Hana Mining Ltd. announces that the Board of Directors has approved and adopted a Shareholder Rights Plan (the “Plan”). The Plan entitles shareholders to severable rights to purchase additional shares of the Company upon the occurrence of a take-over bid (i.e. an offer to purchase 20% or more of the issued shares, when aggregated with the offeror’s shareholdings), which fails to meet certain conditions. Bids which meet these conditions (“Permitted Bids”) do not trigger the rights to purchase additional shares. Permitted Bids are offers which meet all of the following conditions:
1. The offer is made to all shareholders and includes shares issuable upon exercise of share purchase warrants, stock options and other convertible securities;
2. The offer must contain an irrevocable and unqualified provision that no shares will be taken up or paid for prior to the close of business on a date less than 60 days following the date of the Bid, and only if at such date more than 50% of the shares held by independent shareholders have been deposited or tendered and not withdrawn;
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Professional geologist, Laurie Stephenson, President & CEO of Impala Mineral Exploration Corp. announced today that he will begin an in-depth, on-site technical review of the company’s newly acquired Busolwa Gold Property.
LAKE VICTORIA GREENSTONE BELT
The property is located in the Lake Victoria Greenstone Belt in the south-eastern part of the Geita District in Tanzania – home to AngloGold’s Geita Mine with 18 million proven ounces and Barrick’s Bulyanhulu Mine with 12 million ounces highly productive mines with 2009′s annual production running at 250,000 and 200,000 ounces of gold respectively. Greenstone belts are known worldwide as potential hosts for base and precious metals.
OBJECTIVE OF ON-SITE TECHNICAL
The purpose of Laurie Stephenson’s on-site technical review is to begin analyzing data contained in an 85 page technical report written in 2000 that is not NI43101 compliant. It is the Company’s goal to have a consulting NI43101 Qualified Person onsite with in 2 weeks to begin writing a compliant technical report on the Busolwa gold property. Mr. Stephenson will also begin planning Impala’s 2009 work program. Read more