🕐21.01.10 - 02:44 Uhr
Quarterly Activities Report for Period Ended 31 December 2009
COMPANY ANNOUNCEMENT
21 January 2010
QUARTERLY ACTIVITIES REPORT for PERIOD ENDED 31 DECEMBER 2009
Highlights
Completion of the Etango Uranium Project Preliminary Feasibility Study
demonstrating the technical and economic viability of the Project at long
term contract uranium prices:
Production estimated to commence in late 2013 with modelled output of
5-7Mlbs U3O8 per annum over a +16 year mine life.
Extensive Measured & Indicated resources of 102.8Mlbs U3O8 at an average
grade of 227ppm U3O8, and Inferred resources of 49.2Mlbs U3O8 at an average
grade of 217ppm U3O8 (reported at a cut-off grade of 100ppm U3O8).
Subject to final confirmatory metallurgical testwork, processing is to be
undertaken by agitated-tank leaching of a high-grade (3,500-4,000 ppm U3O8)
flotation concentrate for overall uranium processing recoveries of +90%.
The Definitive Feasibility Study is underway:
Key opportunities are being pursued to improve project economics and extend
mine life through a range of resource expansion, mining improvement,
processing flowsheet optimisation and other initiatives.
The next phase of metallurgical locked-cycle testwork is underway and
results are expected by the end of January.
Final pilot plant testwork is
scheduled to start in February and be completed by quarter end.
An update of the mineral resource estimate incorporating drilling completed
since mid-2009 is due for release later in the current quarter.
Drilling is ongoing at Etango and totaled 283,000 metres at the end of
2009, providing geological confidence and extending the Etango deposits
contiguous strike length to 6km.
Etango Project Mining Licence application lodged with the Namibian
Government.
No substantial legislative, environmental or social impediments
for project development have been identified, and local community support
has been received.
Cash reserves as at 31 December 2009 of A$23.2 million.
Appointment of former Rio Tinto senior mining executive Dr David Smith to
the Board.
Download full copy of the Announcement, here >
http://esp.gewru.com/download/files/12414/1056718/20100121.pdf
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.
Bannermans principal asset is its 80%-owned Etango Project situated
southwest of Rio Tintos Rössing uranium mine and to the west of Paladin
Energys Langer-Heinrich mine.
Etango is one of the worlds 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 Companys website at
www.bannermanresources.com.
For further information please contact:
Len Jubber
Chief Executive Officer
Perth, Western Australia
Tel: +61 (0)8 9381 1436
Peter Kerr
Chief Financial Officer
Perth, Western Australia
Tel: +61 (0)8 9381 1436
Investor Relations
Ann Gibbs
Toronto, Ontario, Canada
Tel: +1 416 388 7247
Australasian Media
David Tasker
Professional Public Relations
Tel: +61 (0)433 112 936
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