New Hana Copper Mining Ltd.

New Hana Copper Mining Ltd.

May 05, 2011 09:00 ET

New Hana Appoints New Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2011) - New Hana Copper Mining Ltd., ("HML" or the "Company") (TSX VENTURE:HML) is pleased to announce the appointment of Mr. Paul Taggar as the new Chief Financial Officer ("CFO") of the Company, effective as of May 3, 2011. Mr. Matthew ("Matt") Kavanagh, the outgoing CFO, has resigned to pursue other opportunities.

Mr. Taggar, a member of the Canadian Institute of Chartered Accountants, joins us from Fronteer Gold Inc. where he spent the last 5 years as Corporate Controller until the acquisition of Fronteer Gold by Newmont Mining Corp. (TSX:NMC)(NYSE:NEM) for Cdn$2.3 billion in April 2011. Prior to Fronteer, Mr. Taggar worked as a manager for KPMG, LLP in their Vancouver and Silicon Valley offices in the audit assurance department. Mr. Taggar is a Chartered Accountant and has a BBA from Simon Fraser University.

Activities Update:

The following exploration activities are ongoing to fulfill the goal of the discovery of copper-silver mineralization at the Kuke Project:

  • A total of 11,000 soil samples from the Kuke Project have been submitted to the laboratory for analysis. An additional 2,000 samples are expected to be submitted before the end of May. The results from the samples will help delineate targets for drilling.
  • To date eight drill targets have been delineated by the soil geochemistry results.
  • Reverse circulation drilling is expected to commence in early June at Block 2 which is located at the southwest block of the Kuke Project. The initial drilling results are expected to be available in Q3 2011.
  • Please visit the Company's website at for additional details on the Company and the Kuke Project.

New Hana Copper Mining's President and CEO, Mr. Marek Kreczmer, commented as follows:

"I am personally very pleased to welcome Paul to the New Hana team. I believe that Paul's experience at Fronteer, which during his tenure saw its market capitalization increased from Cdn$300 million to over Cdn$2.23 billion at the time of its acquisition by Newmont, will be invaluable to New Hana which is a rapidly growing company.

I would also like to thank Matt Kavanagh for his contributions in the CFO role over the last year. We wish Matt every success in his other ongoing corporate endeavors."

About New Hana Copper's Kuke Copper-Silver Project in Botswana:

The exploration-stage Kuke Project is located in the center of the Kalahari Copper Belt in northwestern Botswana. The Kuke property covers 10,654 square kilometres and is adjacent and along strike to Hana Mining Ltd.'s ("Hana") Ghanzi Copper Silver Project. On April 21, 2010, Hana released the results of its NI 43-101 compliant resource estimate for the Ghanzi Project, announcing an inferred mineral resource of 3.9 billion pounds of copper and 62.1 million ounces of silver from 177 million tonnes.

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 Kuke Copper- Silver Project is currently accessed by the paved Trans-Kalahari highway, which passes within 5 km of the property.

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