BANNERMAN FEASIBILITY STUDY UPDATE
Perth, Australia � Bannerman Resources Limited (ASX: BMN, TSX:
BAN, NSX: BMN) ("Bannerman") announces the
following update for the Definitive Feasibility Study (�DFS�)
underway on its Etango Uranium Project in Namibia, southwestern
Africa.�
Bannerman commenced a DFS on its 80%-owned Etango Project in
December 2009 and since that time has undertaken a range of activities on
metallurgical, mining and resource modelling aspects.
Metallurgical
Testwork Program
Bannerman
has now received results from a range of continuous flotation tests
conducted in January and February.�
These tests followed on from the batch flotation testwork undertaken
in 2009.� While providing further
confidence in the application of flotation beneficiation to the Etango ore,
variances from the previous testwork have been recorded.� Specifically, the continuous tests have
indicated average flotation recoveries of 85% compared with +90% recoveries
recorded in the batch testwork.�
Further investigations are being undertaken into the metallurgical
parameters required to consistently achieve the higher flotation
recoveries, prior to progressing to the larger scale pilot plant
testwork.�
Mining Review
Bannerman and its external
consultants have commenced a review to identify realistic savings in
operating cost estimates.� Bannerman
is targeting cash cost reductions of +10% and, given that over half of
total operating costs are mining-related, cost savings in this area present
a key opportunity.� Work to date has
identified a range of areas for cost improvements including:
� Review of
economic cut-off grade strategies;
�
Mine
scheduling improvements involving in-pit dumping of waste rock material;
�
Review
of waste rock dump locations and dimensions;
�
Use
of larger mining equipment; and
� Analysis of
owner versus contract mining.
Work is underway on assessing all
cost reduction opportunities and initial results are expected to be
available in the June 2010 quarter.�
Mineral Resource Estimate
Bannerman has completed over
284,000 metres of drilling within the Etango Project.� An updated mineral resource estimate,
incorporating the 60,000 metres drilled since June 2009, is being
completed and due for release to the market in March.� Inclusion of the latest drilling into the
resource model is expected to significantly improve the confidence of the
resource such that the vast majority of the resource estimate will comprise
Measured and Indicated resource material.�
Bannerman
CEO Len Jubber said:� �Since the announcement of the PFS results, the Project team has made
significant progress in the core areas of resource, mining and
processing.� We now have greater
confidence in our understanding of the Etango mineralisation and are
exploring some exciting opportunities to optimise the mining scenario, with
the potential to reduce operating costs.�
We believe that the time and effort invested into proving the
flotation process will add substantially to the value of the long life
Etango Project.�
For further information please
contact:
Len Jubber
Chief Executive Officer
Perth, Western Australia
Tel: +61 (0)8 9381 1436
admin@bannermanresources.com.au
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Peter Kerr
Chief Financial Officer
Perth, Western Australia
Tel: +61 (0)8 9381 1436
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Ann Gibbs
Investor Relations
Toronto, Ontario, Canada
Tel: +1 416 388 7247
ann@bannermanresources.com
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About Bannerman - Bannerman Resources Limited is an emerging uranium development
company with interests in two properties in Namibia, a southern African
country considered to be a premier uranium mining jurisdiction.� Bannerman�s principal asset is its
80%-owned Etango Project situated southwest of Rio Tinto�s R�ssing uranium
mine and to the west of Paladin Energy�s Langer-Heinrich mine.� Etango is one of the world�s largest
undeveloped uranium deposits.�
Bannerman is focused on the feasibility assessment and development
of a large open pit uranium operation at Etango.� More information is available on
Bannerman�s website at www.bannermanresources.com.
Regulatory Disclosures:
Bannerman has not completed feasibility studies on its
projects.� Accordingly, there is no
certainty that such projects will be economically successful.� Mineral resources that are not ore
reserves do not have demonstrated economic viability.
Certain disclosures in this release, including management's
assessment of Bannerman�s plans and projects, constitute forward-looking
statements that are subject to numerous risks, uncertainties and other
factors relating to Bannerman�s operation as a mineral development company
that may cause future results to differ materially from those expressed or
implied in such forward-looking statements.�
The following are important factors that could cause Bannerman�s
actual results to differ materially from those expressed or implied by such
forward looking statements: fluctuations in uranium prices and currency
exchange rates; uncertainties relating to interpretation of drill results
and the geology, continuity and grade of mineral deposits; uncertainty of
estimates of capital and operating costs, recovery rates, production
estimates and estimated economic return; general market conditions; the
uncertainty of future profitability; and the uncertainty of access to
additional capital.� Full
descriptions of these risks can be found in Bannerman�s various statutory
reports, including its Annual Information Form available on the SEDAR
website, sedar.com.� Readers are
cautioned not to place undue reliance on forward-looking statements.� Bannerman 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.
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