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Message: Intersects 1.47% Cu and 36.5 g/t Ag Over 10.0 Meters
| April 14, 2009 | |
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Hana Mining Intersects 1.47% Cu and 36.5 g/t Ag Over 10.0 Meters Including 3.07% Cu and 75.9 g/t Ag Over 3.0 Meters at Banana Zone-Ghanzi Copper-Silver Project, Botswana
North Limb of Banana Zone extended 800 meters along strike, total strike length now 3,000 meters |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2009) - Hana Mining Ltd. (TSX VENTURE:HMG)(FRANKFURT:4LH) (the "Company") is pleased to report new results at its sediment-hosted Ghanzi Copper-Silver Project in Botswana. Nine diamond drill holes, HA-72-D to HA-80-D, were drilled along the north limb of the Banana Zone. Eight of these holes intersected copper-silver mineralization and the strike length along the north limb has been extended an additional 800 meters. In total, drilling by Hana has now extended mineralization along a 3,000 meter strike length. Highlights of results for the new holes are as follows: ----------------------------------------------------------------------------
Core
Hole From To Length TCu SCu Ag
Number (m) (m) (m) (%) (%) (g/t)
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HA-75-D 122 138 16 1.09 0.09 24.7
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including 128 138 10 1.47 0.14 36.5
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and 129 130.4 1.4 1.49 0.19 31.0
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and 134 137 3 3.07 0.73 75.9
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HA-72-D 60 67 7 0.78 0.29 11.7
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including 62 65 3 1.08 0.29 17.2
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and 63 64 1 1.60 0.47 28.1
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HA-73-D 112.6 117.1 4.5 1.73 0.20 28.6
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HA-74-D 124.5 127 2.5 0.93 0.08 11.8
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including 124.5 126 1.5 1.31 0.11 16.3
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and 124.5 125 0.5 2.34 0.17 28.4
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HA-77-D 90 94 4 0.95 0.14 24.1
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including 92 93 1 1.86 0.26 53.5
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and 92 94 2 1.32 0.19 35.7
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HA-78-D 150 156 6 0.66 0.06 10.4
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including 158 160 2 1.11 0.10 27.3
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and 159 160 1 1.47 0.13 38.8
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HA-79-D 147 165 18 0.44 0.04 5.1
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including 147 148 1 1.27 0.01 5.5
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and 156 158 2 1.16 0.11 17.2
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and 157 158 1 1.54 0.14 24.1
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and 164 165 1 1.08 0.18 20.1
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HA-80-D 85 91 6 0.70 0.09 8.8
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including 86 87 1 1.21 0.16 19.2
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and 90 91 1 1.60 0.18 17.1
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Holes HA-72, 73 and 76-D were designed to fill in a gap along the north limb of the Banana Zone. Holes HA-72 and 73-D were drilled on the same section and HA-76-D was collared 200 meters along strike to the southwest. The latter was drilled along a well oxidized barren fault zone. Holes HA-74, 75 and 77-to 80-D were designed to test strike continuity to the southwest at 200 meter intervals. Drilling by Hana has demonstrated continuity in mineralization along a 3,000 meter continuous strike length in this part of the north limb at the Banana Zone. Drilling by Anglo American in the early 1990's delineated mineralization along an additional 300 meters to the northeast for a total mineralized strike length of 3,300 meters. Results for 7 more holes drilled along an additional 1,800 meter strike length along the north limb are pending. With these results the north limb will have been explored over a 5,100 meter strike length. The north and south limbs of the Banana Zone are each 30 kilometers in length. To date Hana has tested 9.1 kilometers along the north limb and 4.8 kilometers along the south limb. All mineralization intersected to date is open along strike and down dip. A total of 46 kilometers remain untested at the Banana Zone. To view the topographical map, please click on the following link: http://media3.marketwire.com/docs/gh... Property The 5 original license blocks have been reduced by 50% as required by Botswana law and are in good standing for two years. The new area now comprises 2,200 km2 and is illustrated in the figure above. The retained area includes all of the zones described previously as well as more than 600 kilometers of potential strike length while the relinquished ground represents barren footwall sandstones with little exploration value. Quality Assurance/Quality Control Hana has implemented an industry-standard QA/QC program. Drill core is logged, split by sawing and sampled at site. Samples are bagged, labeled, sealed and packed in sealed containers and shipped to Scientific Services Laboratory in Cape Town, South Africa. Standards and blanks are inserted into the sample stream. For details on current drilling activities refer to attached maps and links (www.hanamining.com/s/Ghanzi.asp?Repo... ). To view the drill hole plan, please click on the following link: http://media3.marketwire.com/docs/ba... Other Business The Company also announces that it has agreed to settle an aggregate debt of $12,500 owed to certain creditors by the issuance of 52,085 of its common shares at a deemed price of $0.24 per share on a post-share consolidation basis, being the closing price of the Company's shares on March 31, 2009. All shares to be issued in connection with the proposed debt settlement will be subject to a 24 month resale restriction. The proposed debt settlement is subject to the approval of the TSX Venture Exchange. About Hana Mining Hana Mining is a junior exploration company seeking to acquire, explore and develop highly prospective precious, base metal and other mineral projects worldwide with emphasis in southern Africa. The Company has the right to acquire a 70% controlling interest in the Ghanzi Copper-Silver Project. The property consists of five license blocks covering 2,200 square kilometers that contain widespread sediment-hosted copper-silver mineralization. Joseph Arengi, M. Sc., P. Geo., Vice President of Exploration for Hana Mining is the qualified person as defined in NI 43-101. |
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