Vancouver, Canada – Hansa Resources Ltd.(“Hansa” or the “Company”) (TSXV-HRL) provides this further update to the Company’s news releases of March 20, 2018 and June 20, 2018 in regards to the Company’s option agreement with Poseidon Offshore Minerals Inc. (“Poseidon”) for the grant to the Company of an option to earn an interest in an offshore mineral reconnaissance license (the “License”) to explore for gold, diamond, heavy minerals and aggregate in an area on the continental shelf of Ghana.
A license fee of US$100,000 was advanced by the Company and paid to the Government of Ghana however to date the Company has not received the subject License and at this time does not have a timetable for when the License will be granted or if an amendment will be required to the License terms including the License area.
The delay in obtaining the License has impacted the closing of the Company’s previously announced financing and all funds held in trust have been returned to the subscribers. Once the License is granted the Company will then seek to close the necessary financing to fund work programs for the License.
ABOUT HANSA RESOURCES LTD.
Hansa Resources Limited is a TSX-V listed and Frankfurt traded 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”
John Nugent, President
For further information, please visit:
www.hansaresources.com
Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain forward-looking statements and forward-looking information (together, “forward-looking statements”). All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the the Option Agreement, the Company’s option to acquire an indirect interest in the License, if granted, and the grant of the License, other future plans and objectives of the Company and prospects and potential mineralization on the License area are forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events may vary from those anticipated in such statements. Important risk factors that could cause actual results to differ materially from the Company’s plans or expectations include failure to obtain TSX Venture Exchange acceptance, failure to remove conditions to completion of the transaction pursuant to the Option Agreement (the ”Transaction”), including the failure of the License to be granted to Poseidon, failure to raise sufficient funds on the proposed terms or at all, and risks associated with mineral exploration, including the risk that actual results of exploration will be different from those expected by management and the risk that potential mineralization will not be upgraded or verified, and the other risks disclosed in this news release. The forward-looking statements in this news release were developed based on the assumptions and expectations of management, including that TSX Venture Exchange acceptance for the Transaction will be obtained, the License will be granted to Poseidon, the other conditions to completion of the Transaction will be satisfied, required fundraising will be completed, the other assumptions disclosed in this news release and that the risks described above will not materialize. There can be no assurance that the Transaction will complete. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
