Bannerman Resources

Published : July 30th, 2010

Releases Quarterly Activities Report - July 2010

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Friday 30 July 2010
NEWS RELEASE

BANNERMAN RELEASES QUARTERLY ACTIVITIES REPORT

For Period Ended July 2010

Perth, Australia � Australian-based uranium mine development and exploration company, Bannerman Resources Limited (ASX: BMN, TSX: BAN, NSX: BMN) (�Bannerman�), has today released its activity and cash flow report for the quarter ended June 30, 2010. Please refer to Bannerman's Quarterly Activities Report and Mining exploration entity quarterly report (Appendix 5B) filed on the ASX website (www.asx.com) and available on the Company's website at www.bannermanresources.com.

During the June 2010 quarter, Bannerman continued to advance the Definitive Feasibility Study (�DFS�) on its 80%-owned Etango Project in Namibia, reported positive results from near-Project exploration and drilling activities, and stepped up dialogues with a number of potential strategic development partners.

 

Highlights

 

     Two Radon cup exploration surveys undertaken across 120km2 of the Etango licence identified numerous prospective and previously undrilled anomalies.  Drilling results are expected in the coming months.

 

      Drilling into one of the Radon anomalies at Ondjamba, 2km to the east of the Etango deposit, returned numerous broad resource grade intersections within 100 metres of surface, indicating the potential for a satellite deposit.  Further drilling continues.

 

      Infill drilling within the Oshiveli area of the Etango deposit returned broad higher grade intersections from close to surface, indicating improvements to the resource model in this area.  A new resource estimate for the Etango Project is due in late September.

 

      A mining review based on the updated resource model is progressing well with an expected increase in estimated mineable resources and decrease in estimated mining unit costs.

  

      Metallurgical testwork continues to confirm fast leach times and low acid consumption, as well as indicating +90% recoveries at significantly coarser grind sizes than previously tested. 

 

      A DFS update encompassing the above work is scheduled for release to the market in the  December quarter.

 

      Appointment of former Rio Tinto senior executive and R�ssing Uranium CEO, Dr David Smith, as Chairman of the Board.

 

      Cash reserves at quarter end of A$16.6 million (31 March 2010: A$20.4 million).

 

The Etango Project is one of the world�s largest undeveloped uranium deposits located in a premier uranium mining jurisdiction in Namibia.  Etango has the strategic economic advantage of its proximity to infrastructure including road, rail and electricity networks, one of southern Africa�s largest commercial ports, water infrastructure, and to an available labour force.  These factors, combined with the significant scale of expected annual production, and low permitting and technical risks, define a long-life project well positioned in a world where nuclear energy and the demand for uranium is projected to grow significantly. 

 

For further information please contact:

Len Jubber

Chief Executive Officer

Perth, Western Australia

Tel: +61 (0)8 9381 1436

admin@bannermanresources.com.au

 

Australasian Media

David Tasker

Professional Public Relations

Tel:  +61 (0)433 112 936

david.tasker@ppr.com.au

 

Peter Kerr

Chief Financial Officer

Perth, Western Australia

Tel: +61 (0)8 9381 1436

                               

 

Namibian Media

Brandon Munro

GM, Corporate Development

Windhoek, Namibia

Tel:  +264 61 226 621

 

Ann Gibbs

Investor Relations

Toronto, Ontario, Canada

Tel: +1 416 388 7247

ann@bannermanresources.com

 

 

                     

About Bannerman - Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country recognised as 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 development of a large open pit uranium mining and processing operation at Etango.  More information is available on the Company�s website at www.bannermanresources.com.

 

 Technical Disclosures

 

Certain disclosures in this release, including management's assessment of Bannerman Resources Ltd�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 the Company'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 the Company�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 Resources Ltd 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.

 

The Company 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.

 

The information in this release relating to the Mineral Resources of the Etango Project is based on resource estimates completed by Mr Neil Inwood and Mr Iain Macfarlane both of whom are full time employees of Coffey Mining Pty Ltd.  Each of Messrs. Inwood and Macfarlane are Members of The Australasian Institute of Mining and Metallurgy and have 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 a Competent Person as defined in the 2004 Edition of the �Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves�, and are independent consultants to Bannerman and Qualified Persons as defined by Canadian National Instrument 43-101.  Messrs. Inwood and Macfarlane consent to the inclusion in this release of the matters based on their information in the form and context in which it appears.

 

The information in this report relating to mining studies undertaken on the Etango Project was completed by Mr Harry Warries of Coffey Mining Pty Ltd, a consultant to Bannerman Resources Ltd.  Mr Warries is a Member of The Australasian Institute of Mining and Metallurgy and has extensive experience relevant to the activity which is being undertaken.  Mr Warries 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 release relating to the metallurgical testwork undertaken on the Etango Project samples was completed by Mr Daryl Evans of Independent Metallurgical Operations Pty Ltd, a consultant to Bannerman Resources Ltd.  Mr Evans is a Member of The Australasian Institute of Mining and Metallurgy and has extensive experience relevant to the activity which is being undertaken.  Mr Evans consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Bannerman Resources

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CODE : BMN.AX
ISIN : AU000000BMN9
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Bannerman is a uranium development stage company based in Australia.

Its main asset in development is ETANGO in Namibia and its main exploration properties are SWAKOP RIVER in Namibia and SERULE SOUTH, SERULE NORTH and DUKWE in Botswana.

Bannerman is listed in Australia, in Canada and in Germany. Its market capitalisation is AU$ 1.8 billions as of today (US$ 1.3 billions, € 1.1 billions).

Its stock quote reached its lowest recent point on March 27, 2020 at AU$ 0.02, and its highest recent level on September 21, 2022 at AU$ 2.07.

Bannerman has 849 630 016 shares outstanding.

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AUSTRALIA (BMN.AX)BERLIN (BH6.BE)
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