March 30, 2010 (Vancouver, British Columbia) Hana Mining Ltd., ("HMG" or the "Company") - (TSX-V: HMG) (Frankfurt: 4LH) is pleased to announce completion of 12 new RC drill holes at its Ghanzi sediment-host copper-silver project in Botswana. Results on 9 of these holes are shown in detail, in tables below. These new holes extend mineralized strike length by 1,200 metres for two areas in the Banana Zone; the North Limb (sector 10,000) and the South Limb (sectors 45,000 and 60,000). See figure 1 for locations.
Highlights of recent drilling results:
- All of the 12 completed holes returned significant mineralization, increasing mineralized strike length in the Banana Zone by 1,200 metres. Current total tested strike length for the Banana Zone is now 32.7 km, representing just over half (51.1%) of the total estimated 64.0 km strike length in this zone. Results for some of these holes along the tested horizon are pending.
- North Limb results (3 holes) extend mineralized strike by 400 metres, and
- South Limb results (9 holes) extend mineralized strike length by 800 metres.
- These latest North Limb results progress strike length and dip continuity testing to the southwest.
- Assay results demonstrate the Ghanzi resource capable of generating mineralized pockets at very high grades, including spectacular copper (6.59%) and silver (153.3 g/t) grades on a one metre intercept at the bottom of one hole (HA-176), and
- The RC rig has closed the gap to the southwest. We have assay results pending on 7 completed holes in sector 10,000 and on 8 completed holes in sector 15,000.
- The latest South Limb results table reports on 7 holes, over two areas which are roughly 15 kilometres apart (sectors 45,000 and 60,000).
- Mineralization on one hole (HA-169) in sector 45,000 returned 1.32% Cu and 13.5 g/t Ag over 4 metres, as we now move northeast through this sector, and
- Two RC drills continue to extend strike and add resource in the South Limb, both closing gaps with previous results. The resource remains open along strike and down dip. We have assays pending on 6 holes in sector 60,000, 5 holes in sector 45,000 and 2 holes in sector 70,000.
The results of two new holes in the North Limb (sector 10,000) are as follows:
The results of seven new holes in the South Limb (sectors 45,000 & 60,000) are as follows:
All intercepts reported are intersection length, estimated to represent >80% of true thickness.
Figure 1: Location of New Drill Hole Assays In Banana Zone
Figure 2: Drill Hole Locations, North Limb (sector 10,000)
Figure 3: Drill Hole Locations, South Limb (sector 60,000)
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:"Our latest drill hole results continue to show consistency of mineralization in the Ghanzi resource, and mark an important threshold, in that we have now drill-tested over 50% of the Banana Zone's total 64 kilometre strike length.
Our drill program is expanding: we now have five drill rigs operating on the property. Three rigs are currently drilling for new resource along strike, while the fourth and fifth rigs will be employed on an infill drilling program to upgrade the resource from inferred to measured & indicated. Infill drilling progress will be accelerated by utilizing an RC rig to drill pilot holes and a
Diamond rig to complete the hole through mineralization. Other key development work is also underway. Drilling for metallurgical sampling has been completed and samples are at the assay lab now. A hydrogeology study is underway, to identify an adequate sub-surface water source for the project. Environmental work is also anticipated to commence in Q2, based on RFP's issued and responses under review."
Qualified Person and Quality Assurance/Quality ControlJoseph Arengi, M. Sc., P. Geo., Vice President of Exploration for Hana Mining is the qualified person as defined in NI 43-101 and has reviewed the technical information in this press release.
The Company has implemented an industry-standard QA/QC program. For RC drill samples, a 35-40 kilogram sample is collected from the cyclone discharge at 1 meter intervals. Samples are then split 75/25; 75% of the sample is archived and the other 25% provides material for analysis. All samples are double bagged, sealed and transported in secured wooden crates and shipped to Scientific Services Laboratory in Cape Town, South Africa. Standards, duplicates and blanks are inserted into the sample stream. The analytical method for the total Cu, Ag, Pb, and Zn is acid digestion and Atomic Absorption Spectroscopy ("AAS"). The analytical method for soluble Cu is 5% sulfuric acid cold leach followed by AAS. The analytical method for Mo assays is XRF (full matrix correction).
About Hana Mining's Ghanzi Copper-Silver Project in BotswanaThe Ghanzi Project is located in the center of the Kalahari copper belt in northwestern Botswana. The Ghanzi property covers 2,169 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 37.6 kilometres. This favourable geology extends over the entire strike length of 600 kilometres Hana Mining released results of it's first NI 43-101 resource estimate for the Ghanzi Project in June 2009, announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on 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%), has been the focus of the Company's drilling and development efforts for 2009, and will remain the primary focus for 2010.
The Banana Zone exhibits certain areas of high grade Cu and Ag mineralization, particularly in the New Discovery area and 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. 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 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 closest existing railhead (to port) is at Gobabis, in Namibia, approximately 550 km from our property. A 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 & Chairman
Hana Mining Ltd.
Tel: (604) 676-0824
Email:
info@hanamining.comWebsite:
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.
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