Hana Mining Ltd. announced the positive results of its initial independent National Instrument 43-101 compliant Preliminary Economic Assessment for the Banana Zone and Zone 5 at its 70-percent owned Ghanzi Copper-Silver Project in northwestern Botswana.
The PEA was prepared by independent consultants and DRA Mineral Projects of Johannesburg, South Africa and will be filed on SEDAR within 45 days of this news release. The results of the PEA describe the technical and economic viability of establishing a new copper-silver mine and mill complex for the Project. The base-case scenario utilizes a long-term copper price of US$3.40/lb. This copper price represents the current three-year trailing average LME price for reference purposes. As a result of the positive outcome of the PEA, Hana will now commence with a feasibility study on the Project.
The PEA is based on the mineral resources at the Banana Zone and Zone 5 that are detailed later in this press release. Drilling is continuing through 2012 to explore the potential to extend and upgrade the current planned in-pit and global resources. The results from these holes will be included in the feasibility study.
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