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Re: News Releases - Friday, August 01, 2008
Bannerman Resources' Second Quarter Report on Corporate and
Exploration Activity
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Perth, Australia -- August 01, 2008 -- Bannerman Resources Ltd (ASX:
BMN, TSX: BAN) ("Bannerman" or the "Company"), an Australian-based
uranium exploration and mine development company, is pleased to present
a summary of corporate and project activity for the second quarter of
2008. Please see Bannerman's "Mining exploration entity quarterly
report (Appendix Form 5B)" and "Quarterly Activities Report" filed on
SEDAR and available on the Company's website,
www.bannermanresources.com.
Goanikontes Anomaly A Feasibility Study
Goanikontes Anomaly A continues to be the focus of intensive
exploration activity. During the quarter, the RC programme completed
109 holes for 24,489m bringing the total number of RC holes drilled at
the project to 441 holes for 117,198m. The RC drilling programme has
completed the 50m x 50m grid and the drill rigs have moved on to
commence the Expanded Exploration programme.
Diamond drilling is continuing with one diamond core rig drilling
metallurgical and geotechnical holes for the Definitive Feasibility
Study (DFS). This programme has completed 14 holes for 5,030m during
the quarter, including two holes drilled for metallurgical test work.
The total number of diamond holes completed which will be included in
the updated resource estimate is 46 holes for 18,123m.
The new resource estimate which will be used for the DFS will include
results from all 487 holes completed by Bannerman on a predominantly
50m x 50m grid to a depth of 400m in areas. The database includes in
excess of 80,000 samples with 96% of the grades determined from
chemical assay.
On the 23rd of May the contract to conduct a Definitive Feasibility
Study (DFS) was awarded to the engineering construction company GRD
Minproc, a subsidiary of GRD Limited. The DFS will consider the
development of a uranium mine at the Goanikontes' Anomaly A project in
Namibia.
GRD's Environmental Team has issued a first draft of a scoping report
to GRD's management in preparation for the public participation
meetings planned to commence in October. As well, the first 100m of
HQ-core was shipped to Perth, under the control of GRD Minproc and
metallurgical test work has commenced. An additional half-NQ core was
also shipped to Perth to commence the leach test work. Diamond drilling
will produce a further ~850m of whole NQ core to be sent to Perth in
July/August for comminution and leach variability test work.
Expanded Exploration
Two RC drill rigs have been working on Rossingberg 13, completing 22
holes for 4,455m. The 18 historic holes were probed and raw (no
mitigating factors applied) spectrometer results are available on the
website.
One RC drill rig is active on the Ombuga prospect where 6 holes were
completed for 1,615m. No results are available to date.
Drilling at Oshiveli completed 15 holes for 4,768m. The significant
drill intercepts from 2 holes include: 7 metres @ 793 ppm and 15 metres
@ 560 ppm and 12 metres @ 336 ppm; 16 metres @ 200 ppm.
High Court Motion
The High Court Motion brought against the Minister of Mines and Energy
(MME) by Savanna Marble CC (Savanna) is ongoing and preliminary
affidavits have been submitted to the court. Although the Motion has
been brought against the MME, Bannerman Mining Resources (Namibia)
(Pty) Ltd (Bannerman) is second respondent to the Motion which relates
to EPL3345 (Welwitschia).
On 14 April 2008, Savanna amended its Notice of Motion to include a
claim that the MME was 'functus officio', in effect claiming that the
Minister did not have the power to grant EPL3345 when he purported to
grant the licence to Bannerman on 16 April 2006.
Bannerman submitted answering and opposing affidavits on 30 May 2008.
The MME filed three affidavits on 30 June 2008 opposing the claims by
Savanna. The affidavits were sworn by Mr Errki Nghimtina, the Minister
of Mines and Energy, Mr Erasmus Iiyambo Shivolo, the Director of Mines
and the Acting Mining Commissioner and Dr Gabriele I. C. Schneider, the
Director of Geological Surveys at the Ministry of Mines and Energy.
Savanna now has the opportunity to submit responding affidavits after
which Bannerman will approach the President Judge of the Namibian High
Court to seek a hearing date.
Bannerman has council on the merits of Savanna's claim and expects to
receive advice once all of the affidavit evidence has been filed.
Corporate Growth
Geoff Stanley was appointed to the Board of Directors on the 23rd of
May 2008 as Non Executive Chairman of the Company. Mr. Stanley is based
in New York and replaces Mr. Alastair Clayton who has stepped aside
from the role of Chairman but carries on as Non Executive Director of
the Company.
The Company continues to build its team of professionals as it
progresses towards production. The Company has attracted directors and
senior professionals of high standards and experience to ensure that
the Company operates at a level commensurate with industry best
practice and has the requisite abilities to take the Company through to
becoming a major producer of uranium on the world scene. The completion
of the drilling of the first deposit at Goanikontes, places Bannerman
at the threshold of development and production.
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
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.
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: peter@bannermanresources.com.au
North America
Ann Gibbs
Investor Relations
Bannerman Resources Ltd
Tel: 1 416 388 7247
E: ann@bannermanresources.com
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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 Fri Aug 1, 2008 at 7:02:11 AM Pacific Time
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