New Hana Announces Debt Settlement
11.10.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/11/12 -- New Hana Copper Mining Ltd. (TSX VENTURE: HML) ("HML" or the "Company") announces that it has agreed to settle an aggregate debt of $42,500 owed to certain creditors by the issuance of 283,334 of its common shares at a deemed price of $0.15 per share. All shares to be issued in connection with the proposed debt settlement will be subject to a four-month resale restriction.Update on project activities:
The Company has recently concluded its exploration drilling program at Kuke and has applied for a renewal of its licenses.
In July, the Company announced that it had entered into an Acquisition and Joint Venture agreement with BSC Resources Limited. ("BSC") of South Africa whereby the Company has the option to earn up to a 100% interest in the Musina Copper Project, located in northeast South Africa. The Musina Project area is comprised of six Prospecting Rights covering 100 square kilometers (10,006.88 hectares) of highly prospective ground which encompasses the Musina fault which is a structure that is known to host a number of formerly producing high-grade copper mines. The Musina Project includes the formerly producing Artonvilla, Spence, Messina, Harper and Campbell underground copper mining operations. BSC has officially filed for the renewal of its prospecting rights. The Company is awaiting the renewal of the prospecting rights by the South African authorities.
This press release was reviewed and approved by Marek Kreczmer, Chief Executive Officer for New Hana. He is the qualified person as defined in NI 43-101.
Please visit the Company's website at www.newhanamining.com for additional details on the Company and the Kuke Project.
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:
New Hana Copper Mining Ltd.
Investor Relations
(604) 682-4262
(778) 370-0146 (FAX)
info@newhanamining.com
www.newhanamining.com