Poseidon Offshore Minerals Limited License Application Update
Vancouver, Canada – Hansa Resources Ltd. (“Hansa” or the “Company”) (TSXV-HRL) provides this update to the Company’s news release of March 20, 2018 announcing 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 of 20,000 km2 on the continental shelf of Ghana.
The Company has received and provides an update on the status of the License. On January 22, 2018 the Ghana Minerals Commission (the “Commission") recommended that the Minister approve Poseidon’s application for the License. On January 30, 2018 the Minister of Lands and Natural Resources of Ghana approved the recommendation of the Commission to grant the application.
Following the above approvals, and due to the unique nature of the License application, the Commission initiated a process whereby all relevant government agencies and interested parties were provided an opportunity to meet with Poseidon to discuss any matters of relevance to the License application, which was followed by a written approval process. This process is continuing and Poseidon expects it to be successfully concluded in the coming weeks.
The license fee of US$100,000 was advanced by the Company and paid to the Government of Ghana by Poseidon. Through an amendment to the Option Agreement, this payment has been credited to reduce the Company’s first year option payments.
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, President
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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.