Hana Mining Ltd. (TSX-V: HMG)
(Frankfurt - 4LH) (the "Company")
announces that on March 29, 2011, at its Annual General Meeting, the
Company's shareholders overwhelmingly approved the appointment of three
new highly qualified individuals: Messrs. Kenneth Gillis, Michael
Houston and Chris Barrow to the Company's Board of Directors. Also,
Messrs. Marek Kreczmer,
James Sullivan, Alexander Davidson and David Kong were also
overwhelmingly re-elected to the Company's Board of Directors.
Mr. Kenneth Gillis is Senior Vice President, Corporate Development for Hudbay Minerals Inc. (TSX/NYSE: HBM) a Canadian
integrated mining company with a market capitalization of approximately
Cdn$2.41 billion and assets in North and Central America principally
focused on the discovery, production and marketing of base metals.
Prior to joining Hudbay, Mr. Gillis served as
Executive Director of Macquarie Canada's North American Mining
Investment Banking practice. He has a 20 year history of corporate
development and related activities with both mining companies and
financial and investment firms. Mr. Gillis has a background in geology,
with a degree in Geological Science (BSc)
from Saint Francis Xavier University and a Masters of Applied Science
in Mineral Exploration from McGill University. He also obtained a
Masters of Business Administration (MBA) in Finance, from McGill.
Mr. Michael Houston is currently a Director of Zimplats
Holdings Ltd. ("Zimplats") (ZIM:
ASX) which owns and operates three underground platinum mines, a
concentrating and smelting operation on the Zimbabwean Great Dyke near
the capital city of Harare. Zimplats, which
has a market capitalization of approximately Cdn$1.51 billion, is
87%-owned by Impala Platinum Holdings Ltd. (IMP: JSE). Mr. Houston has
held other positions with Zimplats, including
as Chairman, Chief Executive Officer/Managing Director, and Chief
Operating Officer. Prior to joining Zimplats,
Mr. Houston worked for 26 years for Anglo American (Zimbabwe) a
subsidiary of the Anglo American Plc (AA: LSE) Group. In his role as
Executive Director (Mining) Mr. Houston was part of the executive team
that sold/rationalized various assets that the Anglo Group had secured
in Zimbabwe. Mr. Houston also played a significant role in the
development of the Anglo Zimbabwe (Unki)
Platinum Project to the bankable feasibility stage and obtained Anglo
American's approval to progress. Mr. Houston has almost 20 years of
corporate and technical experience in the development and operation of
precious and base metal projects in Africa. In addition, he also has
considerable experience in community relations and engaging project
stakeholders. Mr. Houston has a Master of Science in Strategic
Management from the University of Derby, United Kingdom.
Mr. Chris Barrow was recently appointed President of Heineken Brazil
which is the number four beer producer in Brazil producing
approximately 11.5 million hectoliters of beer in 2010. Mr. Barrow is
an entrepreneurially minded, flexible, leader with a solid and broad
based business acumen covering Central Europe, Africa, Asia and Latin
America. He also has over 20 years' experience in consumer focused
industries within blue chip organisations
involving finance, commercial management, operational management,
strategic planning, mergers and acquisitions and general management in
culturally diverse markets. Mr. Barrow has a Bachelor of Commerce
(Honors) from the University of Cape Town, South Africa and is
qualified Chartered Accountant (South Africa).
Hana Mining's CEO and Chairman, Marek Kreczmer, commented
as follows:
"With the additions of Messrs. Gillis, Houston and Barrow to the
Company's board of directors, we now, I believe, have one of the most
experienced and capable boards in the junior mining industry. All seven
members of the board, which include the incumbents, Messrs. James
Sullivan, Alexander Davidson, and David Kong, have extensive experience
in all facets of the mining industry. This experience will allow Hana to move forward to the next stage; the
development of the Banana Zone at the Ghanzi
Project. Hana's shareholders can be assured
that the Company is being guided by a group of individuals who are more
than capable in leading the Company to becoming one of the go to copper
developers in the mining industry."
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 December
20, 2010, announcing an Indicated mineral resource of 762 million
pounds of copper and 16 million ounces of silver from 37.4 million tonnes at a grade of 0.93% copper and 13.4 g/t
silver. All of the Indicated resources are from the Banana Zone. There
are also Inferred resources of 5.6 billion pounds of copper and 85.4
million ounces of silver from 423.9 million tonnes.
This Inferred mineral resource estimate consists of 225.4 million tonnes grading 0.64% Cu and 8.1 g/t Ag in the
Banana Zone, 20.7 million tonnes grading
1.23% Cu and 8.7 g/t Ag in Zone 5, 16.7 million tonnes
grading 0.86% Cu and 4.0 g/t Ag in Zone 6, and 161.1 million tonnes grading 0.45% Cu and 3.6 g/t Ag in the Chalcocite Zone; all at a cut-off grade of 0.30%
Cu.
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
limbs, 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 2009.
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.
You can also view this News Release on our website at:
http://www.hanamining.com/s/NewsReleases.asp?ReportID=450224