VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2012) - New Hana Copper Mining Ltd. ("HML" or the "Company") (TSX VENTURE:HML) is pleased to provide an update on the exploration activities at its 100%-owned Kuke copper-silver project, located in northwestern Botswana.
The following exploration activities are ongoing to fulfill the goal of the discovery of Kupferschiefer-style copper-silver mineralization at the Kuke Project:
-- In total the Company has obtained 30,126 surface soil geochemistry
samples from the Kuke Project representing approximately 741 line
-- Of the 30,126 samples obtained, 15,947 samples, representing
approximately 391 line kilometres were collected within the southwest
block at Kuke, whereas, 14,179 samples, representing approximately 350
line kilometers were collected from the northeast block.
-- The Company has received results for 26,747 of the 30,126 samples, all
of which are from the 2011 program. From the 2012 program an additional
1,291 samples have been submitted to the laboratory for geochemical
analysis and results are pending. An additional 2,089 samples have been
taken this year and will soon be submitted to the laboratory.
-- Stratigraphic exploration drilling comprising approximately 2,200 metres
was carried out in 2011 and early 2012 within the south block at Kuke.
In all, 21 holes of diamond (7 holes), reverse circulation (9 holes) and
percussion (5 holes) drilling were carried out to test the geology and
some broad soil geochemical copper anomalies within the south block. The
results from this drilling were inconclusive.
-- A number of additional large broad copper anomalies, which appear to be
an extension of Hana Mining Ltd.'s Zone 5, have been identified on the
northeast block. The Company is mobilizing a drill to test these
-- The Company remains well financed with Cdn$3.9 million in cash on hand.
-- Please visit the Company's website at www.newhanamining.com for
additional details on the Company and the Kuke Project.
New Hana Copper Mining's President and CEO, Mr. Marek Kreczmer, commented as follows:
"I am pleased with the progress of exploration work at the Kuke Project, which encompasses a very large land package representing 10,654 square kilometres. Our aggressive exploration program, which is being managed by the technical staff of Hana Mining Ltd, has so far tested over 30,000 soil geochemical samples representing 740 line kilometers within our land package which is merely scratching the surface in terms of investigating the mineral potential of this massive property. As we move ahead with soil sampling, which is an inexpensive yet effective method of carrying out exploration, we are continuing to identify anomalous copper zones at Kuke. While drilling results from the southwest block have yet to yield economic concentrations of copper-silver mineralization, I am very excited to see what transpires at the northeast block were we are now focusing our exploration efforts. The local geology in this area appears more favorable to hosting Kupferschiefer-type copper-silver mineralization.
"Given the vast geological knowledge accumulated by our exploration team, I continue to be highly optimistic that we will discover new mineralized Kupferschiefer copper-silver zones similar to what is hosted at Hana Mining Ltd.'s Ghanzi Project, which is adjacent to and along strike to the Kuke Project."
About New Hana Copper's Kuke Copper-Silver Project in Botswana:
The exploration-stage Kuke Project is located in the center of the Kalahari Copper Belt in northwestern Botswana. The Kuke property covers 10,654 square kilometres and is adjacent and along strike to Hana Mining Ltd.'s ("Hana") Ghanzi Copper Silver Project. On December 20, 2011 Hana released results of its most recent NI 43-101 compliant resource estimate for the Ghanzi Project announcing an Indicated mineral resource of 762 million pounds of copper and 16 million ounces of silver from 37.4 million tonnes at a grade of 0.93% copper and 13.4 g/t silver. All of the Indicated resources are from the Banana Zone. There are also Inferred resources of 5.6 billion pounds of copper and 85.4 million ounces of silver from 423.9 million tonnes. This Inferred mineral resource estimate consists of 225.4 million tonnes grading 0.64% Cu and 8.1 g/t Ag in the Banana Zone, 20.7 million tonnes grading 1.23% Cu and 8.7 g/t Ag in Zone 5, 16.7 million tonnes grading 0.86% Cu and 4.0 g/t Ag in Zone 6, and 161.1 million tonnes grading 0.45% Cu and 3.6 g/t Ag in the Chalcocite Zone; all at a cut-off grade of 0.30% Cu.
The Kuke project will benefit from proposed rail and power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study was recently completed (funded by the World Bank and the Governments of Botswana and Namibia) to support completion of a rail line link that would connect Botswana with the Namibian port of Walvis Bay, on the Atlantic coast. The closest existing railhead to port is at Gobabis, in Namibia, approximately 550 km from our property. Construction has begun on the 600MW expansion of the government-owned Moropule Power Plant, having secured US$825 million project funding in May 2010. The Kuke Copper- Silver Project is currently accessed by the paved Trans-Kalahari highway, which passes within 5 km of the property.
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.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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