Hana Mining Ltd.

Hana Mining Ltd.

March 05, 2010 09:00 ET

Hana Mining Announces New Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2010) - Hana Mining Ltd., ("HMG" or the "Company") - (TSX VENTURE:HMG) (FRANKFURT:4LH) is pleased to announce the appointment of Matthew ("Matt") Kavanagh as the new Chief Financial Officer ("CFO") of the Company, effective immediately. Mr. William ("Bill") Thomas, the outgoing CFO, has resigned to pursue other opportunities.

Mr. Kavanagh is an experienced CFO, having worked for several natural resource firms, most notably as the former CFO for Minco Mining Group, a TSX listed company with extensive mineral exploration properties in various stages of development in China. Mr. Kavanagh has seventeen years experience serving as the Senior Financial Officer with public companies reporting in both Canada and the United States. He is a Chartered Accountant with the Institute of Chartered Accountants of B.C., and has nine years public accounting experience with both Coopers & Lybrand (now Pricewaterhouse Coopers) and Ellis Foster (now Ernst & Young).

The Company further announces that it has granted Incentive Stock Options (the "Options") to purchase up to an aggregate 375,000 common shares of the Company to a senior officer and consultants of the Company. The Options are exercisable at $1.80 per share and expire on March 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. The subject Options will vest quarterly over 24 months, in 8 equal tranches with the first tranche commencing June 3, 2010. The Options are subject to the terms and conditions of the Company's Stock Option Plan.

Hana Mining's CEO, Marek Kreczmer, commented as follows:

"I am personally very pleased to welcome Matt to the Company in this important position on Hana's senior management team. As our development opportunity in Africa has matured, so has our need for improved financial systems, controls and oversight, and we believe Matt has excellent contributions to make to the Company in this regard.

I would also like to thank Bill Thomas for his contributions in the CFO role over the last three years. We wish Bill every success in his other ongoing corporate endeavors."

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 2,169 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 33.4 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.

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.

Contact Information