Hana Mining Limited, the Toronto Stock Exchange (TSX) listed company, granted┬á an “incentive stock option”┬á aimed at empowering its staff and directors just days after the closure of┬á a bought-deal private placement┬á┬áworth P 170 million, geared towards accelerating its project along the Ghantsi area.
The copper-silver exploration outfit indicated that┬á its “stock option”┬á plan is made out of┬á 2,500,000 shares priced at $ 2.10 each┬á and will be valid until June 7, 2015. “The Options are exercisable at $2.10 per share and expire on June 7, 2015. All securities issued upon exercise of the Options are subject to a hold period expiring four (4) months after the date of grant,” the company said.
Hana Mining’s CEO and Chairman, Marek Kreczmer, praised the plan saying┬á┬á it was priced at the same┬á level as the┬á bought ÔÇôdeal┬á private placement price.
The company is burning midnight oil┬á over its Ghantsi concession area as it is working on further exploration work and the preparation of the feasibility study.
In April, the┬á exploration┬ácompany stated that it was embolden by the results of its finds┬á within┬á a swathe of land┬á measuring┬á 2,169 km2.
Its┬á copper-silver deposits are within an area of 37.6 kilometers, which were┬á upgraded to┬áan “inferred resource” prompting it┬á to come up with┬áa US $ 24 million (P 168 million) worth of share placement to advance the project.
“Based on the geological confidence, the integrity of the data, the spatial continuity of the mineralization as demonstrated by the variography, and the quality of the estimation, the entire resource has been classified as an inferred resource,” the company has said. Hana Mining said it has an inferred resource, estimated at 3.9 billion pounds┬á (lbs) of copper and 62.1 million (ounces) oz of silver from 177 million tones┬á within its Ghantsi project.
Hana Mining said the area demonstrated a copper grade┬áof 0.46% Cu at 0.3% cut-off┬áthe area┬áalso offers an opportunity for potential low cost bulk mining. The chalcocite/malachite mineralogy also offers the potential for treatment by proven, low cost copper leaching method ÔÇô against the more expensive smelter technology — reducing capital costs.