🕐16.02.10 - 01:35 Uhr
Bannerman Feasibility Study Update
COMPANY ANNOUNCEMENT
16th February 2010
Bannerman Feasibility Study Update
Perth, Australia -- Bannerman Resources Limited (ASX: BMN, TSX: BAN, NSX:
BMN) ("Bannerman") announces the following update for the Definitive
Feasibility Study ("DFS") underway on its Etango Uranium Project in
Namibia, southwestern Africa.
Bannerman commenced a DFS on its 80%-owned Etango Project in December 2009
and since that time has undertaken a range of activities on metallurgical,
mining and resource modelling aspects.
Metallurgical Testwork Program
Bannerman has now received results from a range of continuous flotation
tests conducted in January and February.
These tests followed on from the
batch flotation testwork undertaken in 2009.
While providing further
confidence in the application of flotation beneficiation to the Etango ore,
variances from the previous testwork have been recorded.
Specifically, the
continuous tests have indicated average flotation recoveries of 85%
compared with +90% recoveries recorded in the batch testwork.
Further
investigations are being undertaken into the metallurgical parameters
required to consistently achieve the higher flotation recoveries, prior to
progressing to the larger scale pilot plant testwork.
Mining Review
Bannerman and its external consultants have commenced a review to identify
realistic savings in operating cost estimates.
Bannerman is targeting cash
cost reductions of +10% and, given that over half of total operating costs
are mining-related, cost savings in this area present a key opportunity.
Work to date has identified a range of areas for cost improvements
including:
Review of economic cut-off grade strategies;
Mine scheduling improvements involving in-pit dumping of waste rock
material;
Review of waste rock dump locations and dimensions;
Use of larger mining equipment; and
Analysis of owner versus contract mining.
Work is underway on assessing all cost reduction opportunities and initial
results are expected to be available in the June 2010 quarter.
Mineral Resource Estimate
Bannerman has completed over 284,000 metres of drilling within the Etango
Project.
An updated mineral resource estimate, incorporating the 60,000
metres drilled since June 2009, is being completed and due for release to
the market in March.
Inclusion of the latest drilling into the resource
model is expected to significantly improve the confidence of the resource
such that the vast majority of the resource estimate will comprise Measured
and Indicated resource material.
Bannerman CEO Len Jubber said: "Since the announcement of the PFS results,
the Project team has made significant progress in the core areas of
resource, mining and processing.
We now have greater confidence in our
understanding of the Etango mineralisation and are exploring some exciting
opportunities to optimise the mining scenario, with the potential to reduce
operating costs.
We believe that the time and effort invested into proving
the flotation process will add substantially to the value of the long life
Etango Project."
Download full copy of the Announcement, here
http://esp.gewru.com/download/files/12414/1082690/Bannerman%20Feasibility%20Study%20Update.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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