December 17, 2010 (Vancouver, British Columbia). Hana Mining Ltd., ("HMG" or the
"Company") - (TSX-V: HMG) (Frankfurt: 4LH) is pleased to announce the
appointment of Mr. Alexander ("Alex") Davidson to the Board
of Directors of the Company.
Prior to joining the Company, Mr. Davidson was the Executive Vice
President of Exploration and Corporate Development with Barrick Gold where he was responsible for Barrick's international exploration programs and
Corporate Development activities. Mr. Davidson joined Barrick in October 1993.
Mr. Davidson initiated the expansion of Barrick
Exploration out of North America and into Latin America, Africa and
Asia and in so doing, built one of the premier exploration groups in
the world. On the corporate development side, Mr. Davidson was
instrumental in the acquisitions of Sutton Resources, Arequipa
Resources, Pangea Goldfields, Homestake Mining and Placer Dome Ltd.
In April 2005, Mr. Davidson was presented with the 2005 A.O. Dufresne Award by the Canadian Institute of Mining,
Metallurgy and Petroleum "In recognition of his strong team
leadership skills, his commitment to exploration excellence, and his
exploration successes in Canada and internationally."
In 2003, Mr. Davidson was named the Prospector of the Year by the
Prospectors and Developers Association of Canada in recognition for his
team's discovery of the Lagunas Norte Project
in the Alto Chicama District, Peru. He
received his B.Sc. and his M.Sc. in Economic Geology from McGill
University.
To facilitate the appointment of Mr. Davidson, Mr. Lloyd Gathercole has agreed to step down from the
Company's Board of Directors.
Hana Mining's CEO, Marek Kreczmer, commented
as follows:
"I am very pleased to welcome Alex Davidson to Hana's
Board of Directors. The addition of Alex, who has an unparalleled track
record in the discovery of world-class mineral deposits, significantly
strengthens our board. Alex also brings his substantial corporate
experience from being a member of the senior management team at Barrick; the world's largest gold producer. We are
looking forward to receiving constructive insights from Alex as we move
forward with a new exploration program outside of the Banana Zone in
2011 and as we move forward with the development of the Ghanzi project. I would also like to personally
thank Lloyd Gathercole for his many years of
service to Hana. Lloyd played a significant
role during Hana's ascent to becoming a
significant copper development company."
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 April 21,
2010, announcing an inferred mineral resource of 3.9 billion pounds of
copper and 62.1 million ounces of silver from 177 million tonnes. This mineral resource estimate consists of
73.5 million tonnes grading 1.5% Cu and 19
g/t Ag in the Banana Zone, 13.4 million tonnes
grading 1.7% Cu and 12 g/t Ag in Zone 5, 6.3 million tonnes grading 1.5% Cu and 7 g/t Ag in Zone 6; all
at a cut-off grade of 0.75% Cu. Also included is 83.6 million tonnes grading 0.46% Cu and 3.6 g/t Ag at a cut-off
grade of 0.30% in the Chalcocite Zone.
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
limb, 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 2010.
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.
For Further Information, contact:
Marek Kreczmer -
CEO
Hana Mining Ltd.
Tel: (604) 676-0824
Email: info@hanamining.com
Website: www.hanamining.com
Patrick Donnelly - VP, Corporate Development
Hana Mining Ltd.
Tel: (604) 676-0824
Email: patrick@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.