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Tuesday,
September 15, 2009
Bannerman Reports Further Drilling Results at
the Etango Uranium Project
September
15, 2009
Bannerman Reports Further Drilling Results at the Etango Uranium Project
PERTH, AUSTRALIA--(Marketwire - Sept. 15, 2009) - Bannerman Resources
Limited (TSX:BAN)(ASX:BMN)(NSX:BAN) ("Bannerman" or the
"Company") is pleased to report further drilling results at the
Oshiveli and Onkelo Prospects within the Etango Uranium Project in
Namibia, southern Africa. A full report complete with details of this
recently completed drill program including supporting tables and graphics
is available on the Company's website, www.bannermanresources.com; ASX,
www.asx.com.au; and SEDAR, www.sedar.com.
Bannerman CEO Len Jubber said: "These new infill and extensional
drilling results reflect the contiguous nature of the Etango deposit and
the potential to ultimately extend the proposed open pit from Anomaly A
to Onkelo. Importantly, the drilling program is achieving the objective
of adding additional near-surface resources along the 6 kilometres of
strike length."
An additional 35 reverse circulation ("RC") drillholes at the
Oshiveli and Onkelo Prospects have returned further consistent results,
with much of this mineralisation being at shallow depths. These drilling
results are from the continuing program at the Oshiveli and Onkelo
Prospects and are directed towards the completion of a further mineral
resource estimate as part of the ongoing feasibility study work for the
Etango Project. Highlights include:
Drillhole No.
|
From Depth
(m downhole)
|
Downhole Interval
(m)
|
Grade
(ppm U3O8)
|
GSHRC0112
|
137
|
27
|
379
|
GSHRC0113
|
117
|
36
|
247
|
GSHRC0115
|
123
|
78
|
230
|
GSHRC0117
|
93
|
36
|
416
|
including
|
99
|
5
|
2,037
|
GSHRC0121
|
161
|
23
|
292
|
GSHRC0122
|
310
|
38
|
379
|
including
|
320
|
15
|
531
|
GSHRC0124
|
178
|
51
|
255
|
GNKRC0060
|
72
|
30
|
230
|
GNKRC0066
|
149
|
13
|
543
|
GNKRC0069
|
9
|
11
|
287
|
GNKRC0071
|
71
|
49
|
226
|
GNKRC0074
|
13
|
24
|
251
|
GNKRC0077
|
23
|
21
|
365
|
"
|
50
|
20
|
540
|
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 Resources Ltd is based on information
compiled by Mr Andrew Cunningham, who is a full time employee of the
Company. Mr Cunningham is a Member of The Geological Society of South
Africa, a Recognised Overseas 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
Cunningham consents to the inclusion in the release of the matters based
on his information in the form and context in which it appears.
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.
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, www.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.
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 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 the Company's website at
www.bannermanresources.com.
ABN 34 113 017 128
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Bannerman Resources Limited
Perth, Western Australia
Len Jubber
Chief Executive Officer
+61 (0)8 9381 1436
admin@bannermanresources.com.au
OR
Bannerman Resources Limited
Perth, Western Australia
Peter Kerr
Chief Financial Officer
+61 (0)8 9381 1436
OR
Bannerman Resources Limited
Toronto, Ontario, Canada
Ann Gibbs
Investor Relations
+1 416 388 7247
ann@bannermanresources.com
INDUSTRY: Manufacturing and Production-Mining and Metals
SUBJECT: DRM
-0-
Associated File: http://www.bannermanresources.com/i/pdf/Press Releases/BMN drilling results release - 15 Sep 2009 .pdf
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You can also view this News Release on our website at:
http://www.bannermanresources.com/s/NewsReleases.asp?ReportID=363318
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