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30.11.2010
Hana announces highly encouraging results from initial water exploration program at the Ghanzi Project
Hana announces highly encouraging results from initial water exploration program at the Ghanzi Project
November 29, 2010 (Vancouver, British Columbia). Hana Mining Ltd., (“Hana” or the “Company”) - (TSX-V: HMG) (Frankfurt: 4LH) is pleased to announce initial results from the ongoing water exploration drilling program near the Banana Zone at the Ghanzi sediment hosted Copper-Silver Project in Botswana.
Since September 2010 Hana has been exploring for water which is to be used at the proposed processing plant at the Banana Zone. Pump test results from the water exploration program are to be incorporated in Hana’s Preliminary Economic Assessment which is expected to be made public in Q1 2010.
Highlights of water exploration results:
• Five of the seven drill holes intersected significant volumes of water.
• Blow yield tests from these drill holes indicate that there is likely to be sufficient water available for the proposed Banana Zone processing plant.
• Pump tests, which determine the sustainability at a certain flow rate, are currently being carried out with the results expected to be incorporated into the impending Preliminary Economic Assessment.
• Initial testing has also indicated that the water is of sufficient quality to be used in a processing plant.
• Two more water exploration holes are expected to be completed by the end of December of 2010.
Discussion of Results:
Water exploration drilling was carried out near the Banana Zone to identify water resources which would be used to supply water to the proposed Banana Zone processing plant. During Q 4 2010, Hana drilled seven holes of which five holes intersected significant quantities of water. An additional two test wells are expected to be drilled before the end of December 2010. Initial blow yield tests indicated good flow rates. Additional pump testing of the water drill holes, which will determine the sustainability at a certain flow rate, has commenced and the results are expected to be incorporated into the upcoming Preliminary Economic Assessment which is to be made public in Q1 2010.
Development Update:
The following engineering and consultation activities are ongoing to fulfill the goal of completion of a PEA in Q1 2011:
• Preliminary mine open pit modeling has been carried out using the April 2010 resource as a basis to define the parameters to be used. A revised model will be completed after the 2010 drilling has been incorporated;
• Resource modeling is progressing as expected;
• Metallurgical (column leaching) work, which is being carried out by Metcon Research in Tucson, Arizona, on the Chalcocite Zone is ongoing. Results are expected to be available by the end of the year;
• Field work for water exploration is ongoing;
• Stefanutti Stocks Mining Services of Johannesburg South Africa have been engaged by Hana to provide the preliminary tailing impoundment designs for the project;
• Further details on the Ghanzi Project can be found on Hana’s updated website (www.hanamining.com).
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
“The water exploration program for the Ghanzi Project to date has been very successful. It removes one of the more significant risks associated with the Project. We have the expectation at this time that we will be successful in locating enough water to support a processing plant.”
Qualified Person and Quality Assurance/Quality Control
The water exploration and testing program is being managed by Wellfields Consulting Services (Pty) Ltd. of Gaborone, Botswana.
Mr. Fred Stahlbush, Hana’s Vice President of Engineering, is the qualified person, as defined in NI 43-101, and has reviewed the technical information in this press release.
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 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@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.
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November 29, 2010 (Vancouver, British Columbia). Hana Mining Ltd., (“Hana” or the “Company”) - (TSX-V: HMG) (Frankfurt: 4LH) is pleased to announce initial results from the ongoing water exploration drilling program near the Banana Zone at the Ghanzi sediment hosted Copper-Silver Project in Botswana.
Since September 2010 Hana has been exploring for water which is to be used at the proposed processing plant at the Banana Zone. Pump test results from the water exploration program are to be incorporated in Hana’s Preliminary Economic Assessment which is expected to be made public in Q1 2010.
Highlights of water exploration results:
• Five of the seven drill holes intersected significant volumes of water.
• Blow yield tests from these drill holes indicate that there is likely to be sufficient water available for the proposed Banana Zone processing plant.
• Pump tests, which determine the sustainability at a certain flow rate, are currently being carried out with the results expected to be incorporated into the impending Preliminary Economic Assessment.
• Initial testing has also indicated that the water is of sufficient quality to be used in a processing plant.
• Two more water exploration holes are expected to be completed by the end of December of 2010.
Discussion of Results:
Water exploration drilling was carried out near the Banana Zone to identify water resources which would be used to supply water to the proposed Banana Zone processing plant. During Q 4 2010, Hana drilled seven holes of which five holes intersected significant quantities of water. An additional two test wells are expected to be drilled before the end of December 2010. Initial blow yield tests indicated good flow rates. Additional pump testing of the water drill holes, which will determine the sustainability at a certain flow rate, has commenced and the results are expected to be incorporated into the upcoming Preliminary Economic Assessment which is to be made public in Q1 2010.
Development Update:
The following engineering and consultation activities are ongoing to fulfill the goal of completion of a PEA in Q1 2011:
• Preliminary mine open pit modeling has been carried out using the April 2010 resource as a basis to define the parameters to be used. A revised model will be completed after the 2010 drilling has been incorporated;
• Resource modeling is progressing as expected;
• Metallurgical (column leaching) work, which is being carried out by Metcon Research in Tucson, Arizona, on the Chalcocite Zone is ongoing. Results are expected to be available by the end of the year;
• Field work for water exploration is ongoing;
• Stefanutti Stocks Mining Services of Johannesburg South Africa have been engaged by Hana to provide the preliminary tailing impoundment designs for the project;
• Further details on the Ghanzi Project can be found on Hana’s updated website (www.hanamining.com).
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
“The water exploration program for the Ghanzi Project to date has been very successful. It removes one of the more significant risks associated with the Project. We have the expectation at this time that we will be successful in locating enough water to support a processing plant.”
Qualified Person and Quality Assurance/Quality Control
The water exploration and testing program is being managed by Wellfields Consulting Services (Pty) Ltd. of Gaborone, Botswana.
Mr. Fred Stahlbush, Hana’s Vice President of Engineering, is the qualified person, as defined in NI 43-101, and has reviewed the technical information in this press release.
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 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@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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA4096391012">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA4096391012</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.