Hana Mining Ltd. has accepted a non-brokered private placement for proceeds of $4,000,000 from a US$1.6 billion UK investment management group specializing in Africa. The non-brokered private placement will consist of 5,000,000 shares at a price of $0.80 per share. All securities issued under the non-brokered private placement are subject to a hold period expiring four months after the closing date.
The funds will be used to continue drilling and to commence a scoping study on the Ghanzi Project.
The non-brokered placement is subject to acceptance by the TSX Venture Exchange.
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 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of over 20.7 kilometres. This favorable 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 press release dated June 1, 2009), announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on a 0.75% Cu cutoff grade, and averages 1.51% Cu and 17.98 g/t Ag. The Banana Zone represents 40.7 million tonnes of this total resource (67%), 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.
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.