Hana announces encouraging results at Ghanzi

| Friday November 5, 2010 00:00

Copper juniors in general have benefited from a strong run in copper spot prices, which has massively boosted interest in companies with production potential, including Hana Mining, which has more than doubled its market capitalisation since July are currently up 5% at CAD$3.28 per share - just off their all time high of CAD$3.31.

Shares in the company were boosted by results from a batch of RC (Reverse Circulation) drill holes completed on the Chalcocite Zone (part of Ghanzi) which extended the strike length by 700 meters.  Hana is directing significant exploration dollars at Ghanzi, where total drilling this year has totalled 66,700 meters.

The Ghanzi Project, located in the centre of the Kalahari Copper Belt,. Hosts a compliant inferred resource estimate of 3.9 billion pounds of copper and 62.1 million ounces of silver from 177 million tonnes.

Chalcocite already hosts an inferred resource of 850 million pounds and nearly 10 million ounces of silver at a cut-off grade of 0.30 percent copper, which was based on a strike of 3.83 kilometers. Clearly the next resource will show a significant increase on this number.

Results from the holes will be included in the impending 43-101 NI resource calculation.

'The Chalcocite Zone continues to intrigue us given that it has the potential to be a stand-alone bulk tonnage copper operation with potentially good strip ratios.

Assuming positive metallurgical leaching and flotation results, the Chalcocite Zone could give us two processing options. Given this, I believe that the optionality of the Chalcocite Zone adds value to the Ghanzi Project and Hana's shareholders,'

Hana Mining's CEO and Chairman, Marek Kreczmer, commented.

Alongside the aggressive drilling, Hana is also undertaking a Preliminary Economic Assessment (PEA) which is due to be completed in the final quarter of 2010.