Hannan names Carnegie as director; Lim resigns

VANCOUVER, March 28, 2017 /CNW/ - Hannan Metals Ltd. ("Hannan" or the "Company") (TSX.V: HAN) is pleased to announce the appointment of Ms. Georgina Carnegie as director of the Company and the subsequent resignation of Mr. Harvey Lim.

An economist and experienced corporate director, Ms. Carnegie holds a bachelor's degree in Economics from Monash University, and a Master's Degree in Public Administration from the Kennedy School of Government, Harvard University. Ms. Carnegie is the Managing Director of Carnegie Enterprises and has held senior positions in Australian government and management and board positions in the insurance, airline, and resources sectors. She has spent time on secondment to the OECD, has consulted to The World Bank, and authored the first Investment Guide to the Lao PDR. For over a decade Ms Carnegie was Managing Director Market Intelligence (Asia) Pte Ltd. She is a member of the EmNet Advisory Committee at the OECD (the Development Centre's Emerging Markets Network) and serves as a member of the Board of the Australia Korea Foundation and the Executive Board of the Australia Korea Business Council. She is Senior Advisor to Iron Road Ltd. and Mawson Resources Ltd. and serves on the Boards of Kerogen Shale Limited and its wholly owned Jordan based subsidiary Karak International Oil. She has also interviewed presidents and prime ministers, global business leaders, and cultural figures for The Analecta and produced "Visions of Leadership" for The History Channel. 

The Company also announces the resignation of Mr. Harvey Lim as director of the Company effective immediately.  Mr. Lim had served as director of the Company since July 2013.  Mr. Lim will continue to serve as the Company's CFO.  Following Mr. Lim's resignation as a director of the Company, Mr. Nick DeMare was appointed as a member of the Company's Audit Committee, joining members Messrs. David Henstridge and Michael Iannacone.

Mr Hudson, CEO and Chairman states, "The Board of Hannan welcomes this high level and strategic appointment. Having worked closely with Georgina over the last few years, I know she will provide a deep, holistic and ongoing assessment of the Company's activities in Ireland and provide a wealth of experience in geo-political assessment and co-investment strategies. Her appointment reflects Hannan's continued commitment to focus on CSR issues during our exploration activities. On behalf of the Board, I would also like to thank Harvey for his role in helping establish Hannan, and I look forward to continuing to work with him in his role as CFO."

About Hannan Metals Limited (TSX.V:HAN)         

Hannan Metals Ltd. has 100% ownership of the County Clare Zn-Pb-Ag-Cu project in Ireland, which consists of 9 prospecting licences for 32,223 hectares. The Kilbricken project, a new high-grade Zn-Pb-Ag-Cu discovery is the Company's flagship project. Better intersections, to date, include DH 46: 20.5m @ 7.5% Zn, 9.9% Pb, 0.07% Cu, 74.6g/t Ag, DH06: 21.3m @ 11% Zn, 4.8% Pb, 0.06% Cu, 94.4g/t Ag. The project is drilled over more than 1.5 kilometres and, importantly, holds large upside with a 40-kilometre trend to test, which includes the Milltown prospect (incl. DH19: 13.3m at 5.8% Pb and 10.5% Zn).  The true thickness of the mineralized intervals quoted is interpreted to be approximately 95% of the sampled thickness.

Zinc remains in tight supply amidst rising demand and stagnant supply. Ireland is a leading global jurisdiction for zinc mining and exploration. It has been stated that Irish base metal ore field is ranked first in the world in terms of zinc discovered per square kilometre, and second in the world with respect to lead. In 2015, Ireland was the world's 10th largest zinc producing nation with 230,000 tonnes produced. 

Over the last decade, the team behind Hannan has forged a long and successful record of financing and discovering mineral projects in Europe. Additionally, the team holds extensive zinc experience, gained from the world's largest integrated zinc producer of the time, PasmInco Ltd.

Mr. Michael Hudson FAusIMM, Hannan's CEO and Chairman, is a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release.

On behalf of the Board,

"Michael Hudson"          
Michael Hudson, CEO & Chairman

Forward Looking Statements

Certain information set forth in this news release contains "forward-looking statements", and "forward- looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations regarding future performance based on current results, expected cash costs based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projects of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production, geological risks, the financial markets generally, and the ability of the Company to raise additional capital to fund future operations. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Hannan Metals Ltd.