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Re: News Releases - Tuesday, August 05, 2008
Bannerman Resources Increases Overall Resource Estimate by 48%
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Perth, Australia -- August 05, 2008 -- Bannerman Resources Ltd (ASX:
BMN, TSX: BAN) ("Bannerman" or the "Company"), an Australian-based
uranium exploration and mine development company, is very pleased to
report a significant increase in total mineral resources at the
Goanikontes, Anomaly A project. The new mineral resource estimate using
a cut-off grade of 100 ppm U3O8, now consists of 66.9 million pounds of
Indicated Mineral Resource (January 2008 reported 12.9 Mlbs.), and 39.7
million pounds of Inferred Mineral Resources (January 2008 reported
59.3 Mlbs.). The deposit remains open to the North, South, West and
down-dip. The new NI 43-101 mineral resource estimates and models were
completed by Neil Inwood of Coffey Mining Ltd, an independent
consultant to Bannerman Resources and a Qualified Person as defined by
NI 43-101.
"We are delighted with this upgrade to the Anomaly A resource which now
exceeds the original exploration target of 100 million pounds and still
offers considerable scope for further resource expansion over the
coming year," says Peter Batten, Managing Director of Bannerman
Resources Ltd. "We are also pleased to see that there are very large
amounts of metal present at the higher cut-offs. This indicates a
strong potential for the project to sustain much higher head-grades
over many years. This could have a significant impact upon production
rates and the overall revenue generated by this first open pit."
The database used in the estimate includes results from 456 RC and 49
diamond drill holes totalling 140,558m. Only drillholes drilled by
Bannerman have been used in the estimate.
The drillholes were drilled typically at 60� to the east (UTM grid)
with a drill spacing ranging from 50m by 50m to 50m by 100m (please see
drill plan on Company website www.bannermanresources.com). A
combination of chemical assaying (30,011 samples - 97% of the total)
and factored radiometric data (947 1m composites) was used and a
density value of 2.62t/m3 was used for the mineralised zones. This
value was chosen after analysis of 3,427 density determinations by
water immersion and calliper methods.
The resource was reported using a range of lower cuts. For instance,
the 100ppm lower cut is the same as that used by R�ssing another
alaskite hosted uranium deposit. Block dimensions used were 50m by 25m
by 10m with sub-cells to 5.25m by 6.25m by 1.25m. The grade was
estimated using Ordinary Kriging on cut 3m composite samples.
Mineralised zones dip from -30� to -40� to the west with a northerly
trend. Individual zones were modelled from 150m to 1,700m long. Figure
3 shows a typical sectional interpretation. Mineralised zones which did
not have more than two drillhole intersections on two consecutive
sections were typically not estimated leaving further upside to
discover more resources.
Significant exploration potential still apparent at Goanikontes
Resource drilling has largely been completed at Anomaly A, however, a
considerable scope remains to further expand the resource at depth and
along strike to the north and south where mineralisation has yet to be
closed off. Additionally, step out holes to the west, to test the depth
extensions of the ore body, encountered several previously unknown
mineralised alaskites in the hanging wall of the known mineralisation.
These may represent the southern continuation of the outcropping
Oshiveli mineralised alaskites to the north giving even more scope to
discover further mineralisation. The drill rigs have been moved for the
interim onto the expanded exploration programme and are currently
drilling at the Oshiveli, Rossingberg and Ombuga prospects.
Aside from the potential of the northern and western areas, the
extensions to the south around the nose of the Palmenhorst Dome towards
the outcropping Ompo alaskites are highly prospective. This zone
extends for ~8km and lies beneath very shallow sand cover. The Company
intends to drill this zone in the current quarter.
The resource estimate announced today for Anomaly A has been identified
from drilling over a strike length of only 2.5 kms. The historic
drilling at Oshiveli and Onkelo and the Company's recent drilling has
shown the known mineralisation around the Palmenhorst Dome to extend
for more than double this strike length to the north.
Given the extensive strike extent of the Anomaly A to Ompo trend in
excess of 11 kms, with known subcropping radioactive alaskite zones, in
addition to the several other 1 to 6km alaskite prospects being tested
the Company is targeting a potential 200 to 400 Mt of mineralisation
from these areas at grades of 200 ppm to 300 ppm U3O8 to add to the
+100Mlbs already defined at Anomaly A. The potential quantity and
grade is conceptual and insufficient exploration has been performed to
define a Resource for the additional target at this time. It is
uncertain whether further exploration will result in a resource.
The Anomaly A resource allows the company to progress the Definitive
Feasibility Study to the stage of optimisation of the resource with the
intention of producing a reserve statement.
The completion of the resource drilling at Anomaly A is the realisation
of a further milestone in the rapid progress the Company is making
towards becoming a uranium producer in 2011.
The Anomaly A resource is proving to be an exceptional project
providing the scale required to enter the ranks of the tier one global
Uranium producers with the potential to sustain production for a
considerable period of time.
About Bannerman
Bannerman Resources Limited is an emerging uranium producer with
interests in two properties in Namibia, an African country considered
to be a premier mining jurisdiction. Its principal and most significant
asset is its 80% interest in the Goanikontes project situated on a
trend southwest of the Rio Tinto R�ssing uranium mine.
Bannerman is focused on accelerating the development of a very large,
bulk-tonnage, uranium deposit at Goanikontes, Namibia. A mine plan is
contemplating low cost uranium production using proven processing
techniques. The scoping study completed in December 2007 describes
robust project economics using conservative uranium prices. A
definitive feasibility study is currently underway by GRD Minproc. The
company expects to bring its starter asset at the Goanikontes deposit
into production by 2011.
The area offers tremendous exploration potential. Exploration of the
several other identified targets away from Anomaly A has commenced and
will continue through the development stages of the Goanikontes starter
asset.
The information in this report that relates to the Exploration Results
of the projects owned by Bannerman Resources Ltd is based on
information compiled by Mr Peter Batten, who is a Member of The
Australasian Institute of Mining and Metallurgy and who has sufficient
experience relevant to the style of mineralisation and types of
deposits under consideration and to the activity which is being
undertaken to qualify as Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr Batten consents to the
inclusion in the report of the matters based on his information in the
form and context in which it appears.
The information in this report that relates to the Mineral Resources at
the Anomaly A Deposit is based on a resource estimate completed by Mr
Neil Inwood who is a full time employee of Coffey Mining Ltd. Mr
Inwood is a Member of The Australasian Institute of Mining and
Metallurgy and has sufficient experience relevant to the style of
mineralisation and types of deposits under consideration and to the
activity which is being undertaken to qualify as Competent Person as
defined in the 2004 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves'. Mr Inwood
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
Forward-Looking Statement
This press release contains certain forward-looking information about
the Company that is intended to be covered by the safe harbour for
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995, as amended. Forward-looking statements
are statements that are not historical facts. These statements include,
but are not limited to statements regarding future production,
resources or reserves and exploration results. All of such statements
are subject to certain risks and uncertainties, many of which are
difficult to predict and generally beyond the control of the Company,
that could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking
information and statements. The reader is cautioned not to place undue
reliance on these forward-looking statements that speak only as of the
date hereof, and we do not undertake any obligation to revise and
disseminate forward-looking statements to reflect events or
circumstances after the date hereof, or to reflect the occurrence of or
non-occurrence of any events.
Please visit the Company website at www.bannermanresources.com
For further information please contact:
Peter Batten
Managing Director
Bannerman Resources Ltd.
Ph: +61 (08) 9381 1436
Em:
North America
Ann Gibbs
Investor Relations
Bannerman Resources Ltd
Tel: 1 416 388 7247
E:
View Maps associated with this News Release:
Associated File:
http://www.bannermanresources.com/i/pdf/2008-08-07_NRMaps.pdf
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Copyright (c) 2008 BANNERMAN RESOURCES LIMITED (BAN) All rights
reserved. For more information visit our website at
http://www.bannermanresources.com/ or send
mailto:questions@bannermanresources.com
Message sent on Tue Aug 5, 2008 at 6:18:57 AM Pacific Time
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