Hana Mining completes $4-million private placement
2009-12-23 15:36 ET - News Release
Mr. Marek Kreczmer reports
HANA MINING CLOSES $4,000,000 NON-BROKERED PRIVATE PLACEMENT
Hana Mining Ltd. has now closed its non-brokered private placement (see Stockwatch Dec. 18, 2009) for proceeds of $4-million. The private placement consisted of five million shares for a purchase price of 80 cents per share. All securities issued under the non-brokered private placement are subject to a hold period expiring on April 22, 2010.
The net proceeds of this private placement will be used to continue drilling and to commence a scoping study on the Ghanzi project.
Ghanzi copper-silver project
The Ghanzi project is located in the centre of the Kalahari copper belt in northwestern Botswana. The Ghanzi property covers 2,200 square kilometres, and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of over 20.7 kilometres. This favourable geology extends over the entire strike length of 600 kilometres. Hana Mining recently released results of it's first NI 43-101 resource estimate for the Ghanzi project (see Stockwatch June 1, 2009) announcing an inferred resource of 2.0 billion pounds of copper and 34.9 million ounces of silver from 60.4 million tonnes. This resource estimate is based on a 0.75-per-cent copper cut-off grade, and averages 1.51 per cent copper and 17.98 grams per tonne silver. The Banana zone represents 40.7 million tonnes of this total resource (67 per cent), and is the current focus of the company's drilling efforts and development focus for 2009 and 2010.
Hana Mining is focused on demonstrating that the Ghanzi property represents one of Africa's premier future copper-silver resources.
We seek Safe Harbor.