Hana Mining Ltd.

Hana Mining Ltd.

April 04, 2011 09:00 ET

Hana's Shareholders Overwhelmingly Approve the Appointment of Three Highly Experienced Candidates to the Company's Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 4, 2011) - Hana Mining Ltd. (TSX VENTURE:HMG)(FRANKFURT:4LH) (the "Company") announces that on March 29, 2011, at its Annual General Meeting, the Company's shareholders overwhelmingly approved the appointment of three new highly qualified individuals: Messrs. Kenneth Gillis, Michael Houston and Chris Barrow to the Company's Board of Directors. Also, Messrs. Marek Kreczmer, James Sullivan, Alexander Davidson and David Kong were also overwhelmingly re-elected to the Company's Board of Directors.

Mr. Kenneth Gillis is Senior Vice President, Corporate Development for Hudbay Minerals Inc. (TSX:HBM)(NYSE:HBM) a Canadian integrated mining company with a market capitalization of approximately Cdn$2.41 billion and assets in North and Central America principally focused on the discovery, production and marketing of base metals. Prior to joining Hudbay, Mr. Gillis served as Executive Director of Macquarie Canada's North American Mining Investment Banking practice. He has a 20 year history of corporate development and related activities with both mining companies and financial and investment firms. Mr. Gillis has a background in geology, with a degree in Geological Science (BSc) from Saint Francis Xavier University and a Masters of Applied Science in Mineral Exploration from McGill University. He also obtained a Masters of Business Administration (MBA) in Finance, from McGill.

Mr. Michael Houston is currently a Director of Zimplats Holdings Ltd. ("Zimplats") (ASX:ZIM) which owns and operates three underground platinum mines, a concentrating and smelting operation on the Zimbabwean Great Dyke near the capital city of Harare. Zimplats, which has a market capitalization of approximately Cdn$1.51 billion, is 87%-owned by Impala Platinum Holdings Ltd. (JSE:IMP). Mr. Houston has held other positions with Zimplats, including as Chairman, Chief Executive Officer/Managing Director, and Chief Operating Officer. Prior to joining Zimplats, Mr. Houston worked for 26 years for Anglo American (Zimbabwe) a subsidiary of the Anglo American Plc (LSE:AA) Group. In his role as Executive Director (Mining) Mr. Houston was part of the executive team that sold/rationalized various assets that the Anglo Group had secured in Zimbabwe. Mr. Houston also played a significant role in the development of the Anglo Zimbabwe (Unki) Platinum Project to the bankable feasibility stage and obtained Anglo American's approval to progress. Mr. Houston has almost 20 years of corporate and technical experience in the development and operation of precious and base metal projects in Africa. In addition, he also has considerable experience in community relations and engaging project stakeholders. Mr. Houston has a Master of Science in Strategic Management from the University of Derby, United Kingdom.

Mr. Chris Barrow was recently appointed President of Heineken Brazil which is the number four beer producer in Brazil producing approximately 11.5 million hectoliters of beer in 2010. Mr. Barrow is an entrepreneurially minded, flexible, leader with a solid and broad based business acumen covering Central Europe, Africa, Asia and Latin America. He also has over 20 years' experience in consumer focused industries within blue chip organisations involving finance, commercial management, operational management, strategic planning, mergers and acquisitions and general management in culturally diverse markets. Mr. Barrow has a Bachelor of Commerce (Honors) from the University of Cape Town, South Africa and is qualified Chartered Accountant (South Africa).

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

"With the additions of Messrs. Gillis, Houston and Barrow to the Company's board of directors, we now, I believe, have one of the most experienced and capable boards in the junior mining industry. All seven members of the board, which include the incumbents, Messrs. James Sullivan, Alexander Davidson, and David Kong, have extensive experience in all facets of the mining industry. This experience will allow Hana to move forward to the next stage; the development of the Banana Zone at the Ghanzi Project. Hana's shareholders can be assured that the Company is being guided by a group of individuals who are more than capable in leading the Company to becoming one of the go to copper developers in the mining industry."

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 December 20, 2010, announcing an Indicated mineral resource of 762 million pounds of copper and 16 million ounces of silver from 37.4 million tonnes at a grade of 0.93% copper and 13.4 g/t silver. All of the Indicated resources are from the Banana Zone. There are also Inferred resources of 5.6 billion pounds of copper and 85.4 million ounces of silver from 423.9 million tonnes. This Inferred mineral resource estimate consists of 225.4 million tonnes grading 0.64% Cu and 8.1 g/t Ag in the Banana Zone, 20.7 million tonnes grading 1.23% Cu and 8.7 g/t Ag in Zone 5, 16.7 million tonnes grading 0.86% Cu and 4.0 g/t Ag in Zone 6, and 161.1 million tonnes grading 0.45% Cu and 3.6 g/t Ag in the Chalcocite Zone; all at a cut-off grade of 0.30% Cu.

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 limbs, 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 2009. 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.

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