Bannerman Resources

Published : July 20th, 2009

Significantly Expands the Etango Project Mineral Resource Estimate

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Australia | Diamond | Namibia | Uranium |
Re:   News Release - Saturday, July 18, 2009
      Bannerman Significantly Expands the Etango Project Mineral
      Resource Estimate

PERTH, AUSTRALIA - July 17, 2009 - Australian-based uranium mine
development and exploration company, Bannerman Resources Limited
(TSX:BAN)(ASX:BMN)(NSX:BMN)("Bannerman"), continues to advance
development of its Etango Uranium Project in Namibia, southern Africa,
today announcing an updated mineral resource estimate.

Highlights include:

- 21% increase in Measured & Indicated Resources from 89.2Mlbs to
107.7Mlbs U3O8 at an average grade of 208ppm U3O8.

- 40% increase in Inferred Resources from 37.4Mlbs to 52.4Mlbs U3O8 at
an average grade of 197ppm U3O8.

- 67% of the total resource estimate is in the Measured & Indicated

- Two thirds of the total resource estimate is located within 200
metres of surface.

- Increased mineral resource for the Oshiveli deposit comprising
Indicated Resources of 12.4Mlbs U3O8 and Inferred Resources of 8.3Mlbs
U3O8. Inaugural mineral resource for the Onkelo deposit comprising
Inferred Resources of 20.2Mlbs U3O8.

- Resource extension drilling continues at the Oshiveli and Onkelo

Note: Mineral resources are reported at a lower cut-off of 100ppm U3O8.

Bannerman CEO Len Jubber said: "This substantial increase in the
mineral resource estimate continues to elevate the Etango deposit in
the ranking of globally significant uranium deposits. The 5km long
mineral resource at Etango occurs over a broad width and at shallow
depth with approximately two thirds of the resource located within 200
metres from surface."

"Bannerman is continuing with resource extension drilling and is also
well advanced with a feasibility study of an open pit uranium mining
operation at Etango. Results from the ongoing resource extension
drilling will be released as they become available during the second
half of 2009," he added.

Mineral Resource Update

The July 2009 Etango Project mineral resource estimate, at a cut-off
grade of 100 parts per million ("ppm") U3O8, represents a 26% increase
in the contained uranium content compared with the previous February
2009 estimate. Indicated Resources have increased 18% from 89.2 million
pounds ("Mlbs") to 105.7Mlbs U3O8 and Inferred Resources have increased
40% from 37.4Mlbs to 52.4Mlbs U3O8. For the first time, part of the
resource estimate is within the Measured category which currently
totals 2.0Mlbs U3O8.

The updated July 2009 mineral resource estimate for the Etango Project,
comprising the Anomaly A and adjacent Oshiveli and Onkelo uranium
deposits, is summarised below at a range of cut-off grades. Bannerman
reports its resource estimates at a cut-off grade of 100ppm U3O8.

            Updated Mineral Resource Estimate - July 2009

                           MEASURED & INDICATED RESOURCES
 off              Tonnes           Grade             Contained U3O8
(ppm)                (Mt)      (ppm U3O8)         (Tonnes)   (Mlbs)
100                235.0             208           48,900     107.7
150                176.8             234           41,500      91.3
200                105.7             275           29,000      64.0

Lower                     INFERRED RESOURCES         
 off            Tonnes             Grade             Contained U3O8
 (ppm)             (Mt)        (ppm U3O8)          (Tonnes)   (Mlbs)
100              120.7               197            23,800     52.4
150               89.7               221            19,800     43.6
200               50.2               257            12,900     28.4

Note: Figures have been rounded; bulk density of 2.63t/m3; Ordinary
Kriged estimate based on cut 3m (Anomaly A and Oshiveli) and 2m
(Onkelo) U3O8 composites; Block dimensions of 25mNS x 25mEW x 10mRL
(Anomaly A and Oshiveli) and 50mY x 30mX x 10mRL (Onkelo)

Updated Mineral Resource Estimate - July 2009
(Reported at a lower cut-off of 100ppm U3O8)

                          MEASURED & INDICATED RESOURCES
Etango                 Tonnes          Grade          Contained U3O8
 Project                  (Mt)     (ppm U3O8)                  (Mlbs)
Anomaly A               206.3            210                    95.3
Oshiveli                 28.7            196                    12.4
Onkelo                      -              -                       -
Total                   235.0            208                   107.7
Etango                             INFERRED RESOURCES
 Deposit           Tonnes            Grade          Contained U3O8
                      (Mt)       (ppm U3O8)                  (Mlbs)
Anomaly A            54.2              200                    23.9
Oshiveli             19.6              193                     8.3
Onkelo               47.0              195                    20.2
Total               120.8              197                    52.4

Note: Figures have been rounded; bulk density of 2.63t/m3; Ordinary
Kriged estimate based on cut 3m (Anomaly A and Oshiveli) and 2m
(Onkelo) U3O8 composites; Block dimensions of 25mNS x 25mEW x 10mRL
(Anomaly A and Oshiveli)and 50mY x 30mX x 10mRL (Onkelo).

The mineral resource estimate has been prepared for Bannerman in
accordance with the Australian JORC Code guidelines and Canadian
National Instrument 43-101 by Coffey Mining Pty Ltd, an independent
geological consultant to Bannerman.

The plan below shows the drilling completed to date within each of the
Anomaly A, Oshiveli and Onkelo deposits. (A map is available at the
following link:
Drilling completed since the previous mineral resource estimate in
February 2009 is highlighted in blue.

The drillhole database used in the July 2009 resource estimate
comprises a total of approximately 200,000 metres in 685 reverse
circulation (RC) and 72 Diamond drillholes. The strike length of the
resource model boundaries now totals approximately 5km.

Further details regarding the July 2009 Etango resource estimate,
including the specifics of the separate mineral resource estimates for
each of the deposits within the Etango Project, are available as an
attachment to this announcement on the website,

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 Rossing uranium mine and to
the west of Paladin Energy's Langer-Heinrich uranium mine. Etango is
one of the world's largest undeveloped uranium deposits. Bannerman is
focused on resource extension drilling and the feasibility assessment
of a large open pit mining operation at Etango. More information is
available on Bannerman's website at

Regulatory Disclosures:

The information in this news release that relates to the Mineral
Resources of the Anomaly A and Oshiveli deposits is based on a resource
estimate completed by Mr Neil Inwood and the information in this news
release that relates to the Mineral Resources of the Onkelo deposit is
based on a resource estimate completed by both Mr Iain Macfarlane and
Mr Neil Inwood who are full time employees of Coffey Mining Pty Ltd.
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 news release of the matters
based on their 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 report, 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, 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


Bannerman Resources Limited
Perth, Western Australia
Len Jubber, Chief Executive Officer
+61 (0)8 9381 1436


Bannerman Resources Limited
Perth, Western Australia
Peter Kerr, Chief Financial Officer
+61 (0)8 9381 1436


Bannerman Resources Limited
Toronto, Ontario, Canada
Ann Gibbs, Investor Relations
+1 416 388 7247


Professional Public Relations Pty Ltd
Perth, Western Australia
David Tasker, Media Relations
+61 (0)8 9388 0944


Professional Public Relations Pty Ltd
Perth, Western Australia
Jasmine Green, Media Relations
+61(0)433 112 936

Associated File: Releases/BMN-jul182009_NR.pdf
    1277 KB in size, approx. 3 minutes, 59 seconds to download at 56.6Kbps

Copyright (c) 2009 BANNERMAN RESOURCES LIMITED (BAN)  All rights
reserved.  For more information visit our website at or send
Data and Statistics for these countries : Australia | Namibia | All
Gold and Silver Prices for these countries : Australia | Namibia | All

Bannerman Resources

ISIN : AU000000BMN9
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

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$ 2.2 billions as of today (US$ 1.6 billions, € 1.4 billions).

Its stock quote reached its lowest recent point on March 27, 2020 at AU$ 0.02, and its highest recent level on September 15, 2023 at AU$ 2.75.

Bannerman has 849 630 016 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Annual reports of Bannerman Resources
2008 Annual report
Financings of Bannerman Resources
9/6/2013Extends Maturity Date of RCF Convertible Note
12/14/2011Announces Share Placement & Refinancing of Convertible Note
Nominations of Bannerman Resources
5/5/2010Appoints Dr David Smith As Chairman
11/24/2009Appoints Dr David Smith To The Board
8/13/2009(Etango)Appoints Project Director to Lead Etango Project Development
11/17/2008appoints highly qualified CEO and secures A$20M funding faci...
Financials of Bannerman Resources
4/29/2011-Quarterly Activities Report-For the Period Ended 31 March 2...
8/1/2008' Second Quarter Report on Corporate and Exploration Activit...
Project news of Bannerman Resources
7/17/2012(Etango)Receives Etango Project Environmental Approval
1/30/2012(Etango)Advances Etango DFS and Discovers New Mineralisation
7/28/2011(Etango)Receives Environmental Approval for Linear Infrastructure at...
3/22/2011(Etango)Exploration Update
12/1/2010(Etango)Advances Etango Feasibility Study & Provides Interim Project...
2/16/2010(Etango)Feasibility Study Update
12/10/2009Announces Further Infill and Exploration Drilling Results
10/22/2009Intersects New Mineralised Zone & Announces Further Resource...
9/15/2009(Etango)Reports Further Drilling Results at the Etango Uranium Proje...
7/27/2009(Etango)Announces Extension of Etango PFS Following Recent Favourabl...
7/20/2009(Etango)Significantly Expands the Etango Project Mineral Resource Es...
7/6/2009(Etango)Extends Strike Length of Broad Shallow Zones at Etango
5/20/2009(Etango)Confirms Formal Renewal of Etango Project Exploration Licenc...
5/20/2009Drilling Results Update
2/11/2009(Etango)Announces Etango Project Resource Upgrade
9/22/2008(Etango)Etango Project: Resource Report & Preliminary Metallurgical ...
5/20/2008Commissions GRD Minproc for Full Feasibility Study
Corporate news of Bannerman Resources
7/25/2016Chairman's Address to Shareholders
7/5/2016Heap Leach de-risking complete
5/10/2016Confirmation of delisting from TSX
4/28/2016Appendix 3B
4/28/2016Notice under section 708A(5)(e) - Corporations Act
4/28/2016March 2016 Quarterly Cashflow Report
4/28/2016March 2016 Quarterly Activities Report
4/27/2016Intention to voluntarily delist from Toronto Stock Exchange
1/28/2016Bannerman Resources Limited: Quarterly Activities Report for...
1/27/2016December 2015 Quarterly Activities Report
1/27/2016December 2015 Quarterly Cashflow Report
1/4/2016Change in substantial holding
1/3/2016Notice under section 708A(5)(e) - Corporations Act
1/3/2016Appendix 3B
1/3/2016Corporate Transaction Complete
1/3/2016Change of Director's Interest Notice - C Jones
12/31/2015Bannerman Resources Limited: Ownership Consolidation, Debt E...
12/31/2015Notice of Initial Substantial Holder - Nathan McMahon
12/31/2015Notice of Initial Substantial Holder - Clive Jones
12/29/2015Grant of CEO Performance Rights
12/24/2015Bannerman Files 43-101 Technical Report for Etango Uranium P...
12/24/2015NI 43-101 Technical Report for Etango Optimisation Study
12/21/2015Change of Director's Interest Notice - I Burvill
12/21/2015Change of Director's Interest Notice - D Tucker
12/21/2015Notice under section 708A(5)(e) - Corporations Act
12/21/2015Appendix 3B
12/21/2015Change of Director's Interest Notice - C Jones
12/21/2015Change of Director's Interest Notice - L Jubber
10/30/2015Bannerman Announces Quarterly Activities Report
10/28/2015Bannerman Resources Limited: Corporate Update
9/7/2015Annual Financial Statements and MD&A
7/29/2015Bannerman Announces Quarterly Activities Report
7/28/2015June 2015 Quarterly Activities Report
7/28/2015June 2015 Quarterly Cashflow Report
7/22/2015Amended Change of Director's Interest Notice - L Jubber
7/15/2015Bannerman Resources Limited: Heap Leach Demonstration Plant ...
7/14/2015Heap Leach Demonstration Plant Strongly Supports Etango DFS
7/7/2015Notice under section 708A(5)(e) - Corporations Act
7/7/2015Appendix 3B
6/30/2015Notice under section 708A(5)(e) - Corporations Act
6/30/2015Results of Meeting
6/30/2015Chairman's Address to Shareholders
6/25/2015Appendix 3B
4/24/2015Change of Director's Interest Notice - D Tucker
4/24/2015Change of Director's Interest Notice - L Jubber
4/24/2015Notice under section 708A(5)(e) - Corporations Act
4/24/2015Change of Director's Interest Notice - R Beevor
4/24/2015Change of Director's Interest Notice - C Jones
4/24/2015Appendix 3B
4/22/2015A$2 Million Capital Raising Successfully Completed
4/22/2015Appendix 3B
4/21/2015Appendix 3B
4/19/2015A$2 Million Capital Raising Update
4/14/2015Change in substantial holding
4/10/2015Notice under section 708A(5)(e) - Corporations Act
4/10/2015Appendix 3B
4/1/2015: Share Purchase Plan Closing Date Extended
4/1/2015Share Purchase Plan Closing Date Extended
3/25/2015(Etango)Etango Heap Leach Demonstration Plant Opened-Commissioning C...
3/25/2015Bannerman Resources Inc.: Etango Heap Leach Demonstration Pl...
3/24/2015Etango Heap Leach Demonstration Plant Opened
3/10/2015Cleansing Statement - Share Purchase Plan
3/6/2015RETRANSMISSION: Bannerman Initiates Share Purchase Plan
3/5/2015Initiates Share Purchase Plan
3/5/2015Bannerman Initiates Share Purchase Plan
3/4/2015Bannerman Initiates Share Purchase Plan
2/25/2015Construction Update - Etango Heap Leach Demonstration Plant
2/24/2015Construction Update - Etango Heap Leach Demonstration Plant
1/28/2015Bannerman Resources Limited Quarterly Activities Report for ...
11/26/2014Bannerman Resources Limited: Construction Update-Etango Heap...
11/4/2014Appendix 3B
11/3/2014Grant of CEO Performance Rights
11/3/2014Chairman's Address and CEO Presentation
10/30/2014Bannerman Resources Limited Quarterly Activities Report For ...
10/30/2014September 2014 Quarterly Cashflow Report
10/30/2014September 2014 Quarterly Activities Report
10/21/2014Change in substantial holding
10/21/2014Notice under section 708A(5)(e) - Corporations Act
10/21/2014Issue of shares and cancellation of performance rights
9/22/2014Bannerman Awards Contracts to Construct & Operate Etango Hea...
7/30/2014Bannerman Resources Quarterly Activities Report For the Quar...
6/19/2014Bannerman Receives Shareholder Approval for New RCF Converti...
4/29/2014Bannerman Resources Quarterly Activities Report March 2014
4/8/2014RCF to Invest Further in Bannerman and Fund Etango Pilot Pla...
10/23/2013: Quarterly Activities Report for the Quarter Ended 30 Septe...
7/30/2013Quarterly Activities Report For the Quarter Ended 30 June 20...
4/24/2013: Quarterly Activities Report
3/19/2013Analyst Coverage
1/30/2013Releases December 2012 Quarterly Activities Report
11/7/2012CEO Boardroom Radio Interview
10/31/2012Releases September 2012 Quarterly Activities Report
8/9/2012Provides Update Regarding Epangelo Discussions
7/31/2012Releases June 2012 Quarterly Activities Report
6/14/2012Board Changes
5/24/2012(Etango)Files 43-101 Technical Report for Etango Uranium Project DFS
4/26/2012CEO Open Briefing Interview
4/10/2012Reports Positive DFS Results & Milestone Agreement With Nami...
2/3/2012News Release
1/23/2012CEO Boardroom Radio Interview
1/4/2012Commences Share Purchase Plan
12/23/2011Completes Share Placement
10/24/2011on Hanlong Proposal
9/13/2011Regarding Hanlong Acquisition Proposal
7/10/2011Receives Acquisition Proposal
5/11/2011Provides Update on Proposed Namibian Minerals Policy Changes
1/28/2011Dec 2010 Quarterly Activities Report
7/30/2010Releases Quarterly Activities Report - July 2010
3/31/2010Etango Project Updated Mineral Resource Estimate
5/10/2010Reports New Uranium Targets From Initial Regional Exploratio...
4/22/2010Quarterly Activities Report - March 2010
10/23/2009Notice of Annual General Meeting with Management Circular
9/24/2009Annual Financial Report and Management's Discussion and Anal...
7/31/2009Releases Quarterly Activities Report for Period Ended 30 Jun...
7/27/2009Board Changes
5/27/2009Announces Proposed Equity Financing
1/30/2009 December Quarter Report on Corporate and Exploration Activi...
1/16/2009Completes the Settlement of Savanna Litigation
12/17/2008Announces Board Changes and Issue of Draw- Down Notice
12/17/2008Settlement of Savanna Litigation
11/28/2008confirms agreement for convertible financing
8/26/2008Presents Company Update
8/5/2008Increases Overall Resource Estimate by 48%
6/24/2008' Resource Drilling Finalised at Anomaly A Exploration Comme...
5/22/2008Geoff Stanley Accepts Position as Chairman of the Board of D...
5/9/2008Announces Initial Drill Results At Oshiveli Prospect
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
AU$ 2.59
10/13 16:48 -0.060
Prev close Open
2.65 2.61
Low High
2.56 2.63
Year l/h YTD var.
1.19 -  2.96 58.90%
52 week l/h 52 week var.
1.19 -  2.96 55.09%
Volume 1 month var.
214,410 -%
24hGold TrendPower© : 44
Develops Uranium
Explores for Platinum - Uranium
Interactive chart Add to compare
Print Compare Export
Last updated on : 12/8/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :