Local Approval And The Initiating Of Environmental Baseline - Permitting Programs At Tabalosos

VANCOUVER - Hannan Metals Limited reported the initiation of baseline studies and permitting to undertake advanced exploration work, including diamond drilling, at its 100% owned Tabalosos Copper-Silver Prospect at the San Martin Joint Venture Project in Peru. Japan Oil, Gas and Metals National Corporation (JOGMEC) has the option to earn up to a 75% beneficial interest from Hannan in the San Martin Project by spending up to US$35,000,000 to deliver to the joint venture ("JV") a feasibility study.

Highlights: Hannan has received approval from two local hamlets at Tabalosos to initiate work for an Environmental Impact Statement (Declaracion de Impacto Ambiental, or "DIA") study; The DIA is the primary environmental certification required to allow low impact mineral exploration programs, that include diamond drilling, to proceed in Peru; The area for the DIA allows for 40 drill platforms and covers an area approximately 9 kilometers long and 3 kilometers wide (2,700 hectares), including the main target areas across both hamlets of Cunchiyacu and Pucayoc at Tabalosos East; and Baseline studies for the DIA will take approximately 3 months to be completed and will involve up to 12 specialist consultants during May and June undertaking socio-economic and environmental baseline studies, environmental monitoring, archaeological investigations, community workshops and liaison activities. Final DIA and other approvals are anticipated during early 2022.

Michael Hudson, CEO, said, "Our detailed work over the last months finding high-grade copper and silver outcrop discoveries at Tabalosos has allowed for the next key step of permitting initial drill programs. We are very appreciative of the support shown by the local people in the area to allow this work to proceed, and will continue to work in an open and transparent manner for the benefit of all stakeholders."