New Hana Copper Mining Ltd.

March 29, 2011 09:00 ET

New Hana Appoints Three New Members to Its Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2011) - New Hana Copper Mining Ltd., ("HML" or the "Company") (TSX VENTURE:HML) is pleased to announce the appointment of Messrs. Anton Esterhuizen, Darryl J. Yea and Kgosiemang Keith ("KK") Molosiwa to the Company's board of directors effective immediately.

Anton Esterhuizen has had a successful career of industrial minerals, coal, diamonds, base and precious metals exploration, highlighted by discoveries of a number of world class deposits. He is the first recipient of the Des Pretorius Memorial Award for outstanding work in economic geology in Africa and received the Dreyer Award by the Society for Mining Metallurgy and Exploration Inc (USA) for outstanding achievements in applied economic geology. He is Managing Director of Pangea Exploration Limited in Johannesburg.

With Pangea, Mr. Esterhuizen's activities resulted in the discovery and evaluation of a number of mineral deposits throughout Africa, many of which are now in production. In South Africa, discoveries include the world class high grade Rhovan vanadium deposit (currently owned by Xstrata), the Taaiboschspruit colliery and the re-evaluation of the 16 million ounce Burnstone gold deposit (currently Great Basin Gold). In Tanzania, he was responsible for the discovery of a number of gold deposits such as the Tulawaka, the Buzwagi, and the Golden Ridge deposits (currently Barrick Gold), with his activities attracting major players into that country. By understanding the geological history of the African coastline, he was responsible for the discovery of five titanium-zirconium mineral sand deposits including the world class Corridor Sands deposit in Mozambique and the Kwale deposit in Kenya. Mr. Esterhuizen has a Bachelor of Science degree (Geology) and a Master of Science degree (Mineral Exploration).

Darryl Yea is currently the President of Investco Capital Management Inc., a private Vancouver based company that invests in a diverse range of businesses and projects and advises on mergers and acquisitions, corporate and strategic issues. Prior to that, he was Chairman, President and CEO of TSX-listed Datawest Solutions Inc., a banking technology and payment processing company, and President and CEO of a national financial services organization.

Mr. Yea was a former member of the Board of Governors of the predecessor to the TSX Venture Exchange and chaired its Corporate Finance Committee. He was also a member of its Market Ethics and Conduct Committee, and chaired its Pre-Listing Advisory Committee. In addition, Mr. Yea has served as an industry advisor to the BC Securities Commission's New Economy and Adoption of Technology (NEAT) committee on securities regulation reform for BC's new economy, and more recently was a member of the Faculty Advisory Board of the Sauder School of Business at the University of British Columbia. Mr. Yea has served on the boards of several public companies including chairing special board committees that oversaw privatizations and divestitures. He holds a Bachelor of Commerce Degree from the University of British Columbia in both Urban Land Economics and Finance, was a member of the Real Estate Institute of British Columbia and of the Institute of Certified Management Consultants of British Columbia, and has lectured on various subject matters concerning the Canadian securities industry.

KK Molosiwa is a successful businessman who has founded, directed and managed a number of major Botswana companies in the mining, manufacturing and agricultural sectors; Mr. Molosiwa has extensive knowledge of government permitting and regulatory issues in the region. He is an Executive Council Member and Chairperson of the manufacturing sector for Botswana Confederation of Commerce, Industry and Manpower (BOCCIM) and he was a board member of Botswana National Licensing before it was decentralized in April 2008. Mr. Molosiwa was also a board member of the Botswana Small Business Council and Wati Ventures which was in a joint-venture with Lucara Diamond Corp. (TSX-V: LUC) in the development of the Boteti AK6 diamond project in Botswana.

Ms. Julie May and Mr. Joseph Arengi have consented to resign from the Board of Directors to facilitate the appointment of Messrs. Esterhuizen, Yea and Molosiwa.

Activities Update:

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

  • The first 2,656 soil samples from the Kuke Project have been submitted to the laboratory for analysis. An additional 1,350 samples are expected to be submitted before the end of March. The results from the samples will help delineate targets for drilling.
  • Reverse circulation drilling is expected to commence at Block 2 which is located at the south west block of the Kuke Project. The initial drilling results are expected to be available by the end of the second quarter (June) 2011.
  • Please visit New Hana Copper Mining Ltd.'s recently launched website at www.newhanamining.com 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 very pleased that we have added three highly capable and adept individuals who have a deep understanding of the technical, in the case of Anton, financial, in the case of Darryl, and political in the case of KK, aspects of the mineral exploration industry. We believe that Anton, who will chair the technical committee, will be an invaluable asset to the Company. Darryl, who has considerable financial experience, gives New Hana exceptional credibility in corporate governance whereas KK is extremely familiar with dealing with local issues in Botswana.

"I also want to personally thank Ms. May for her hard work and dedication during the spinout of New Hana."

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