Non-Bank Financial Institutions Regulatory Authority of Botswana grants “local asset status” to Hana Mining Ltd.
(firmenpresse) -
Non-Bank Financial Institutions Regulatory Authority of Botswana grants “local asset status” to Hana Mining Ltd.
August 30, 2010 (Vancouver, British Columbia). Hana Mining Ltd., (“Hana” or the “Company”) - (TSX-V: HMG) (Frankfurt: 4LH) is pleased to announce that it has been granted “local asset status” by the Non-Bank Financial Institutions Regulatory Authority of Botswana (“NBFIRA”). NBFIRA is the regulatory authority responsible for the regulation and orderly market conduct of all non-bank financial institutions registered within the Republic of Botswana.
Hana Mining’s CEO and Chairman, Marek Kreczmer, commented as follows:
“The granting of “local asset status” on Hana is a positive development, as investment and pension funds that are domiciled in Botswana can now invest in Hana and the shares of Hana can now also be treated as part of the funds’s local allocation of investments. There are only a handful of publicly traded companies that have local asset status in Botswana and therefore, I expect that there could be significant demand for Hana’s shares by the Botswana investment community.”
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 sq Km, and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 58.7 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 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(at)hanamining.com
Website: www.hanamining.com
Pat Donnelly
VP – Corporate Development
Hana Mining Ltd.
Tel: (604) 676-0824
Email: patrick(at)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.
Leseranfragen:
Hana Mining Ltd.
Hana Mining Ltd.
Suite 1620 - 701 West Georgia Street
Vancouver, BC
Canada V7Y 1K8
Telephone: 604-676-0824
Fax: 778-370-0146
Email: info(at)hanamining.com
Datum: 31.08.2010 - 09:33 Uhr
Sprache: Deutsch
News-ID 24947
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