Business & Finance
Thu, July 22, 2010Wed, July 21, 2010Tue, July 20, 2010Mon, July 19, 2010Sat, July 17, 2010Fri, July 16, 2010Thu, July 15, 2010Wed, July 14, 2010Hana Mining Announces Appointment of Pat Donnelly, Former Mining Analyst, as VP Corporate Development
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Published in Business and Finance on Monday, July 19th 2010 at 6:10 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2010) - Hana Mining Ltd., ("Hana" or the "Company") (TSX VENTURE:HMG)(FRANKFURT:4LH) is pleased to announce the appointment of Mr. Pat Donnelly as the Company's Vice President of Corporate Development. Mr. Donnelly's position with the Company will commence August 15, 2010 with a focus on creating greater awareness of Hana amongst the Canadian and global investment industry.
Mr. Donnelly has eight years experience as a project geologist and has, for the past three years, been working as a mining research analyst for Salman Partners Inc. covering base metal and uranium equities. Mr. Donnelly graduated with a B.Sc. in Geology (Honors) from the University of British Columbia and has a MBA from the University of Toronto.
Mr. Donnelly has been granted 250,000 incentive stock options exercisable at a price of $2.10 per share expiring on July 16, 2015. All securities issued upon exercise of the Options are subject to a hold period expiring four (4) months after the date of grant. The subject Options will vest quarterly over 24 months, in 8 equal tranches, with the first tranche vesting October 16, 2010. The Options are subject to the terms and conditions of the Company's Stock Option Plan.
Hana's new VP Corporate Development, Pat Donnelly, commented as follows:
"As an analyst I consider Hana to be one of the go-to copper developers given its highly experienced management team and solid development project located in a stable country that is highly supportive of the mining industry. The opportunity to be a part of such an exceptional development company was too compelling to resist when considering the significant upside potential of the Ghanzi Project and the high quality of the team involved."
Hana's CEO, Marek Kreczmer, commented as follows:
"I am very pleased at having Pat join the management team at Hana. Having someone on board who understands the capital markets and is able to provide clear and effective communication to financial industry participants is one of the key ways at maximizing value for Hana's shareholders."
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 49.2 kilometres. This favourable geology extends over an estimated strike length of 600 kilometres. Hana released results of its most recent NI 43-101 compliant resource estimate for the Ghanzi Project on April 21, 2010, announcing an inferred resource of 3.9 billion lbs of copper and 62.1 million oz of silver from 177 million tonnes. This 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 in the Sectors 5000, 20000 and 65000 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. (Please refer to "Corporate Presentation" on the Company's website, [ www.hanamining.com ] for location information).
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.