Hana Mining Ltd.

Hana Mining Ltd.

December 01, 2009 11:52 ET

Hana Mining Closes $2,500,000 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2009) - Hana Mining Ltd. (TSX VENTURE:HMG) (FRANKFURT:4LH) (the "Company") is pleased to announce that it has now closed the non-brokered private placement announced on November 9, 2009 for proceeds of $2,500,000. The private placement consisted of 4,545,455 units (the "Units") for a purchase price of $0.55 per Unit. Each Unit consisted of one common share and one-half of one common non-transferrable share purchase warrant (each whole common non-transferrable share purchase warrant referred to as a "Warrant"). Each Warrant will provide the holder thereof with the right to acquire one additional common share in the capital stock of the Company at a price of $1.00 per share on or before June 1, 2011. All securities issued and issuable under the non-brokered private placement are subject to a hold period expiring on April 1, 2010.

A Finder's Fee of $147,185.50 is payable to Lincoln Peck Financial Inc. ("Lincoln"), being 7% of gross proceeds of $2,102,650 received from the sale of units to purchasers introduced to the private placement by Lincoln.

The net proceeds of this private placement will be used to fund ongoing exploration of the Company's highly prospective Ghanzi Copper-Silver Project, located in the Republic of Botswana.

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 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of over 20.7 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 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%), 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.

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