0 km.
- South Limb results (8 holes) extend mineralized strike by 1000 metres, to 3.4 km, and
- The latest South Limb results partially close out one of several strike length gaps that existed between previous drill results. The remainder of this particular gap of 1,300 metres will be addressed by 9 pending holes.
- We plan to continue to close gaps along strike in this area, which comprises 15 km total length, and remains open to the north and south, as well as down-dip, and
- Our current drill results location shows an increase in grade with depth, along with substantial thickness in mineralization.
- We plan to continue to close gaps along strike in this area, which comprises 15 km total length, and remains open to the north and south, as well as down-dip, and
- We now have assay results on a total of 36 RC holes in the SW Fold, with 4 additional assays pending. These results, including the 15 most recent holes, show consistently lower grade mineralization than we have found in other areas in the Banana Zone. Summarizing grade results on our most recent 15 holes:
- Four holes show a mineralized intercept of 4+ metres, at 0.75% Cu or better, and
- Nine holes show a mineralized intercept of 4+ metres, at 0.5% Cu or better.
Based on the drill results we see in the SW Fold, we do not believe this area will generate resource tonnage at comparable grades to what we have achieved elsewhere in the Banana Zone. Relatively thick mineralization, shallow dip, and thin overburden are attractive attributes to the findings here, but are not expected to overcome Cu grade issues at our current Cu cut-off assumptions.
- The possibility of heap leach and solvent extraction techniques (SX-EW) exists here, based on the presence of malachite and chalcocite copper minerals, but requires more economic and metallurgy study than has been done to date, and
- We now believe other areas of the Banana Zone are more prospective, and will refocus the drill rig working this area onto other targets, specifically in the 45,000 section moving north towards the South Flank.
- Four holes show a mineralized intercept of 4+ metres, at 0.75% Cu or better, and
| Hole Number |
Area & Grid Reference |
Hole Type |
From (metre depth) |
To (metre depth) |
Intercept Length (metres) |
Total Cu Grade (%) |
Silver Grade (g/t) |
|---|---|---|---|---|---|---|---|
| HA-132-R | South Limb | Down Dip | 125 | 140 | 15 | 1.21 | 16.8 |
| 60,000 | including | 129 | 132 | 3 | 1.73 | 21.1 | |
| including | 136 | 140 | 4 | 1.68 | 23.7 | ||
| HA-127-R | South Limb | Step-Out | 85 | 96 | 11 | 1.04 | 12.4 |
| 60,000 | including | 90 | 91 | 1 | 1.20 | 13.2 | |
| including | 94 | 96 | 2 | 2.68 | 36.5 | ||
| HA-121-R | South Limb | Step-Out | 137 | 146 | 9 | 1.00 | 11.8 |
| 60,000 | including | 143 | 145 | 2 | 2.00 | 22.9 | |
| HA-109-R | South Limb | Step-Out | 116 | 120 | 4 | 1.04 | 10.9 |
| 60,000 | including | 116 | 117 | 1 | 1.22 | 7.6 | |
| including | 118 | 119 | 1 | 1.64 | 19.3 | ||
| and | 121 | 124 | 3 | 1.05 | 10.3 | ||
| including | 122 | 123 | 1 | 1.65 | 14.7 | ||
| HA-111-R | South Limb | Down Dip | 167 | 174 | 7 | 0.94 | 9.5 |
| 60,000 | including | 167 | 171 | 4 | 0.97 | 10.6 | |
| including | 170 | 171 | 1 | 1.44 | 20.8 | ||
| including | 172 | 174 | 2 | 1.19 | 10.3 | ||
| including | 173 | 174 | 1 | 1.52 | 13.3 | ||
| HA-114-R | South Limb | Down Dip | 159 | 169 | 10 | 0.73 | 9.1 |
| 60,000 | including | 165 | 169 | 4 | 1.20 | 15.3 | |
| HA-118-R | South Limb | Step-Out | 119 | 128 | 9 | 0.76 | 8.4 |
| 60,000 | including | 122 | 128 | 6 | 0.91 | 10.5 | |
| including | 126 | 128 | 2 | 1.04 | 11.9 | ||
| HA-124-R | South Limb | Step-Out | 140 | 153 | 13 | 0.46 | 5.0 |
| 60,000 | including | 140 | 142 | 2 | 0.73 | 5.1 | |
| including | 145 | 152 | 7 | 0.53 | 6.2 | ||
| including | 148 | 152 | 4 | 0.64 | 7.2 |
All intercepts reported are intersection length, estimated to represent >80% of true thickness.
Figure 1: Location of New Drill Hole Assays In Banana Zone
Click to Enlarge
Figure 2: Drill Hole Locations, South Limb (section 60,000)
Click to Enlarge
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"I am pleased that we continue to meet the objectives of the drill program we initiated in August of this year; specifically, to confirm mineralization along strike in several new areas in the Banana Zone, in fill gaps between known mineralized areas, and ultimately give us an expanded drill hole inventory with which we plan to revise our NI 43-101 resource soon. These latest results build on previous findings, and continue to evidence continuity of copper/silver mineralization along the defined trend in the South Limb.
We have presented results on 27 RC holes in the South Limb since October, and intend to complete the remaining 1.6 km of open strike in this drill campaign that will allow us to demonstrate a continuous mineralized strike of 10.7 km between sections 55,000 and 65,000.
The results on our latest drilling in the SW Fold are generally consistent with earlier results, announced in November and December 2009, indicating this to be an area of lower grade mineralization. This area could have development significance for us, depending on whether we discover other concentrations of similar, leachable material at grades that would make an SX-EW facility attractive. However, the Banana Zone still contains extensive untested strike length, and we have determined our best course to be to focus elsewhere, and leave the SW Fold for future study, in the context of a larger, zone-wide heap leach economic study."
Qualified Person and Quality Assurance/Quality Control
Joseph Arengi, M. Sc., P. Geo., Vice President of Exploration for Hana Mining is the qualified person as defined in NI 43-101 and has reviewed the technical information in this press release.
The Company has implemented an industry-standard QA/QC program. A 35-40 kilogram sample is collected from the cyclone discharge at 1 meter intervals. The sample is then split 75/25; 75% of the sample is archived and the other 25% provides material for analysis. All samples are double bagged, sealed and transported in secured wooden crates and shipped to Scientific Services Laboratory in Cape Town, South Africa. Standards, duplicates and blanks are inserted into the sample stream. The analytical method for the total Cu, Ag, Pb, and Zn is acid digestion and Atomic Absorption Spectroscopy ("AAS"). The analytical method for soluble Cu is 5% sulfuric acid cold leach followed by AAS. The analytical method for Mo assays is XRF (full matrix correction).
About Hana Mining's Ghanzi Copper-Silver Project in Botswana
The Ghanzi Project is located in the center of the Kalahari copper belt in northwestern Botswana. The Ghanzi property covers 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of 26.9 kilometres. This favourable geology extends over the entire strike length of 600 kilometres Hana Mining released results of it's first NI 43-101 resource estimate for the Ghanzi Project in June 2009, announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on a 0.75% Cu cutoff grade, and averages 1.51% Cu and 17.98 g/t Ag. The Banana Zone represents 40.7 million tonnes of this total resource (67%), has been the focus of the Company's drilling and development efforts for 2009, and will remain the primary focus for 2010.
The Banana Zone exhibits certain areas of high grade Cu and Ag mineralization, particularly in the New Discovery area and the fold nose at the northern end of the zone, which represent an opportunity to locate starter pits and mine initial tonnages at higher than average grades. These +2% Cu pockets tend to be well within open pit depth parameters and represent opportunities to improve early cash flow and overall returns in development.
The project will benefit from contemplated rail/power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study is currently underway (funded by the World Bank and the governments of Botswana and Namibia) to support completion of a rail line link that would connect Botswana with the Namibian port of Walvis Bay, on the Atlantic coast. The closest existing railhead (to port) is at Gobabis, in Namibia, approximately 550 km from our property. A planned 600MW expansion of the government-owned Moropule Power Plant continues to advance, with US$825 million project funding secured in May 2009, and key supply contracts awarded. Currently, our project is served by the paved Trans-Kalahari highway, which passes within 15 km of the property.
Hana Mining is focused on demonstrating that the Ghanzi property represents one of Africa's premier future copper-silver resources.
FOR FURTHER INFORMATION
Contact:
Marek Kreczmer, CEO & Chairman
Hana Mining Ltd.
Tel: (604) 676-0824
Email: info@hanamining.com
Website: www.hanamining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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Hana Mining Announces New VP Engineering to Support Ghanzi Copper-Silver Project Planning and Development
Mr. Stahlbush was previously the Project Feasibility Manager and later Engineering Manager for Kinross Gold's World-Class Kupol Mine in Russia
January 5, 2010 (Vancouver, British Columbia). Hana Mining Ltd., ("HMG" or the "Company") - (TSX-V: HMG) (Frankfurt: 4LH) is pleased to announce the appointment of Mr. Fred Stahlbush as HMG's new VP Engineering.
As a mining engineer with over 30 years of experience in both operating environments and in mine construction/development, Fred brings valuable project engineering experience to the Company. Fred's previous experience includes positions with B2Gold Corp., Kinross Gold Corporation, Stillwater Mining Company, Echo Bay Mines Inc., and Hecla Mining Company. Much of Fred's experience has been in senior roles, in technical services and mine development engineering, in both surface and underground mine configurations, and across multiple projects, notably the Kupol Project in extreme northeast Russia.
Fred will join the Company in his new role next month, and has been granted 250,000 incentive stock options by the HMG Board. The options are exercisable at $1.23 per share and expire on January 5, 2015. All securities issued upon exercise of the options are subject to a hold period expiring four (4) months after the date of grant. Twenty-five percent (25%) of the options will vest each quarter, commencing on the date of grant. The options are subject to the terms and conditions of the Company's Stock Option Plan.
Hana Mining's President/COO, Jim Sullivan, commented as follows:
"I am personally most pleased to welcome Fred to the management team at HMG. Fred has an ideal background to contribute the engineering and technical mine development leadership that we now require to transform our geologic copper-silver resource through feasibility into an economically mineable reserve. His recent experience, including Kupol, included responsibilities associated with metallurgy, mine engineering, construction cost estimation, infrastructure design/engineering and environmental permitting---exactly the tasks we have ahead for our resource and mining concept development work, for development of a PEA, and later a pre-feasibility study for the Ghanzi Project."
About Hana Mining's Ghanzi Copper-Silver Project in Botswana
The Ghanzi Project is located in the center of the Kalahari copper belt in northwestern Botswana. The Ghanzi property covers 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of 25.7 kilometres. This favourable geology extends over the entire strike length of 600 kilometres Hana Mining recently released results of it's first NI 43-101 resource estimate for the Ghanzi Project (see press release dated June 1, 2009), announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on a 0.75% Cu cutoff grade, and averages 1.51% Cu and 17.98 g/t Ag. The Banana Zone represents 40.7 million tonnes of this total resource (67%), and is the current focus of the Company's drilling efforts and development focus for 2009 and 2010.
The Banana Zone exhibits certain areas of high grade Cu and Ag mineralization, particularly in the fold nose at the northern end of the zone, which represent an opportunity to locate starter pits and mine initial tonnages at higher than average grades. These +2% Cu pockets tend to be well within open pit depth parameters and represent opportunities to improve early cash flow and overall returns in development.
The project will benefit from contemplated rail/power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study is currently underway (funded by the World Bank and the governments of Botswana and Namibia) to support completion of a rail line link that would connect Botswana with the Namibian port of Walvis Bay, on the Atlantic coast. The closest existing railhead (to port) is at Gobabis, in Namibia, approximately 550 km from our property. A planned 600MW expansion of the government-owned Moropule Power Plant continues to advance, with US$825 million project funding secured in May 2009, and key supply contracts awarded. Currently, our project is served by the paved Trans-Kalahari highway, which passes within 15 km of the property.
Hana Mining is focused on demonstrating that the Ghanzi property represents one of Africa's premier future copper-silver resources.
For Further Information, contact:
Marek Kreczmer, Chairman & CEO
Hana Mining Ltd.
Tel: (604) 676-0824
Email: info@hanamining.com
Website: www.hanamining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Hana Mining Closes $4,000,000 Non-Brokered Private Placement
The net proceeds of this private placement will be used to continue drilling and to commence a scoping study on the Ghanzi Project.
About Hana Mining's Ghanzi Copper-Silver Project in Botswana
The Ghanzi Project is located in the center of the Kalahari copper belt in northwestern Botswana. The Ghanzi property covers 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of over 20.7 kilometres. This favourable geology extends over the entire strike length of 600 kilometres Hana Mining recently released results of it's first NI 43-101 resource estimate for the Ghanzi Project (see press release dated June 1, 2009), announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on a 0.75% Cu cutoff grade, and averages 1.51% Cu and 17.98 g/t Ag. The Banana Zone represents 40.7 million tonnes of this total resource (67%), and is the current focus of the Company's drilling efforts and development focus for 2009 and 2010.
Hana Mining is focused on demonstrating that the Ghanzi property represents one of Africa's premier future copper-silver resources.
FOR FURTHER INFORMATION
Contact:
Marek Kreczmer , CEO & Chairman
Hana Mining Ltd., Tel: (604) 676-0824
Email: info@hanamining.com
Website: www.hanamining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Hana Mining Announces $4,000,000 Non-Brokered Private Placement
The funds will be used to continue drilling and to commence a scoping study on the Ghanzi Project.
The non-brokered placement is subject to acceptance by the TSX Venture Exchange.
About Hana Mining's Ghanzi Copper-Silver Project in Botswana
The Ghanzi Project is located in the center of the Kalahari copper belt in northwestern Botswana. The Ghanzi property covers 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of over 20.7 kilometres. This favorable geology extends over the entire strike length of 600 kilometres Hana Mining recently released results of it's first NI 43-101 resource estimate for the Ghanzi Project (see press release dated June 1, 2009), announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on a 0.75% Cu cutoff grade, and averages 1.51% Cu and 17.98 g/t Ag. The Banana Zone represents 40.7 million tonnes of this total resource (67%), and is the current focus of the Company's drilling efforts and development focus for 2009 and 2010.
Hana Mining is focused on demonstrating that the Ghanzi property represents one of Africa's premier future copper-silver resources.
FOR FURTHER INFORMATION
Contact:
Marek Kreczmer
CEO & Chairman
Hana Mining Ltd.
Tel: (604) 676-0824
Email: info@hanamining.com
Website: www.hanamining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.