Business & Finance
Business and Finance
Business and Finance
Fri, July 31, 2009 Bannerman Resources Limited: Bannerman Releases Quarterly Activities Report for the Period Ended 30 June 2009
PERTH, AUSTRALIA--(Marketwire - July 31, 2009) - Australian-based uranium mine development and exploration company, Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman"), has today released its activity and cash flow report for the quarter ended June 30, 2009. Please refer to Bannerman's Quarterly Activities Report and Mining exploration entity quarterly report (Appendix 5B) filed on the ASX website ([ www.asx.com ]) and available on the Company's website at [ www.bannermanresources.com ].
Highlights
- Significant expansion of the Etango Uranium Project mineral resource estimate including a 21% increase in Measured & Indicated Resources to 107.7Mlbs U3O8 at an average grade of 208ppm U3O8, and a 40% increase in Inferred Resources to 52.4Mlbs U3O8 at an average grade of 197ppm U3O8. For the first time, the resource estimate includes Measured category resources of 2.0Mlbs U3O8. Approximately two thirds of the total resource estimate is located within 200 metres of surface. All mineral resource estimates are reported at a cut-off grade of 100ppm U3O8.
- The Etango Project preliminary feasibility study ("PFS") has been further advanced focusing upon an open pit mining and heap leach processing operation for the production of 5-7Mlbs per year of U3O8 over an approximate 15 year mine life. The PFS has to date been based on the February 2009 mineral resource estimate.
- New favourable results from larger scale heap leach column testwork and flotation beneficiation testwork were received following the end of the quarter. These results have the potential to materially influence the ultimate choice of preferred processing route and the scale of the plant concerned. Consequently, the PFS timetable has been extended to fully investigate the impact of these developments. The PFS will now also incorporate the latest July 2009 mineral resource estimate.
- Resource definition drilling at Oshiveli and Onkelo to the north of Anomaly A confirmed the extension of multiple broad zones of mineralisation generally close to or directly from surface. Mineralisation remains open between the resource areas and at depth. Further infill and extensional drilling is presently underway.
- Recent geophysical and structural geological work has identified a number of key exploration targets to be tested on the Etango exclusive prospecting licence.
- Successful completion of an equity placement for gross proceeds of A$30 million to Australian and foreign institutional and mining investors, as well as a Share Purchase Plan offered to eligible shareholders for proceeds of A$7.5 million.
- Cash reserves as at 30 June 2009 of A$37.6 million.
- Changes made to the Board following the end of the quarter reflecting Bannerman's continued evolution to a development company.
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 ].
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.
The information in this report 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 report of the matters based on their information in the form and context in which it appears.
The information in this report that relates to the exploration results of the projects owned by Bannerman is based on information compiled by Mr Andrew Cunningham, who is a full time employee of Bannerman and/or its subsidiaries. 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 report of the matters based on his information in the form and context in which it appears.
