On February 1, 2018 Hansa Resources Ltd.( TSX Venture : HRL) entered into a MINERAL PROPERTY OPTION AGREEMENT with Poseidon Offshore Minerals Inc. “Poseidon” wherein Hansa has agreed to provide US $4,000,000 in funding for exploration and development costs over a three year period. In return, Hansa has been granted an exclusive option to acquire a 60% interest in the newly formed joint venture that will hold and own the exploration licence issued by the Government of Ghana for the entire continental shelf of Ghana which covers 20,000 square kilometres.
THE OPPORTUNITY
Dr. Robert Griffis, Chief Technical Director of Poseidon with 30 years gold exploration and operations experience in Ghana commented that
“The amount of gold that has been weathered away from the SW Ghana gold districts and carried to the ocean by major rivers would suggest eroded inventory is likely in the order of 200 million ounces.”
Nowhere else on earth can you find three prolific gold bearing systems such as you have in south west Ghana all converging within such a short distance and all dumping their eroded surface zones into a concentrated region like the continental shelf of Ghana. One could make the case this is the largest localized zone of gold bearing gravels anywhere on earth.
The objective is to first identify prospective ground to support a marine mining venture operating within 25 km of shore.
The ultimate focus will be on developing low cost gold production zones with an annual target capacity of 500,000+ ounces of gold per year utilizing 4-5 offshore suction dredges.
Zones of interest will include concentrations of heavy minerals containing not only gold, but magnetite, rutile, ilmenite, rare earth minerals and in selected areas industrial diamonds. The “waste” material is a highly desired aggregate product (sand and gravel) that is in high demand and can be sold regionally.
These deposits can be exploited with today’s proven technology and Royal IHC’s expertise and commercialized on a scale that produces significant annual production of gold for an extended period of time.
THE PEOPLE
Poseidon will be the operator of the “GOLD COAST” project bringing a management team that has been directly involved as an owner and operator of numerous mines around the world and particularly three mines in Ghana: Bogosu, ABOSSO-Damang and Tarkwa. Combined these mines currently produce approximately 800,000 oz. of gold annually and are owned by majors.
TECHNICAL EXPERTS
Poseidon is engaging two world class professional expert organizations to work on this project.
ROYAL IHC (IHC) is a supplier of specialized equipment for land based and near shore mining. IHC is the market leader in marine mining, designing dedicated vessels based on IHC’s knowledge of the dredging, offshore marine and mining industries. ( Click to go to website)
WATTS GRIFFIS and McQUAT (MGW) is Canada’s longest running independent firm of geological and mining consultants. For over 50 years their guiding principle as a company and as professionals has been to provide value added professional services of the highest standards. Distinguished as the most trusted name in exploration and mining since 1962. ( click to go to website)
PHASE 1 WORK PLAN –
Identify offshore concentrations of gold in old beach sands and/or deltaic sediments formed when the sea-level was considerably lower than today and erosional conditions
(the energy of major rivers) were far superior.
Using a magnetic survey, detect heavy minerals. Using sonar equipment, profile the bottom depths and identify slight relief on the sea-floor that may correlate with old beach sands.
Systematically survey the license area which extends approximately 30k from shore and 150km along the coast.
Identify targets to sample for heavy minerals in the sediments using a Magnetometer. Conduct a seaborne gravity survey following successful completion of the initial target area.
HANSA EQUITY OFFERING
Hansa is pleased to announce that it has engaged Ascenta Finance Corp. (“Ascenta”) to assist the Company in a Private Placement of up to 40,000,000 units priced at $0.05 per unit to raise proceeds of up to $2,000,000. Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable for an additional common share of Hansa at a price of $0.10 per share for a period of 24 months from the date of issuance.
Hansa will have the option to force the conversion of the Warrants should the closing price at which the Common Shares trade equal or exceed $0.18 for 10 consecutive trading days following the date that is four months and one day after the date of issuance of the Warrants, to the date which is 30 days following the date a news release is issued by the Company announcing the reduced term of the Warrants. Any Warrants not exercised on or before such 30th business day will expire and will no longer be exercisable to acquire Common Shares.
Finders’ fees may be paid by the Company in conjunction with the completion of the Private Placement in accordance with applicable laws and stock exchange policies.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (“TSX-V”). The securities issued pursuant to the Private Placement will be subject to a four month and one day statutory hold period.
Proceeds will be used to fund the Phase 1 Work Program and general corporate purposes.
CORPORATE APPOINTMENT
Hansa Resources Limited is pleased to announce the appointment of John Costigan as Vice President, Corporate Development.
In this new role as VP of Corporate Development Mr. Costigan will lead strategic business development efforts and will focus on helping Hansa achieve its organic growth objectives.
ABOUT HANSA RESOURCES LIMITED.
Hansa is a TSX Venture Exchange, Frankfurt and OTC listed Canadian mineral exploration company with 57 million shares outstanding, one million dollars Canadian cash and a 1.9% net smelter return royalty on the Zhumba gold property in south east Kazakhstan that was sold to Kazzink Ltd. the largest mining company in Kazakhstan and a subsidiary of Glencore plc the largest mining company in the world.
For further information on Hansa Resources Ltd. please visit www.hansaresources.com. Contact [email protected] or call 604-685-9316
On behalf of the Board of Directors
“John Nugent”
President
