Hana Mining Ltd. provided an update on the progress of the Banana Zone.
Following a recent board of directors meeting, Company management concluded on the following:
That the 43-101-compliant resource model that was released in December 2010 may underestimate copper and silver grades at the Banana Zone. The Company is currently in the process of remodeling the resource estimate.
The Company is carrying out an aggressive 50,000 metre infill drilling program, which is expected to be completed by the end of 2011. Management, in consultation with the Company's board of directors, believes that the next iteration of a 43-101-compliant resource estimate should include the results of this drilling program.
The Company has decided that it would be prudent to postpone the completion of the PEA until a new updated 43-101-compliant resource estimate is completed for the Banana Zone. Work on the metallurgy at the Banana Zone, the Environmental Impact Assessment and regional exploration will continue.
