Hana Mining Ltd.

Hana Mining Ltd.

December 17, 2010 09:00 ET

Hana Mining Announces Appointment of New Board Member

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2010) - Hana Mining Ltd. ("HMG" or the "Company") (TSX VENTURE:HMG)(FRANKFURT:4LH) is pleased to announce the appointment of Mr. Alexander ("Alex") Davidson to the Board of Directors of the Company. 

Prior to joining the Company, Mr. Davidson was the Executive Vice President of Exploration and Corporate Development with Barrick Gold where he was responsible for Barrick's international exploration programs and Corporate Development activities. Mr. Davidson joined Barrick in October 1993.

Mr. Davidson initiated the expansion of Barrick Exploration out of North America and into Latin America, Africa and Asia and in so doing, built one of the premier exploration groups in the world. On the corporate development side, Mr. Davidson was instrumental in the acquisitions of Sutton Resources, Arequipa Resources, Pangea Goldfields, Homestake Mining and Placer Dome Ltd.

In April 2005, Mr. Davidson was presented with the 2005 A.O. Dufresne Award by the Canadian Institute of Mining, Metallurgy and Petroleum "In recognition of his strong team leadership skills, his commitment to exploration excellence, and his exploration successes in Canada and internationally."

In 2003, Mr. Davidson was named the Prospector of the Year by the Prospectors and Developers Association of Canada in recognition for his team's discovery of the Lagunas Norte Project in the Alto Chicama District, Peru. He received his B.Sc. and his M.Sc. in Economic Geology from McGill University.

To facilitate the appointment of Mr. Davidson, Mr. Lloyd Gathercole has agreed to step down from the Company's Board of Directors. 

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

"I am very pleased to welcome Alex Davidson to Hana's Board of Directors. The addition of Alex, who has an unparalleled track record in the discovery of world-class mineral deposits, significantly strengthens our board. Alex also brings his substantial corporate experience from being a member of the senior management team at Barrick; the world's largest gold producer. We are looking forward to receiving constructive insights from Alex as we move forward with a new exploration program outside of the Banana Zone in 2011 and as we move forward with the development of the Ghanzi project. I would also like to personally thank Lloyd Gathercole for his many years of service to Hana. Lloyd played a significant role during Hana's ascent to becoming a significant copper development company."

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 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 April 21, 2010, announcing an inferred mineral resource of 3.9 billion pounds of copper and 62.1 million ounces of silver from 177 million tonnes. This mineral resource estimate consists of 73.5 million tonnes grading 1.5% Cu and 19 g/t Ag in the Banana Zone, 13.4 million tonnes grading 1.7% Cu and 12 g/t Ag in Zone 5, 6.3 million tonnes grading 1.5% Cu and 7 g/t Ag in Zone 6; all at a cut-off grade of 0.75% Cu. Also included is 83.6 million tonnes grading 0.46% Cu and 3.6 g/t Ag at a cut-off grade of 0.30% in the Chalcocite Zone.

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 limb, 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 2010. 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.

Contact Information