Business & Finance
Business and Finance
Business and Finance
Mon, July 27, 2009 Bannerman Resources Limited: Bannerman Announces Board Changes
PERTH, AUSTRALIA--(Marketwire - July 27, 2009) - Australian-based uranium mine development and exploration company, Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman"), announces the following changes to its Board of Directors. These changes have been planned and reflect the continued evolution of Bannerman from an exploration company to its current focus on the feasibility assessment and ultimate development of the Etango Uranium Project in Namibia, southern Africa.
Mr Ronnie Beevor has been appointed as a non-executive director, effective today. Mr Beevor is an investment banker having been Head of Investment Banking at NM Rothschild & Sons (Australia) Limited between 1997 and 2002. He has had an extensive involvement in the natural resources industry, both in Australia and internationally. He was formerly a non-executive director of ASX-listed Oxiana Limited which successfully developed the Sepon gold-copper project in Laos as well as the Prominent Hill copper-gold project in South Australia. Mr Beevor is Chairman of AIM-listed EMED Mining Public Limited and a non-executive director of Talison Limited, QMAG Limited, New World Energy Limited and ASX-listed Bendigo Mining Limited.
Mr Beevor has an Honours Degree in Philosophy, Politics and Economics from Oxford University in the UK and qualified as a chartered accountant in London in 1972. Mr Beevor will also become the Chairman of Bannerman's Audit Committee. Subject to shareholder approval at Bannerman's Annual General Meeting to be held in November, Mr Beevor is to be issued with 200,000 options exercisable into Bannerman shares at A$1.40 per share, with a period to expiry of three years.
Bannerman also announces the resignation of Mr Alastair Clayton. Mr Clayton joined the Board in May 2006 and since that time has contributed extensively to the evolution of Bannerman from the initial stages of exploration at the Etango site through to achievement of significant growth in the Etango Project mineral resource and current feasibility assessment. Mr Clayton's input to Bannerman's capital market presence and previous financings has also been significant.
Bannerman's Chairman, Mr Geoff Stanley, said: "The Board welcomes Mr Beevor and looks forward to his valuable contribution in relation to project financing, capital markets and compliance matters. The Board also sincerely thanks Mr Clayton for his valued contribution over the last three years firstly as Chairman and later as a non-executive director, and wishes him well in his future business endeavours."
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 [ www.bannermanresources.com.au ].
Regulatory Disclosures:
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, [ 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.
ABN 34 113 017 128
