Post by
greener12345 on Apr 22, 2010 8:47pm
HMG
Hana Mining* (HMG : TSX-V : $2.26), Net Change: -0.01, % Change: -0.44%, Volume: 3,135,008
Bananas over Banana! Hana Mining released a new Banana Zone resource estimate for its Ghanzi sediment-hosted copper-
silver project in Botswana. The new inferred resource increased 80.7% to 74 mt at 1.47% copper and 19.44 g/t silver. Previous
Banana Zone inferred resource was 40.7 mt at 1.47% Cu and 21.7 g/t Ag. This latest resource estimate successfully satisfied the
company’s objective of doubling the size of the total mineral resource estimate for the Banana Zone. Given management’s
objective, this new copper estimate was likely not a surprise to the market. However, given that the resource potential is much
larger than the current 93 mt at 1.5% Cu & 18 g/t Ag resource estimate (including Zones 5 and 6 as well as Banana) such that
the mining operations should be long life and expandable, and that Botswana offers probably the best investment climate in
Africa, Hana will likely be of greater interest to larger mining companies. Potential suitors include: Quadra Mining (QUA),
First Quantum Minerals (FM) and Equinox (EQN).