Hana Shares Commence Trading on the Botswana Stock Exchange
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/23/12 -- Hana Mining Ltd. ("Hana" or the "Company") (TSX VENTURE: HMG)(FRANKFURT: 4LH)(BOTSWANA: HANA) is pleased to announce that it has received official approval for a secondary listing of its common shares on the Foreign Venture Capital Board of the Botswana Stock Exchange ("BSE"). The Company's common shares commenced trading this morning on the BSE under the code HANA. The Company's shares will continue to trade on the TSX Venture Exchange under the symbol HMG and the Frankfurt Stock Exchange under the symbol 4LH.
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"The listing of the Company's shares on the BSE is an important step in enhancing the relationship of the Company with the government of Botswana in that it allows the people of Botswana to invest directly in the company and gives the company access to some of the largest investment funds in Africa. Also, by establishing a listing in Botswana, we are aligning the goals of the Company with the people of Botswana."
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.
On May 14, 2012 Hana Mining released results of its most recent NI 43-101 compliant Preliminary Economic Assessment ("PEA") for the Ghanzi Project. The PEA details a 10,000 tonne per day open-pit mining and milling operation at the Banana Zone and Zone 5 at an initial capital expenditure of US$285.5 million. This operation is expected to produce approximately 66.4 million pounds of copper and 878,000 ounces of silver annually over a minimum 13-year mine life.
The project will benefit from proposed rail and power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study was carried out (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 is well advanced 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.
Contacts:
Hana Mining Ltd.
Marek Kreczmer
CEO
(604) 676-0824
info@hanamining.com
Hana Mining Ltd.
Patrick Donnelly
VP - Corporate Development
(604) 676-0824
(778) 370-0146 (FAX)
patrick@hanamining.com
www.hanamining.com
