Hana Mining Welcomes Two New Board Members
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/18/12 -- Hana Mining Ltd. (TSX VENTURE: HMG)(FRANKFURT: 4LH)(BOTSWANA: HANA) ("Hana" or the "Company") is pleased to announce the appointment of Mr. Michael Barton and Mr. Paul Bosma to the Board of Directors of Hana Mining Ltd. Both Mr. Barton and Mr. Bosma are employees of Pala Investments ("Pala"), currently Hana's largest shareholder.
Mr. Barton, a Senior Vice President, has been at Pala since shortly after its inception and has been involved in many of Pala's largest transactions since that time, including Anatolia Minerals Development Corp., Avoca Resources Ltd., Sierra Rutile Ltd. and Norcast Wear Solutions. Prior to joining Pala, Mr. Barton was at Hatch Corporate Finance, a company specializing in the metals and mining industry where he worked on a broad spectrum of transactions in the sector. Mr. Barton is a Chartered Accountant with extensive public company board and audit committee experience, currently serving on the boards of Sierra Rutile Ltd., Elemental Minerals Ltd., Peninsula Energy Ltd., and WDS Ltd.
Mr. Bosma, a Vice President, has been at Pala since April 2012. Mr. Bosma is a geologist with extensive southern African experience in senior management roles at AngloGold Ashanti and De Beers. During Mr. Bosma's time at De Beers his roles included responsibility for mineral resource management, for mines in South Africa, Botswana, Namibia and Canada. Mr. Bosma was also involved in several transformative transactions including the disposal of the Cullinan mine and Kimberley underground mine and the sale of a 26% stake in De Beers Consolidated Mines to a Black Economic Empowerment partner. Mr. Bosma is a Professional Geologist with an MSc from University of Free State and an MBA from the University of Cape Town.
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"We are very pleased to welcome Mr. Barton and Mr. Bosma to Hana's Board and look forward to their valuable insights on corporate and project development. Pala believes in the value of Hana's Ghanzi Project in the emerging Kalahari copper belt, and will use its relationships and experiences to help maximize the value potential of Hana and the Ghanzi project."
Pala Investments Holdings Ltd. is a multi-strategy investment company dedicated to investing in, and creating value across, the mining sector in both developed and emerging markets. Pala seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. Pala is currently Hana's largest shareholder holding approximately 19.50% of the outstanding shares.
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.
On May 14, 2012 Hana Mining released results of its most recent NI 43-101 compliant Preliminary Economic Assessment ("PEA") for the Ghanzi Project. The PEA details a 10,000 tonne per day open-pit mining and milling operation at the Banana Zone and Zone 5 at an initial capital expenditure of US$285.5 million. This operation is expected to produce approximately 66.4 million pounds of copper and 878,000 ounces of silver annually over a minimum 13-year mine life.
The project will benefit from proposed rail and power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study was carried out (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 is well advanced 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 40 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
(778) 370-0146 (FAX)
info@hanamining.com
www.hanamining.com