VANCOUVER, BRITISH COLUMBIA, Oct. 14, 2009 (Marketwire) -- Hana Mining Ltd. (TSX VENTURE:HMG)(FRANKFURT:4LH) (the "Company") is pleased to announce that Mr. James A. Sullivan, our President and Chief Operating Officer has consented to also act as a Director of the Company.
As previously disclosed, Mr. Sullivan brings a wealth of world-class mineral resource and project development experience to the Company. Mr. Sullivan comes to HMG from Kinross Gold Corporation ("Kinross"), where he was Regional VP-Russian Operations, managing the Russian minerals portfolio that Kinross acquired with its acquisition of Bema Gold Corporation ("Bema Gold") in March of 2007. While at Bema Gold, as VP Russian operations, Mr. Sullivan and his team were responsible for the exploration and subsequent development of the US$750 million Kupol Gold mine located in Far East Russia, which produced over 490,000 gold equivalent ounces in the first six months of 2009, its first full year of production. The Kupol mine development represented a challenging construction task, hampered by poor infrastructure, tough climatic conditions and significant size and complexity-all managed on time and on budget. Prior to the Kupol project, Mr. Sullivan also held responsibility for the exploration, development and operation of the Julietta gold/silver mine, also in Far East Russia.
In addition, Mr. Marek Kreczmer, who acts as our Chief Executive Officer, Chief Technical Officer and a Director, has consented to also act as Chairman of the Company.
The Company further wishes to announce that it has closed the non-brokered private placement announced on October 1, 2009, consisting of 416,667 units at a price of $0.36 per unit for gross proceeds of $150,000. Each unit consists of one common share and one non-transferable share purchase Warrant. Each Warrant entitles the holder thereof to purchase one additional common share in the capital stock of the Company exercisable on or before October 13, 2011 at a price of $0.60 per share. The securities are subject to a hold period expiring on February 13, 2010.
The net proceeds of the private placement will be used to fund ongoing exploration of its highly prospective Ghanzi Copper-Silver Project located in the Republic of Botswana and for general working capital purposes.
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 country of Botswana is considered by the Fraser Institute Annual Survey of Mining Companies 2009 country ranking study to offer the most attractive mineral exploration and investment climate in Africa. The Ghanzi property covers 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of over 13 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 contained in 60.4 million tonnes of ore. This resource estimate assumes 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.
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.