Hana Mining Announces the Resignation of James Sullivan as President, Chief Operating Officer and Director
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/29/11 -- Hana Mining Ltd. ('Hana' or the 'Company') (TSX VENTURE: HMG)(FRANKFURT: 4LH) announces that Mr. James ('Jim') Sullivan has resigned from his positions as President, Chief Operating Officer and Director, effective immediately. The Company had previously announced that Mr. Sullivan would be retiring from the Company at the end of 2011.
Mr. Robert Dey, Project Director of the Ghanzi Copper-Silver Project, will assume responsibility for the Preliminary Economic Assessment, and with the assistance of Mr. Fred Stahlbush, VP of Engineering, will manage the project going forward.
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
'I want to express my sincere appreciation to Jim for the time and effort he put into the Company and the Ghanzi Project. I wish Jim the best in his retirement. I also want to reassure Hana investors that the Ghanzi Project is in good hands as Robert Dey will be leading our efforts to put this potentially world-class project into production. Robert has nearly 30 years of experience as an engineer in the development of mining projects in southern Africa, most recently as Project Director with Impala Platinum Ltd. I have full confidence in Robert and his team to move the project to successful conclusion.'
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 2,149 square kilometres, and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 70 kilometres. This favorable geology extends over an estimated strike length of 600 kilometres. Hana Mining released results of its most recent NI 43-101 compliant resource estimate for the Ghanzi Project on December 20, 2010, announcing an Indicated mineral resource of 762 million pounds of copper and 16 million ounces of silver from 37.4 million tonnes at a grade of 0.93% copper and 13.4 g/t silver. All of the Indicated resources are from the Banana Zone. There are also Inferred resources of 5.6 billion pounds of copper and 85.4 million ounces of silver from 423.9 million tonnes. This Inferred mineral resource estimate consists of 225.4 million tonnes grading 0.64% Cu and 8.1 g/t Ag in the Banana Zone, 20.7 million tonnes grading 1.23% Cu and 8.7 g/t Ag in Zone 5, 16.7 million tonnes grading 0.86% Cu and 4.0 g/t Ag in Zone 6, and 161.1 million tonnes grading 0.45% Cu and 3.6 g/t Ag in the Chalcocite Zone; all at a cut-off grade of 0.30% Cu.
The Banana Zone exhibits certain areas of higher grade Cu and Ag mineralization, particularly between sections 49700 to 52000 on the North limb and sections 63000 to 71000 on both the North and South limbs, which represent an opportunity to locate starter pits and mine initial tonnages at higher than average grades. These higher grade 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 proposed rail and 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. Construction has begun on the 600MW expansion of the government-owned Moropule Power Plant, having secured US$825 million project funding in May 2009. The Ghanzi Copper-Silver Project is currently accessed by the paved Trans-Kalahari highway, which passes within 15 km of the property.
The Ghanzi property is one of Africa's premier future copper-silver resources.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Hana Mining Ltd.
Marek Kreczmer
CEO
(604) 676-0824
info@hanamining.com
www.hanamining.com
Hana Mining Ltd.
Patrick Donnelly
VP - Corporate Development
(604) 676-0824
(778) 370-0146 (FAX)
patrick@hanamining.com
www.hanamining.com