VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 10, 2013) - Hana Mining Ltd. (the "Company" or "Hana") (TSX VENTURE:HMG)(FRANKFURT:4LH)(BOTSWANA:HANA) is pleased to confirm that the Botswana Ministry of Mines has granted the formal renewal of the Ghanzi Project prospecting licenses for an additional two year period ending December 31, 2014.
The renewed licenses consist of five license blocks (PL001/2006, PL002/2006, PL003/2006, PL004/2006, and PL005/2006) covering approximately 2,149 square kilometres or 214,900 hectares. The licenses are located over widespread strata-bound sediment-hosted copper mineralization in northwestern Botswana.
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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.
On October 24, 2012 Hana Mining announced a definitive plan of arrangement (the "Arrangement") with Cupric Canyon Capital LP for an all cash acquisition of all outstanding shares of Hana Mining Ltd.; pursuant to this agreement, shareholders of Hana will receive C$0.82 in cash for each common share. The offer values Hana''s equity at approximately C$82 million. On December 27, 2012 at a Special Shareholders meeting, more than two thirds of Hana''s shareholders approved the Arrangement offered by Cupric Canyon. On January 7, 2013 the Company received a final order of approval by the Supreme Court of British Columbia. The closing of the Arrangement remains subject to the satisfaction or waiver of certain conditions of the Arrangement and is expected to occur in late January 2013. Upon closing of the transaction, Cupric intends to advance the Ghanzi Project through the design, construction and operational phases of its development.