January 27, 2012
Hana Announces Final Allocation of Previously
Announced Financing
announces that it has finalized the allocation of
the non-brokered financing originally announced on
January 26, 2012. The final allocation now stands
at Cdn$15,000,000, through the placement of up to
11,111,111 common shares at a price of $1.35 per
share
Proceeds from this placement will be used to
advance the exploration and development of the
Ghanzi project and related working capital and
general corporate purposes.
The closing of the Offering is still expected to
occur on or about February 3, 2012, and is subject
to the approval of the TSX Venture Exchange and all
applicable regulatory authorities.
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 2,149 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 585 million pounds of
copper and 12 million ounces of silver from 19.7
million tonnes at a grade of 1.35% copper and 19.7
g/t silver. All of the Indicated resources are from
the Banana Zone. There are also Inferred resources
of 2.4 billion pounds of copper and 40.6 million
ounces of silver from 91.2 million tonnes. This
Inferred mineral resource estimate consists of 69.9
million tonnes grading 1.10% Cu and 14.98 g/t Ag in
the Banana Zone, 13.4 million tonnes grading 1.66%
Cu and 12.11 g/t Ag in Zone 5, 6.3 million tonnes
grading 1.5% Cu and 6.7 g/t Ag in Zone 6, and 1.6
million tonnes grading 0.85% Cu and 6.4 g/t Ag in
the Chalcocite Zone; all at a cut-off grade of
0.75% 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.
This news release includes certain
"forward-looking statements" within the
meaning of applicable securities laws. All
statements, other than statements of historical
fact, included herein including, without
limitation, statements relating to the
Company's future performance, are
forward-looking statements. Forward-Looking
statements are frequently, but not always,
identified by words such as "plans",
"expects", "anticipates",
"believes", "intends",
"estimates", "potential",
"possible" and similar expressions, or
statements that events, conditions or results
"will", "may",
"could", or "should" occur or
be achieved. These forward-looking statements may
include statements regarding perceived merit of
properties; exploration results and budgets;
mineral reserves and resource estimates; work
programs; capital expenditures; timelines;
strategic plans; completion of transactions; market
price of metals; or other statements that are not
statements of fact. Forward-looking statements
involve various risks and uncertainties. There can
be no assurance that such statements will prove to
be accurate, and actual results and future events
could differ materially from those anticipated in
such statements. Important factors that could cause
actual results to differ materially from our
expectations include the uncertainties involving
the need for additional financing to explore and
develop properties and availability of financing in
the debt and capital markets; uncertainties
involved in the interpretation of drilling results
and geological tests and the estimation of reserves
and resources; the need for cooperation of
government agencies in the development and
operation of properties; the need to obtain permits
and governmental approvals; risks such as
accidents, equipment breakdowns, bad weather,
non-compliance with environmental and permit
requirements, unanticipated variation in geological
structures, ore grades or recovery rates;
unexpected cost increases; fluctuations in metal
prices and currency exchange rates; and other risk
and uncertainties disclosed in reports and
documents filed by the Company with applicable
securities regulatory authorities from time to
time. The forward-looking statements made herein
reflect our beliefs, opinions and projections on
the date the statements are made. Except as
required by law, we assume no obligation to update
the forward-looking statements of beliefs,
opinions, projections, or other factors, should
they change.
For Further Information, contact:
Marek Kreczmer
CEO
Hana Mining Ltd.
Tel: (604) 676-0824
Email: info@hanamining.com
Patrick Donnelly
VP -- Corporate Development
Hana Mining Ltd.
Tel: (604) 676-0824
Email: patrick@hanamining.com
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or
accuracy of this release.
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