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HRL Hansa Resources Limited

0.06
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Hansa Resources Limited TSXV:HRL TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.06 0.06 0.125 0 01:00:00

Hansa Announces Acquisition of Zhumba Gold Property in Eastern Kazakhstan

14/06/2012 2:00pm

Marketwired Canada


Hansa Resources Ltd. ("Hansa" or the "Company") (TSX VENTURE:HRL)(FRANKFURT:3F2)
- Mr. John Nugent, President, announces the finalization of agreements for the
acquisition of the Zhumba gold project in the Kokpektinsky and Ulansky districts
in Eastern Kazakhstan.


The Zhumba property consists of two claims covering 259.76 km sq and is located
in the southeast continuation of the West Kalba gold belt hosting a number of
producing gold mines including the world class Bakyrchik deposit. The regional
center of Ust Kamenogorsk is located 200km from Zhumba along a paved road.


Zhumba is an orogenic gold system characterized by intensive multi-stage
mineralization within an area of 2km by 4km with three main styles of
mineralization present.




--  Historically, gold-quartz-sulphide veins have been identified from 1m up
    to 6.5m thick with an average around 1.5m and strike lengths up to a few
    hundred meters. 

--  Gold has also been identified in disseminated gold-sulfide mineralized
    zones which are tens of meters wide. Due to an historical focus on the
    narrow veins style, the broader disseminated style of mineralization has
    not been systematically tested. Gold is associated with pyrite and
    arsenopyrite (total content 2-3% sulfides).

--  A zone of weathering and oxidation above primary sulfide mineralization
    has been developed at the property to a depth of 30m-40m and has not
    been systematically explored.



Zhumba was discovered in 1871 as a placer deposit and since then there has been
ongoing small scale placer produciton in the region. In 1984-89 a local company
explored and consequently mined the Yuzhnaya zone of Zhumba by open pit to the
depth of 70m producing 60,000 t of ore with an average grade of 5-6g/t Au from
quartz veins. 


In 1985, the Soviet Geological Survey (the "Survey") drilled 4 drill diamond
holes and completed 50 trenches which delineated a total of 26 mineralized
bodies at cut off of 2g/t Au. The Survey estimated a resource in Russian C1
category, for 5 mineralized bodies of 192,000 oz of gold at an average grade of
4.4g/t Au, which were described as steeply dipping, an average of 1.5m wide and
200m-600m long. 


The historical resource estimate quoted above is based on reports by the Soviet
Geological Society between 1984-89. The C1 category is broadly similar to the
CIM definition "inferred". Data is historical in nature and was compiled prior
to the implementation of N1 43-101 report standards. Hansa has not completed
sufficient exploration to verify the estimates. Hansa is not treating these
resources as National Instrument defined resources or reserves verified by a
Qualified Person, and the historical estimates should not be relied upon. Hansa
does not have, and is not aware of, any more recent resource estimates that
conform to the standards set out in National Instrument 43-101.


Initial work planned by Hansa will include compilation of all historical data,
reconnaissance sampling of three styles of mineralization including
metallurgical testing, geological and structural mapping, restoration and
sampling of exploration adit, sampling of open pit walls and further delineation
of mineralization geometry by means of trenching and channel sampling. 


DETAILS OF THE AGREEMENT

The Company has concluded an agreement with Altynor Mining Ltd. ("Altynor"), a
private BVI company, for the effective acquisition of 81% of the shares of
Altyn-Komir Ltd. ("Komir"), the owner of the Zhumba gold property. The Company
will, on completion of conditions precedent, issue 10 million common shares of
the Company to Altynor. The controlling shareholder of Altynor is Dr. Vladimir
Benes with a 42% shareholding.


The Company has also concluded an Agreement with the owner of Komir for
effective acquisition of a further 9% interest in Komir for the consideration of
$200,000 to be paid in cash. 


The Zhumba gold property was acquired by the vendors directly from the
government by way of a public bid process. The Company will assume all
underlying commitments made by Komir in relation to the property which include
expenditure commitments over six years of US$4,700,000 with no minimum annual
commitment. There is a $50,000 cash signing bonus to be paid to a local
government authority on completion of conditions precedent.


On closing Hansa will own 90% of Zhumba and have 67,413,317 common shares issued
and outstanding of which 14.83% will be held by Altynor. The Company is
adequately funded and no immediate financing is required in order to complete
this acquisition.


The Agreements are subject to the approval of the TSX Venture Exchange. In
addition approval by the Ministry of Industry and New Technology of the Republic
of Kazakhstan for waiver of pre-emptive right to purchase subsoil rights and
permission to transfer subsoil rights is also required.


Mr. Nugent states, "The Zhumba gold property lays the foundation for Hansa's
exciting new strategy and alliance with Altynor. The alliance brings together
the potential for a pipeline of outstanding gold targets in world class gold
belts of Central Asia and a highly experienced international management and
technical team."


Dr. Benes, President of Altynor notes, "We are excited about pulling together
Altynor's technical and management skills on the ground with Hansa's knowledge
of capital markets and financing of exploration projects. Hansa is now located
in one of the best endowed gold and copper regions of the world, with an
excellent infrastructure, mining culture and strong support from the local
community. Our first exploration project carries all characteristics and
footprint of an exciting orogenic gold prospect and we look forward to applying
modern exploration methods to test it for the first time."


MANAGEMENT APPOINTMENT

On closing of this acquisition, Dr. Benes will be appointed President and Chief
Executive Officer of the Company. Dr. Benes has over twenty years' experience in
mineral exploration and mining including eleven years from 1995 with Barrick
Gold Corporation ("Barrick") initially as Regional Exploration Manager and
ultimately as Vice President Exploration and Corporate Development for Russia
and Central Asia responsible for all exploration activities and instrumental in
the discovery of the PGE-Ni deposit Fedorova at the Kola peninsula in Russia and
the gold deposit Unkurtash in Kyrgystan.


During 2008 - 2011 Dr. Benes was Vice President Exploration with Northland
Resources in Sweden and Finland, responsible for the discovery of the Pellivuoma
iron deposit and the preparation of five IOCG deposits for feasibility studies
up to mine development.


Currently Dr. Benes is President and CEO of Altynor Mining Ltd. It is
anticipated that on closing of the Agreement Altynor's exploration team will be
retained by Hansa. 


Qualified Person

Dr. Benes is the qualified person (as defined by the CIM) in accordance with NI
43-101 responsible for verifying that the information presented in this press
release is an accurate summary. Dr. Benes is a fellow member of the Australasian
Institute of Mining and Metallurgy (Member #300308).


ABOUT HANSA RESOURCES LTD.

Hansa Resources Limited is a TSX-V and Frankfurt listed Canadian mineral
exploration company engaged in the acquisition, exploration and development of
base and precious metal properties. Hansa Resources is committed to building
shareholder value through minimizing risk and maximizing potential value of the
Company's projects, utilizing Hansa's highly experienced, flexible and
successful Board of Directors and Management.


On behalf of the Board

John Nugent, President

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