Bannerman Resources Limited: Quarterly Activities Report for the Period Ended 31 December 2015
(firmenpresse) - PERTH, AUSTRALIA -- (Marketwired) -- 01/28/16 -- Bannerman Resources Limited (ASX: BMN)(TSX: BAN)(NAMIBIAN: BMN) ("Bannerman") is pleased to announce highlights from its December 2015 Quarterly Activities Report released today. The full report is available on Bannerman's website at and on SEDAR ().
Bannerman Resources Limited (ASX: BMN)(TSX: BAN)(NAMIBIAN: BMN) achieved numerous milestones during the December quarter and thereby significantly enhanced its early mover advantage in a rising uranium price environment.
HIGHLIGHTS
On 11 November 2015 Bannerman announced it had completed an Optimisation Study ("OS") on the geological modelling and mine planning aspects of the Etango Definitive Feasibility Study ("DFS"). Key outcomes of the OS (at a life-of-mine price of US$75/lb U3O8):
On 31 December 2015, the Company announced that it completed significant transactions with the Company's major shareholders, Resource Capital Fund IV L.P. and Resource Capital Fund VI L.P. ("RCF IV" and "RCF VI" respectively and "RCF" collectively), and with Mr Clive Jones, a director and shareholder of the Company, that deliver significant project ownership and balance sheet restructure.
The completed transactions entailed:
Bannerman's Chief Executive Officer, Len Jubber, said:
"In the December quarter Bannerman made significant progress in advancing the bankability of the Etango project and creating a corporate structure to facilitate financing the project.
The culmination of an extensive review of the geology and mining aspects of the project in significantly lower operating and capital costs, together with increased production in the early years has resulted in materially repositioning the Etango project in the global cost curve of projects targeting development in a near term rising uranium price.
Further, the creation of a debt free well-funded company, owning 100% of a globally significant project capable of development in a near term rising uranium price creates a strong platform from which to engage with parties interested in participating in the development of the Etango project."
Len Jubber
Chief Executive Officer
28 January 2016
About Bannerman - Bannerman Resources Limited is an ASX, TSX and NSX listed exploration and development company with uranium interests in Namibia, a southern African country which is a premier uranium mining jurisdiction. Bannerman's principal asset is its 100%-owned Etango Project situated near Rio Tinto's Rossing uranium mine, Paladin's Langer Heinrich uranium mine and CGNPC's Husab uranium mine currently under construction. A definitive feasibility study and an optimisation study has confirmed the technical, environmental and financial (at consensus long term uranium prices) viability of a large open pit and heap leach operation at one of the world's largest undeveloped uranium deposits. In 2016, Bannerman is continuing a large scale heap leach demonstration program to provide further assurance to financing parties, generate process information for the detailed engineering design phase and build and enhance internal capability. More information is available on Bannerman's website at .
TECHNICAL DISCLOSURES
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. Full descriptions of these risks can be found in Bannerman's various statutory reports, including its Annual Information Form available on the SEDAR website, sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman 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.
Mineral Resources include Ore Reserves (Mineral Reserves)
Mineral Resources which are not Ore Reserves (Mineral Reserves) do not have demonstrated economic viability.
The information in this report relating to the Mineral Resources of the Etango Project is based on information by Mr Ian Glacken. Mr Glacken is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Glacken is a full-time employee of Optiro Pty Ltd. Mr Glacken 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 a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves", and a Qualified Person as defined by Canadian National Instrument 43-101. Mr Glacken consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report relating to the Ore Reserves of the Etango Project is based on information by Mr Leon Fouche. Mr Fouche is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Fouche is a full-time employee of the Company. Mr Fouche 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 a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves", and a Qualified Person as defined by Canadian National Instrument 43-101. Mr Fouche consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report pertaining to Mineral Resources and Ore Reserves for the Etango deposit is extracted from the report entitled "Etango Uranium Project Optimisation Study November 2015" and is available to view on . The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, which all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
All material assumptions detailed in this report and underpinning the production target and forecast financial information in the DFS Optimisation Study (as previously announced on 11 November 2015 in compliance with Listing Rule 5.16 and 5.17) continue to apply and have not materially changed.
ABN 34 113 017 128
Contacts:
Bannerman Resources Limited
Len Jubber
Chief Executive Officer
Perth, Western Australia
+61 (8) 9381-1436
Bannerman Resources Limited
Robert Dalton
Financial Controller & Company Secretary
Perth, Western Australia
+61 (8) 9381-1436
Spyros Karellas
Investor Relations
Toronto, Ontario, Canada
+1 (416) 433-5696
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Datum: 28.01.2016 - 12:00 Uhr
Sprache: Deutsch
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PERTH, AUSTRALIA
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Mining & Metals
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