Bannerman Resources

Published : May 10th, 2010

Reports New Uranium Targets From Initial Regional Exploration Work

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Monday 10th May 2010
NEWS RELEASE

 

BANNERMAN REPORTS NEW URANIUM TARGETS FROM INITIAL REGIONAL EXPLORATION WORK

 

Highlights:

  • RadonXTM cup survey gives excellent definition of potential new uraniferous zones, indicating numerous previously-untested anomalies adjacent to the Etango deposit.
  • Bannerman commences RC drilling on radon anomalies adjacent to Etango.
  • Additional high-grade infill drilling intersections in the Oshiveli and Hyena areas.

Perth, Australia � Bannerman Resources Limited (ASX: BMN, TSX: BAN, NSX: BMN) ("Bannerman" or the "Company") announces very encouraging initial results from the regional exploration program just commenced on its Etango exploration licence. In addition, positive results received from further infill Diamond drillholes at Oshiveli are expected to add to the size and classification of the existing resource estimate of the Etango deposit. The next updated resource estimate is due in the September quarter.

Bannerman CEO Len Jubber said: "Exploration to the west, east and south of the Etango deposit has confirmed the presence of highly anomalous radon gas occurrences, suggesting the presence of concealed uranium mineralisation in close proximity to the proposed pit area at Etango. These areas have not previously been drilled. We are very pleased with this early success."

Radon cup surveys measure the level of radon gas emissions in soil. Radon gas is a product of the natural uranium radioactive decay process and, as a gas, is free to disperse through soil and cover rocks above buried uranium mineralisation. This potential to detect buried mineralisation is in contrast to radiometric surveys which are only capable of detecting radioactivity occurring on surface. The radon cup survey method has not previously been used on Bannerman�s licences, and is considered to be an effective method for identifying the potential for uranium mineralisation down to a depth of approximately 100 metres beneath the desert sands.

Mr Jubber added: "The first extensive radon cup survey was purposefully conducted in and around the area of known mineralisation at Etango. The strong correlation between the previous resource drilling results and the survey provides us with the comfort to drill test the new anomalies. Radon cup surveys elsewhere on the Etango licence area are scheduled to commence in late May followed by similar surveys at the Swakop River licence. Exploration is also planned to commence on the Company�s licences in Botswana at the end of the rainy season."

 

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

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

                               

Ann Gibbs

Investor Relations

Toronto, Ontario, Canada

Tel: +1 416 388 7247

ann@bannermanresources.com

 

 

 

Regulatory Disclosures:

Bannerman Resources Limited ("Bannerman") manages its drilling and assaying activities in accordance with industry standard quality assurance/quality control (QA/QC) procedures. Samples are collected by Bannerman personnel and prepared in accordance with specified procedures at the relevant assay laboratories. The primary assay laboratory is SGS in Johannesburg Laboratory site reviews are undertaken. Assay QA/QC involves the use of assay standards (sourced from African Mineral Standards (AMIS) in Johannesburg, made from Bannerman pulp rejects and cross-checked through umpire laboratories for which the round robin reports are available), field duplicates, blanks and barren quartz flushes. A third party "umpire" laboratory (Genalysis in Perth) is used to cross-check and validate approximately 5% of the assay results in accordance with standard procedures. Sample coarse rejects are retained and approximately 5% of samples are re-submitted for further assay verification. All sample pulps are retained at a storage facility in Johannesburg and half-core and rock-chip samples are retained at site.

The information in this release that relates to the exploration results of the projects owned by Bannerman is based on information compiled by Mr Kieron Munro, Head of Geology for Bannerman and a full time consultant to Bannerman. Mr Munro is a Member of the Australian Institute of Geoscientists, a Recognised Professional Organisation by the Australasian Joint Ore Reserves Committee, 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" and as a Qualified Person for purposes of National Instrument 43-101 of the Canadian Securities Administrators. Mr Munro consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

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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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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