View News Release in PDF Format
Mr. Sullivan was responsible for development and commissioning of
Kinross Gold's World-Class Kupol Mine in Russia
October 1, 2009 (Vancouver, British Columbia). Hana Mining Ltd.,
("HMG" or the "Company") - (TSX-V: HMG) (Frankfurt:
4LH) is pleased to announce the appointment of James A.
("Jim") Sullivan as the new President and Chief Operating
Officer ("President/COO") of the Company, effective
immediately. Mr. Peter Wilson, the outgoing President, will remain as a
Director and a member of the management team of the Company, where he
has served since 2007.
Mr.
Sullivan brings a wealth of world-class mineral resource and project
development experience to the Company. Mr. Sullivan comes to HMG from
Kinross Gold Corporation ("Kinross"), where he was Regional
VP-Russian Operations, managing the Russian minerals portfolio that
Kinross acquired with its acquisition of Bema Gold Corporation
("Bema Gold") in March of 2007. While at Bema Gold, as VP
Russian operations, Mr. Sullivan and his team were responsible for the
exploration and subsequent development of the US$750 million Kupol Gold
mine located in Far East Russia, which produced over 490,000 gold
equivalent ounces in the first six months of 2009, its first full year
of production. The Kupol mine development represented a challenging
construction task, hampered by poor infrastructure, tough climatic
conditions and significant size and complexity---all managed on time
and on budget. Prior to the Kupol project, Mr. Sullivan also held
responsibility for the exploration, development and operation of the
Julietta gold/silver mine, also in Far East Russia.
Hana Mining's new President/COO, Jim Sullivan, commented as follows:
"I am excited to join Hana Mining in this development leadership
role, having watched this project grow over the last 6 months, and
having recently personally visited the Ghanzi property for a first-hand
look at the asset. I came away impressed with Botswana, impressed by
the infrastructure in place and planned for the area, impressed by the
government people I met, and impressed by the potential size and
quality of the copper-silver resource that is being generated by the
Company's work on the property."
Hana Mining's CEO, Marek Kreczmer, commented as follows:
"I am personally very pleased to welcome Jim to the Company in
this key position on Hana's senior management team. Jim's leadership
role in bringing to production Kinross Gold's world-class Kupol Gold
mine provides exactly the kind of proven development capability we need
at this time to advance our business plan. His extensive career
experience developing and commissioning large mineral projects in
remote locations is a perfect fit with our strategic intent to prove up
and develop the Ghanzi Project, and specifically the Banana Zone, into
one of Africa's premier copper-silver mining assets.
I would also like to thank Peter Wilson for his numerous contributions
in the President's role over the last two years. Peter was particularly
effective in his efforts to source funding for the Company from the
time it first focused on the Ghanzi Project, and I value his continued
assistance to the Company as a member of the Board and the management
team."
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 country of Botswana is considered by the
Fraser Institute Annual Survey of Mining Companies 2009 country ranking
study to offer the most attractive mineral exploration and investment
climate in Africa. The Ghanzi property covers 2,200 sq. km., and
contains sediment-hosted copper-silver deposits with a demonstrated
cumulative mineralized strike length of over 13 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 contained in 60.4 million
tonnes of ore. This resource estimate assumes 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.
The Banana Zone exhibits certain areas of high grade (+2%) Cu and Ag
mineralization, particularly in the fold nose at the northern end of
the zone, which represent an opportunity to locate starter pits and
mine initial tonnages at higher than average grades, thereby improving
early year cash flows and overall project economic returns.
The project will benefit from contemplated rail/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 planned 600MW
expansion of the government-owned Moropule Power Plant continues to
advance, with US$825 million project funding secured in May 2009, and
key supply contracts awarded. Currently, our project is served by the
paved trans-Kalahari highway, which passes within 15 km of the
property.
Hana Mining is focused on demonstrating that the Ghanzi property
represents one of Africa's premier future copper-silver resources.
For Further Information, contact:
Marek Kreczmer
CEO
Hana Mining Ltd.
Tel: (604) 676-0824
Email: info@hanamining.com
Website: www.hanamining.com
The
TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. 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.
View this News Release in PDF Format:
Associated File: http://www.hanamining.com/i/pdf/2009-10-01_NR.pdf
48 KB in size,
approx. 10 seconds to download at 56.6Kbps
You can also view this News Release
on our website at:
http://www.hanamining.com/s/NewsReleases.asp?ReportID=366011