Proactiveinvestors United Kingdom Bannerman Resources Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Bannerman Resources Ltd RSS feed en Thu, 18 Jul 2019 18:10:03 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Bannerman highlights improving sentiment in uranium market ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/6729/bannerman-highlights-improving-sentiment-in-uranium-market-6729.html Fri, 13 Jan 2017 15:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/6729/bannerman-highlights-improving-sentiment-in-uranium-market-6729.html <![CDATA[News - Bannerman Resources Ltd strengthens marketing and project financing capabilities ]]> https://www.proactiveinvestors.co.uk/companies/news/165391/bannerman-resources-ltd-strengthens-marketing-and-project-financing-capabilities-70442.html Bannerman Resources Ltd (ASX:BMN; NSX:BMN) has appointed Nuclear Fuel Associates LLC and Fivemark Partners to strengthen the company's strategic, uranium marketing and project financing capabilities.

The engagement of these advisers is directed at ensuring Bannerman advances product marketing and project financing initiatives for its wholly-owned Etango Uranium Project through the current trough in uranium market conditions.

Bannerman said that it considers this critical in maintaining and capitalising on its advanced project status and early mover advantage in the global uranium development sector.

Brandon Munro, chief executive officer for Bannerman, commented:

“The appointment of Nuclear Fuel Associates and Fivemark Partners ensures we can maintain our early mover status by condensing uranium marketing and project financing lead times as and when uranium market conditions begin to strengthen.

"The willingness of such high calibre partners to accept equity incentive weighted payment underscores their confidence in the Bannerman team, the Etango Project and their positive outlook for uranium prices.”


Etango's potential

Etango is located near Rio Tinto Ltd’s (ASX:RIO) Rössing uranium mine, Paladin Energy Ltd’s (ASX:PDN) Langer Heinrich uranium mine and China General Nuclear Power Corp’s Husab uranium mine where construction is nearing completion.

A Definitive Feasibility Study (DFS) has confirmed the technical, environmental and financial (at consensus long term uranium prices) viability of a large open pit and heap leach operation.

Since 2015, Bannerman has conducted a large scale heap leach demonstration program to provide further assurance to financing parties and generate process information.

Based on the DFS, production is expected to be 7-9 million pounds U3O8 per year for the first five years and 6-8 million pounds U3O8 per year thereafter.

Current mine life of 16 years has significant expansion potential through the conversion of existing Inferred Resource as well as the deposit being open at depth.


Analysis

Bannerman is in the unique position of being an advanced, large scale project in a secure jurisdiction that is unaligned with any major uranium companies or state owned entities.

These factors are highly appealing to nuclear utilities who wish to secure long term reliable supply.

The uranium production sector by its nature is unable to adequately respond to supply challenges.

Munro has resided in Namibia for over 5 years and will be looking to draw on this experience and his transactional background to progress Etango.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 15 Aug 2016 12:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165391/bannerman-resources-ltd-strengthens-marketing-and-project-financing-capabilities-70442.html
<![CDATA[News - Bannerman Resources Ltd progresses Etango uranium project under new CEO ]]> https://www.proactiveinvestors.co.uk/companies/news/150037/bannerman-resources-ltd-progresses-etango-uranium-project-under-new-ceo-70045.html Bannerman Resources Ltd (ASX:BMN) has just completed its first quarter at the reins of new CEO, Brandon Munro.

Munro has resided in Namibia for over 5 years and will be looking to draw on this experience and his transactional background to progress forward the Etango Uranium Project located in Namibia.

The June quarter saw the successful completion of Phase 4 of the heap leach demonstration plant program, renewal of Prospecting Licence 3345 and cost savings via a de-listing from the Toronto Stock Exchange.

After de-risking Etango’s project financing through completing Phase 4 of the program, Bannerman has flagged positive news from Phase 5, the final phase focused on further optimisation.

By delivering genuine proof of concept via this program Bannerman is able to deliver a stronger proposal to project financing partners.

The program has also outperformed several parameters in the Etango Definitive Feasibility Study, creating further opportunities for optimising the project’s cost parameters.


Brandon Munro

Munro was appointed CEO and managing director on 9 March, 2016. He is a former corporate lawyer with 18 years’ experience in leading Australian commercial law firms and executive management roles.

Between 2009 and 2011 Munro worked as a General Manager for Bannerman in Namibia before becoming managing director of ASX-listed Kunene Resources Ltd, a company focused on base metals exploration in Namibia, until completion of a reverse takeover in late 2015.

Whilst running Kunene, Munro demonstrated broad transactional skills.

He aggregated a contiguous block of 11 Exclusive Prospecting Licences totalling 400,000 hectares of prime exploration ground, brought the Namibian Former Robben Island Political Prisoners Trust to the table as a prime local partner and joint ventured the project with First Quantum Minerals, bringing the leading African copper producer to Namibia for the first time.

After living in Namibia for more than 5 years, Munro has built extensive relationships with the Namibian Government and the wider community.

He served in advisory roles with the Namibian Uranium Association and the Chamber of Mines and continues as a Trustee of high-profile conservation NGO, Save the Rhino Trust.


Etango uranium project

Bannerman’s principal asset is its 100%-owned Etango Project located near Rio Tinto Ltd’s (ASX:RIO) Rössing uranium mine, Paladin Energy Ltd’s (ASX:PDN) Langer Heinrich uranium mine and China General Nuclear Power Corp’s Husab uranium mine where construction is nearing completion.

A definitive feasibility study (DFS) has confirmed the technical, environmental and financial (at consensus long term uranium prices) viability of a large open pit and heap leach operation.

Since 2015, Bannerman has conducted a large scale heap leach demonstration program to provide further assurance to financing parties and generate process information.

Based on the DFS, production is expected to be 7-9 million pounds U3O8 per year for the first five years and 6-8 million pounds U3O8 per year thereafter.

Current mine life of 16 years has significant expansion potential through the conversion of existing Inferred Resource as well as the deposit being open at depth.

Heap Leach Demonstration Plant (Phases 1-5)

The plant program is an integral step towards the Etango project’s detailed engineering and financing phases.

Phase 1 - Commissioning (complete)
Phase 2 - Reproducibility (complete)
Phase 3 - Solution Recycle (complete)
Phase 4 - Solvent Extraction (complete)
Phase 5 - Value Engineering (in progress)

The completion of Phase 4 test work has now delivered final validation across all aspects of the planned process route for the Etango Project.

The results point to exceptionally good heap leaching kinetics: an extraction of 93% is achieved within only 20 days with low acid consumption and no solvent extraction complications.

The objective of Phase 5 is to conduct optimisation studies in conventional crushed ore, binders and coarser crushed ore, which again will look to improve on project economics.


Uranium Market

The unsustainably low uranium price environment has started to have an effect on primary supply.

Cameco Corporation (TSE:CCO), the world’s largest uranium producer, announced suspension of operations at its Rabbit Lake mine and has signalled a reduction for 2016 production at McArthur River and has deferred wellfield development at its in-situ leach (ISR) operations in the U.S.

Bannerman believes that primary supply will continue to be interrupted unless uranium prices increase in the short term.

Uranium demand projections indicate strong growth in the medium to long term, particularly in light of the vital role nuclear power must play in containing climate change.

A number of global events are supportive of nuclear power:

- The U.S. recently connected their first new nuclear reactor in 20 years, extended the operating life of a reactor to 80 years and joined Canada and Mexico in setting aggressive clean energy targets;
- The Swedish parliament has agreed to abolish tax on nuclear power;
- China’s nuclear program progresses forward with five new reactors completed year to date.

These developments bode well for Bannerman, which is widely regarded as offered the greatest leverage to a recovering uranium price of any traded uranium stock.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 27 Jul 2016 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150037/bannerman-resources-ltd-progresses-etango-uranium-project-under-new-ceo-70045.html
<![CDATA[News - Bannerman Resources demonstrates heap leaching success at Etango Uranium Project ]]> https://www.proactiveinvestors.co.uk/companies/news/150036/bannerman-resources-demonstrates-heap-leaching-success-at-etango-uranium-project-69666.html Bannerman Resources Ltd (ASX:BMN; NSX:BMN) has successfully completed Phase 4 of the Etango Heap Leach Demonstration Plant Program for its Etango uranium project in Namibia.

The completion of Phase 4 test work has now delivered final validation across all aspects of the planned process route for the Etango Project.

The results point to exceptionally good heap leaching kinetics: an extraction of 93% is achieved within only 20 days with low acid consumption and no solvent extraction complications.

By delivering genuine proof of concept via this program Bannerman has definitively proven the heap leaching aspect of the project is feasible.

This further de-risks the uranium project, which will assist Bannerman in its search for project partners.

Bannerman will now move on to the final Phase 5 of the program, which will look to further optimise the process.


Brandon Munro, CEO, commented

“The outstanding results from Phase 4 signal the definitive success of the Demonstration Plant Program.

“The program has conclusively achieved its core objective of technically de-risking the heap leaching process for Etango.

“In validating the definitive feasibility study design parameters and confirming projected performance the program has also identified clear opportunities to enhance the project’s financial performance.”


Background

Bannerman’s principal asset is its 100%-owned Etango Project located near Rio Tinto Ltd’s (ASX:RIO) Rössing uranium mine, Paladin Energy Ltd’s (ASX:PDN) Langer Heinrich uranium mine and China General Nuclear Power Corp’s Husab uranium mine currently under construction.

A definitive feasibility study (DFS) has confirmed the technical, environmental and financial (at consensus long term uranium prices) viability of a large open pit and heap leach operation.

Since 2015, Bannerman has conducted a large scale heap leach demonstration program to provide further assurance to financing parties and generate process information.

Based on the DFS, production is expected to be 7-9 million pounds U3O8 per year for the first five years and 6-8 million pounds U3O8 per year thereafter.

Current mine life of 16 years has significant expansion potential through the conversion of existing Inferred Resource as well as the deposit being open at depth.


Heap Leach Demonstration Plant (Phases 1-5)

The plant program is an integral step towards the Etango project’s detailed engineering and financing phases.

Phase 1 - Commissioning (complete)
Phase 2 - Reproducibility (complete)
Phase 3 - Solution Recycle (complete)
Phase 4 - Solvent Extraction (complete)
Phase 5 - Value Engineering (in progress)

The objective of Phase 5 is to conduct optimisation studies in conventional crushed ore, binders and coarser crushed ore, which again will look to improve on project economics.


Licencing update

Bannerman has had its Namibian prospecting licence renewed, which hosts the 100% owned Etango uranium project.

The renewal of Exclusive Prospecting Licence 3345 will last until 25 April 2017.

The company’s mining licence application is likely to be refused, with the Ministry of Mines and Energy notifying the company of this intention due to the current low uranium prices.

The granted environmental clearances remain valid and Bannerman retains the right to re-apply for a mining licence when the uranium market recovers.

Etango is one of the world’s largest undeveloped uranium deposits with environmental permitting set to be a top 10 producer.


Analysis

Phase 4 test work has confirmed the viability of the heap leaching process, which significantly de-risks the uranium project, both technically and financially.

Taken as a whole, the results of the demonstration program are exceptional: achieving 93% extraction from heap leaching is impressive, particularly in only 20 days.

Further, the ore is ideal from a low acid consumption perspective, reducing one of the largest variable costs in the processing flowsheet.

Finally, the solvent extraction trials in Phase 4 show that there are no impurities in the leach solution and the uranium in solution fully loads within 30 seconds.

The overall result is very positive as Bannerman can now definitively say the demonstration plant is a success.

In turn, this removes one of the key potential risks a financing party or lender would be concerned about; heap leaching is not used often in uranium, although proposed adoption of heap leaching at Olympic Dam validates its suitability.

This advances Bannerman’s unique position as owning one of the world’s largest undeveloped uranium projects that is development ready as soon as the uranium market shows signs of recovery.

Phase 5, currently in progress, which plans to further improve the process and reduce costs, has seen initial outcomes showing clear potential for adoption of coarser grind sizes and lower reagent usage.

The board has made a strong decision to continue advancing the project in this challenging uranium price climate, which demonstrates confidence in the project.

The outcome of this success is that Bannerman is primed to benefit when uranium prices turn.

During June, Namibia’s President held talks with Indian delegates reiterating their commitment to supplying India with uranium.

This could strengthen demand for Namibia’s uranium as India signed a treaty with Namibia in 2009 for the peaceful nuclear energy use but is yet to be implemented.

Given China and Russia also have ambitious nuclear programs, Bannerman’s Etango has sufficient scale and technical simplicity to be strategically important.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 07 Jul 2016 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150036/bannerman-resources-demonstrates-heap-leaching-success-at-etango-uranium-project-69666.html
<![CDATA[News - Bannerman Resources Ltd completes voluntary de-listing from Toronto Stock Exchange ]]> https://www.proactiveinvestors.co.uk/companies/news/150035/bannerman-resources-ltd-completes-voluntary-de-listing-from-toronto-stock-exchange-68557.html Bannerman Resources Ltd's (ASX:BMN; NSX:BMN) has outlined that its application for a voluntary de-listing of its securities from trading on the Toronto Stock Exchange (TSX) has been accepted.

The company's securities will be de-listed from the TSX with effect from the close of business on 11 May 2016.

No change will occur to the quotation and trading of Bannerman shares on the Australian Securities Exchange or the Namibian Stock Exchange.

Bannerman is focused on the wholly-owned Etango uranium project in Namibia.

Etango is one of the world’s largest undeveloped uranium deposits replete with environmental permitting and will be a top 10 producer once developed within a strong de-risked uranium jurisdiction, Namibia.

Based on the DFS, production is expected to be 7-9 million pounds U3O8 per year for the first five years and 6-8 million pounds U3O8 per year thereafter.

Current mine life of 16 years has significant expansion potential through the conversion of existing Inferred Resource as well as the deposit being open at depth.


Canadian shareholders

After the de-listing date and until a transfer to the Australian register is effected, shareholders on the Canadian register and beneficial shareholders holding their securities through a CDS participant/broker will not be able to trade their shares on the ASX and their holdings will remain on the Canadian share register.

Securities held on the Canadian register which have not been transferred by 10 June 2016 will automatically be transferred to an Issuer Sponsored Holding on the Australian share register.

Once this occurs, these shareholders will be able to sell their shares on ASX by quoting their Shareholder Reference Number (SRN) to their broker.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 11 May 2016 15:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150035/bannerman-resources-ltd-completes-voluntary-de-listing-from-toronto-stock-exchange-68557.html
<![CDATA[News - Bannerman Resources Ltd to de-list from Toronto Stock Exchange ]]> https://www.proactiveinvestors.co.uk/companies/news/150034/bannerman-resources-ltd-to-de-list-from-toronto-stock-exchange-68309.html Bannerman Resources Ltd (ASX:BMN; TSX:BAN; NSX:BMN) has applied for a voluntary de-listing of its securities from trading on the Toronto Stock Exchange.

Bannerman said the move is due to several factors, including the limited trading volume of its shares on the TSX over a sustained period of time, and the move will also provide regulatory and other cost savings.

Over a 12 month period to the end of March 2016, 90% of securities traded occurred on the ASX. While, about 3.5% of Bannerman’s shares are held on the Canadian register.

Subject to the application being accepted, it is expected that the company’s securities will be de-listed and therefore no longer traded on the TSX after close of trading on Wednesday 11 May 2016.

The de-listing date will be announced following confirmation from the TSX.

No change will occur to the quotation and trading of Bannerman shares on the Australian Securities Exchange or the Namibian Stock Exchange.

Bannerman is focussed on it uranium interests in Namibia, which includes the wholly-owned Etango project.

Etango is one of the world’s largest undeveloped uranium deposits.


Implications for holders on the Canadian register

In order to trade their securities on the ASX, Canadian beneficial holders will need to have their holdings transferred to the Australian share register.

Bannerman said that after the proposed de-listing date of 11 May 2016 and until a transfer to the Australian register is effected, shareholders on the Canadian register and beneficial shareholders holding their securities through a CDS participant/broker will not be able to trade their shares on the ASX and their holdings will remain on the Canadian share register.

Securities held on the Canadian register which have not been transferred by 10 June 2016 will automatically be transferred to an Issuer Sponsored Holding on the Australian share register.

Once this occurs, these shareholders will be able to sell their shares on ASX by quoting their Shareholder Reference Number (SRN) to their broker.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 27 Apr 2016 17:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150034/bannerman-resources-ltd-to-de-list-from-toronto-stock-exchange-68309.html
<![CDATA[News - Bannerman Resources Ltd updates results from uranium pilot plant in Namibia ]]> https://www.proactiveinvestors.co.uk/companies/news/150033/bannerman-resources-ltd-updates-results-from-uranium-pilot-plant-in-namibia-67931.html Bannerman Resources Ltd (ASX:BMN; TSX:BAN; NSX:BMN) will look to lower operating and capital costs thanks to results from Phase 3 of the Heap Leach Demonstration Plant Program at its 100% owned Namibian uranium project, Etango.

The Phase 3 results are similar to or better than the assumptions used in the Etango Definitive Feasibility Study (DFS) providing for continued optimisations.

Phase 3 involved trial leaching of Etango ore in a configuration designed to mirror the set-up of a full-scale heap operation.  Not only did the results confirm the DFS assumptions – a significant step in further de-risking the project – but it bettered the DFS assumptions in several key areas including acid consumption and clarity of solution.

Etango is one of the few uranium projects in the world with a completed Definitive Feasibility Study that confirmed the technical, environmental and financial (at consensus long term uranium prices) viability of a large open pit and heap leach operation.

Etango is one of the world’s largest undeveloped uranium deposits replete with environmental permitting and will be a top 10 producer once developed within a strong de-risked uranium jurisdiction, Namibia.

Based on the DFS, production is expected to be 7-9 million pounds U3O8 per year for the first five years and 6-8 million pounds U3O8 per year thereafter.

Current mine life of 16 years has significant expansion potential through the conversion of existing Inferred Resource as well as the deposit being open at depth.


DFS optimisations

The leach extraction was faster and displayed higher recoveries resulting in a ~93% recovery from a 90 tonne sample over 22 days compared to the DFS projection of 87%.

On average 13.6 kg/tonne of sulphuric acid was consumed within the cribs compared with the DFS projection of 17.6 kg/tonne (that is, a 23% better performance than the numbers used in the DFS).

No metallurgical problems were encountered in the process due to clean and uniform material properties.

No evidence of build-up of deleterious elements occurring during the recycling of leach solution, which will result in a high purity product and presents an opportunity to change or remove the two pinbed clarifiers in the DFS flowsheet.

The growing metallurgical database now reflects large scale testing of 273 tonnes of material since commencement of the heap leach demonstration plant program in April 2015.


Heap Leach Demonstration Plant (Phases 1-5)

The plant program is an integral step towards the Etango project’s detailed engineering and financing phases.

Phase 1 - Commissioning (complete)
Phase 2 - Reproducibility (complete)
Phase 3 - Solution Recycle (complete)
Phase 4 - Solvent Extraction (In progress)
Phase 5 - Value Engineering (June Q, 2016 commencement)

The objective of Phase 4 is to demonstrate the solvent extraction process and assumptions in the DFS.

The objective of Phase 5 is to conduct optimisation studies in conventional crushed ore, binders and coarser crushed ore, which again will look to improve on project economics.


Analysis

Bannerman continues to optimise the DFS with a focus on reducing operating and capital costs, which in turn de-risks the Etango process route and adds to the significant body of high quality technical work that supports the Etango project.  

The Phase 3 results give Bannerman multiple avenues for revisiting key operating assumptions such as acid consumption (the largest reagent cost and second only to diesel as an operating cost sensitivity).  These results also raise opportunities to reduce capital costs, for instance through removing or changing the two clarifiers included in the DFS flowsheet.

We expect Bannerman to work these results into a further optimisation of the DFS that can incorporate any value engineering gains from Phase 4 and 5 of the Demonstration Plant, as well as further revisiting a set of operating cost assumptions that were embedded into the DFS during a global mining boom. 

Any significant operating cost wins would then enable review of grade cut-offs and pit design which may deliver further scale to an already massive project.

The size and scale as well as strategic location of Etango implies it is likely to be one of few uranium significant projects that can be brought into production to meet demand in the next two years.
 
Significantly, the Etango project is located near to Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine - under construction, providing a platform for strategic partnering and future off take discussions.

In summary, the Etango heap leach demonstration program is a key step toward project de-risking, financing and project development.  Demonstration Plant results have thus far confirmed one of Etango’s key advantages: the ability of the Etango ore to leach quickly with low acid consumption and no complications positions Etango as a remarkably simple project.  

Further, as confidence in Etango’s technical simplicity increases – and therefore delivery of uranium at an incentive price becomes more certain – the massive scale of Etango can be valued for its in-ground stockpile. 

Bannerman’s leverage to increasing uranium prices is second to none.  Additionally, Etango has a substantial value even in current depressed prices owing to its capacity to offer future supply certainty to the world’s largest current and future consumers of nuclear fuel.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 07 Apr 2016 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150033/bannerman-resources-ltd-updates-results-from-uranium-pilot-plant-in-namibia-67931.html
<![CDATA[News - Bannerman Resources Ltd CEO steps down ]]> https://www.proactiveinvestors.co.uk/companies/news/150032/bannerman-resources-ltd-ceo-steps-down-67409.html Bannerman Resources Ltd (ASX:BMN,TSX: BAN) has announced that chief executive officer, Len Jubber will step down after 7 years which included completion of the Etango Definitive Feasibility Study and the building and operation of the Etango Heap Leach Demonstration Plant in Namibia.

Jubber has resigned to pursue other business interests and under his watch also completed the corporate transactions in 2015 that have resulted in the company owning 100% of Etango and becoming debt free.

Brandon Munro has been appointed as managing director and chief executive officer after serving as general manager – corporate development and general manager (Namibia) between 2009 and 2011.

Munro is a non-executive director of ASX-listed technology companies Rewardle Holdings Limited (ASX:RXH) and Novatti Group Limited (ASX:NOV).

He serves as a Trustee of Save the Rhino Trust, a high-profile Namibian NGO.

Ronnie Beevor, chairman of Bannerman, said: “The Board is very pleased to be appointing Brandon as Managing Director and CEO - someone who has previously worked for Bannerman, who has lived in Namibia and who has built up extensive relationships with the Namibian Government and the wider community.

"He has overseen the completion of the Etango Definitive Feasibility Study, the building and operation of the Etango Heap Leach Demonstration Plant that has more than confirmed the rapid heap leaching characteristics of the Etango orebody, and the recent Optimisation Study work on the DFS."


Milestones

During the December quarter, an optimisation study significantly reduced the Etango operating and capital costs and increased the first 5 full production year's profile.

The A$12 million convertible note debt was eliminated and the company is debt free. It raised A$4 million in new funding including an equity placement of approximately 63.3 million new Bannerman shares to RCF VI at A$0.0474 per share.

The Etango project ownership is now 100% owned by Bannerman through acquiring 20% vendor interest.

Results from Phase 2 of the Heap Leach Demonstration Plant Program further highlighted the robustness of the Etango DFS and optimisation study.

Jubber created a strong platform from which to engage with parties interested in participating in the development of the Etango project.

 

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 09 Mar 2016 13:35:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150032/bannerman-resources-ltd-ceo-steps-down-67409.html
<![CDATA[News - Bannerman Resources goes debt free, adds $3M to uranium budget ]]> https://www.proactiveinvestors.co.uk/companies/news/150031/bannerman-resources-goes-debt-free-adds-3m-to-uranium-budget-66410.html Bannerman Resources (ASX:BMN; TSX:BAN; NSX:BMN) has formally taken 100% control of its Etango uranium project in Namibia, establishing the company as debt free and funded for the operation of a demonstration plant and working capital needs.

Following up on an ownership consolidation move first announced in October, Bannerman has confirmed the acquisition of a 20% additional interest in Etango, the extinguishing of its debt and completion of a new funding arrangement.

The transactions entailed acquisition of the minority interest in Etango from the current owners (represented by Mr Clive Jones) for payment of approximately 123.4 million new Bannerman shares and A$1 million in cash.

The manoeuvre also involved the extinguishment of the A$12 million convertible notes through a conversion of A$8 million of the convertible notes held by Resource Capital Fund into Bannerman shares at the given conversion price of A$0.075 per share and the sale of a 1.5% royalty over Etango to RCF for A$6 million.

Sale of the royalty includes A$2 million in cash and extinguishment of the residual convertible notes held by RCF (comprising A$4 million).

Importantly, a $3 million capital raising through an equity placement of about 63.3 million new Bannerman shares at A$0.0474 per share to RCF has also been arranged.
 
The development is considered a significant step in the funding of Etango and an encouraging sign of support by a major investor in the company.


Etango progress

Completion of the corporate restructuring follows closely on from the Definitive Feasibility Study Optimisation Study released in November, which significantly enhanced Bannerman’s early mover advantage at a time when the global focus was once again focused on the need for more clean energy.

The optimisation resulted in a dramatic improvement of the project’s net present value form US$69 million to US$419 million, with production averaging 7.2 million pounds of U3O8 a year over an initial 15.7-year open pit mine life.

The new demonstrate plant work has underlined the feasibility of this outlook with fast and high leach extraction on a 60-tonne sample.

Average Total leach extraction ranged from 91% to 93% during the trials, compared to an 87% rate projected in the DFS.

Success in process plant demonstrations has coincided with studies which have outlined a 17% reduction in life-of-mine operating costs to US$38 per pound of U3O8 and a 9% reduction in pre-production capital costs to US$793 million.

Post-tax internal rate of return has also improved from 9% to 15%, with payback from first production now expected in 4.4 years.

Total operating cashflow has been estimated at US$3.7 billion before capital and tax, while free cashflow of US$1.6 billion is expected after capital and tax.

Peak annual free cash flow is contemplated at US$392 million.

Bannerman can also reduce upfront capital by about US$56 million through the use of leased equipment in its fleet.

Importantly, the streamlined economics at Etango are supported by both better-than-expected results from the heap leaching operation, logistics improvements and enhanced mining metrics, including a reduction of strip ratio from 3.3 in the original DFS to 2.8.

This will flow from a 16.4% increase in annual output during the first five full years of production to 9.2 million pounds of U3O8.

Measured and indicated resources at Etango total 165 million pounds of U3O8.


Analysis

The transactions with RCF deliver Bannerman a debt free balance sheet with new funding for 2016 that allows Etango to be taken to the next stage.

In addition to the greater economic interest, consolidation of the holding structure in Etango is expected to provide considerable structural benefits when project financing is sought for development.

The establishment of a 1.5% royalty over Etango as part of the proposed elimination of the debt and a capital raising is a pragmatic solution to the A$12 million convertible notes which are otherwise due for repayment by September 2016.

That RCF has elected to take additional equity at almost $0.05 per share reflects RCF's support and highlights its confidence in the upside in Bannerman shares, which currently appear highly undervalued.


Proactive Investors is a global leader in financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 04 Jan 2016 10:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150031/bannerman-resources-goes-debt-free-adds-3m-to-uranium-budget-66410.html
<![CDATA[News - Bannerman Resources files key technical report on Etango Uranium Project ]]> https://www.proactiveinvestors.co.uk/companies/news/150030/bannerman-resources-files-key-technical-report-on-etango-uranium-project-66362.html Bannerman Resources (ASX:BMN, TSX:BAN, NSX:BMN) has now filed its Technical Report on the company’s Etango Uranium Project with the Canadian securities regulators.

Etango is located in Namibia, a premier uranium mining jurisdiction with nearby infrastructure and demonstrated political and social support for uranium mining operations.

This is in accordance with the company’s ongoing disclosure obligations for the Toronto Stock Exchange listing.

The report is a comprehensive summary of the recently-completed Optimisation Study on the geological modelling and mine planning aspects of the Etango Definitive Feasibility Study (DFS).

The DFS was compiled in April 2012.

The Optimisation Study also reflects updated capital and operating cost estimates, and has significantly enhanced the project economics.

This re-enforces Etango to be a globally significant uranium project with average annual forecast production of 7.2 million pounds U3O8 per year over a 15.7 year mine life.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 29 Dec 2015 14:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150030/bannerman-resources-files-key-technical-report-on-etango-uranium-project-66362.html
<![CDATA[News - Bannerman Resources schedules Extraordinary General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/news/150029/bannerman-resources-schedules-extraordinary-general-meeting-66135.html Bannerman Resources (ASX:BMN, TSX:BAN, NSX:BMN) sent out its Notice of Extraordinary General Meeting (EGM) at the end of November, with the EGM to be held on Tuesday 29th December 2015.


Waiver of Condition Precedent

Bannerman also advised that RCF IV and RCF VI have now waived, as a condition to the Proposed Transaction, the renewal of the company’s exclusive prospecting licence (EPL 3345) in respect of the Etango Project.

Etango is located in Namibia, and is a development-ready uranium project with world class scale and simplicity.

Bannerman said that the waiver eliminates the completion risk associated with the delay in the renewal of EPL 3345.

The company added that it remains confident that renewal of EPL 3345 will be received in due course.

Subject to satisfying the remaining conditions precedent, notably shareholder approval at the EGM, the company is on track to complete the transactions by year end.

Therefore, Bannerman is poised to enter 2016 with 100% ownership of the world class Etango Uranium Project, no debt and net new funding of A$4 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 14 Dec 2015 08:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150029/bannerman-resources-schedules-extraordinary-general-meeting-66135.html
<![CDATA[News - Bannerman Resources tastes further success at Etango uranium ]]> https://www.proactiveinvestors.co.uk/companies/news/150028/bannerman-resources-tastes-further-success-at-etango-uranium-65748.html Bannerman Resources (ASX:BMN; TSX:BAN; NSX:BMN) has substantially de-risked heap leaching operations at its Etango uranium project in Namibia with more success in an ongoing plant demonstration program.

The latest results from the program have further supported assumptions and projections outlined in the Definitive Feasibility Study as well as subsequent DFS optimisations.

A recent optimisation of Etango resulted in a dramatic improvement of the project’s net present value form US$69 million to US$419 million, with production averaging 7.2 million pounds of U3O8 a year over an initial 15.7-year open pit mine life.

The new demonstrate plant work has underlined the feasibility of this outlook with fast and high leach extraction on a 60-tonne sample.

Average Total leach extraction ranged from 91% to 93% during the trials, compared to an 87% rate projected in the DFS.

A sulphuric acid consumption recorded at a rate of 18 kilograms per tonne in the DFS was further reduced to 15 kilograms per tonne.

Visual observation confirmed uniform percolation through the material and integrity of the agglomerate while other performance metrics indicated the DFS scale-up factors would be conservative.

Large-scale testing of 180 tonnes of material since the start of heap leach demonstration plant work in April has established a significant metallurgical database.
 

Improved economics

Success in process plant demonstrations has coincided with studies which have outlined a 17% reduction in life-of-mine operating costs to US$38 per pound of U3O8 and a 9% reduction in pre-production capital costs to US$793 million.

Post-tax internal rate of return has also improved from 9% to 15%, with payback from first production now expected in 4.4 years.

Total operating cashflow has been estimated at US$3.7 billion before capital and tax, while free cashflow of US$1.6 billion is expected after capital and tax.

Peak annual free cash flow is contemplated at US$392 million.

Bannerman can also reduce upfront capital by about US$56 million through the use of leased equipment in its fleet.

Importantly, the streamlined economics at Etango are supported by both better-than-expected results from the heap leaching operation, logistics improvements and enhanced mining metrics, including a reduction of strip ratio from 3.3 in the original DFS to 2.8.

This will flow from a 16.4% increase in annual output during the first five full years of production to 9.2 million pounds of U3O8.

Measured and indicated resources at Etango total 165 million pounds of U3O8.


Corporate update

The recent operational refinements at Etango have also paralleled ownership consolidation, debt extinguishing and new funding for Bannerman.

The company has confirmed the terms of a move announced last month to acquire 100% ownership of the project via an arrangement with major shareholders Resource Capital Fund IV L.P., Resource Capital Fund VI L.P. and Mr Clive Jones, a Bannerman director and shareholder.

The transactions will result in Bannerman not only taking full control of Etango, but becoming debt free and securing A$4 million through a $1 million cash payment and an equity placement of about 63.3 million shares to RCF VI for $3 million.

The deal is also set to result in the extinguishment of $12 million in debt through the conversion of convertible notes held by RCF into Bannerman shares and the sale of a 1.5% royalty over Etango to RCF for $6 million.

The shareholdings of RCF IV and RCF VI would move to about 20.4% and 19.3% of Bannerman’s issued share capital, respectively. The shareholding of Clive Jones has the potential to increase to about 19.6%, assuming that all relevant shares are issued to him rather than his nominees. 


Analysis

The latest results from the heap leach demonstration program at Etango indicate that the project’s DFS and DFS optimisation assumptions may be conservative, with significant room to benefit from increased efficiencies.

This will no doubt provide further comfort to those parties interested in future offtake or participation in the project development, or both.

Success in the large-scale testing has also supported the project with a substantial metallurgical database and served to de-risk the processing flowsheet, a critical optimisation consideration in the uranium sector.

The results confirm the low technical risk associated with the processing flowsheet. This is in addition to the proven mining configuration adopted in the DFS and DFS Optimisation Studies and location in arguably the premier uranium mining jurisdiction status of Namibia.

The demonstration plant results also support the potential to unlock further value suggested by unconverted resources at the site and the recent DFS optimisation work, which resulted in a six-fold increase in Etango’s net present value to US$419 million.

This work further illustrates Etango’s early-mover advantage within the consensus forecast improvement for the uranium and establishes a sound project platform for Bannerman to engage with global nuclear players during the marketing process.

Etango is clearly at the forefront of the global development pipeline of projects likely to produce at or above 2 million pounds of U3O8 per annum.

Jurisdictionally, it benefits from proximity to a uranium export-rated port at Walvis Bay, only 47 kilometres away, and political stability in Namibia.

Namibia has been ranked the most attractive African investment jurisdiction by the Fraser Institute Mining Company Survey.

Also, consolidation of Bannerman’s ownership of Etango is expected to provide considerable structural benefits when project financing is sought for development. The transactions with RCF rend Bannerman debt free with new funds that allow Etango to be taken to the next stage.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 23 Nov 2015 12:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150028/bannerman-resources-tastes-further-success-at-etango-uranium-65748.html
<![CDATA[News - Bannerman Resources marks huge improvements in uranium economics ]]> https://www.proactiveinvestors.co.uk/companies/news/150027/bannerman-resources-marks-huge-improvements-in-uranium-economics-65531.html Bannerman Resources (ASX:BMN; TSX:BAN; NSX:BMN) has slashed costs and increased the value of its Etango uranium project in Namibia six-fold as feasibility optimisations offer a strongly enhanced investment scenario.  

An Optimisation Study on the geological modelling and mine planning aspects of Etango has improved the project’s net present value from US$69 million to $US419 million.

The revision of 2012 Definitive Feasibility Study results also outlined a 17% reduction in life-of-mine operating costs to US$38 per pound of U3O8 and a 9% reduction in pre-production capital costs to US$793 million.

Post-tax internal rate of return has also improved from 9% to 15%, with payback from first production now expected in 4.4 years.

Other outcomes of the study included total operating cash flow of US$3.7 billion before capital and tax, as well as free cash flow of US$1.6 billion after capital and tax.

Peak annual free cash flow was contemplated at US$392 million.

This will flow from a 16.4% increase in annual output during the first five full years of production to 9.2 million pounds of U3O8.

Average annual production was estimated at 7.2 million pounds of U3O8 over an initial 15.7-year open pit mine life, with a strip ratio improved from 3.3 in the original DFS to 2.8.

Measured and indicated resources at Etango total 165 million pounds of U3O8.


Accelerated production

The latest Optimisation Study demonstrates that Etango can produce more efficiently with lower movements.

This will be driven by the application of variable cut-off grade strategy, with lower grade ore being stockpiled initially and treated at the back end of the initial life of mine.

Operations will involve conventional truck-and-shovel open pit mining with radiometric scanning grade control and lower cut-off grades as a result of favourable cost and process parameters.

Bannerman can also reduce upfront capital by about US$56 million through the use of leased equipment in its fleet.

Processing testwork has foreshadowed an enhanced production profile at Etango, with results demonstrating relatively low acid consumption and rapid leach kinetics achieving more than 90% extraction after 14 days.

Power costs have been estimated at only US$0.10/kWh.


First-class jurisdiction

With a stable government and fiscal regime, Namibia is a well-regarded mining jurisdiction, particularly in the uranium sector, where it is the world’s fifth largest producer.

It is also ranked the most attractive African investment jurisdiction by the Fraser Institute Mining Company Survey.

The country boasts an effective uranium permitting and regulatory process with a strong track record, including three new uranium mines permitted and constructed over the past 10 years.

In this context, Etango further benefits from proximity to a uranium export-rated port at Walvis Bay, only 47 kilometres away.

Established infrastructure chains in the country already support uranium project development and operations such as the Rossing, Langer Heinrich and Husab mines.

Grid power is planned to be supplied via a 35 MVA supply to the Etango site while water will be sourced from a nearby 20-gigalitres-per-annum desalination plant.


Corporate update

Operational refinements at Etango have coincided with an ownership consolidation, debt extinguishing and new funding for Bannerman.

The company has confirmed the terms of a move announced last month to acquire 100% ownership of the project via an arrangement with major shareholders Resource Capital Fund IV L.P., Resource Capital Fund VI L.P. and Mr Clive Jones, a Bannerman director and shareholder.

The transactions will result in Bannerman not only taking full control of Etango, but becoming debt free and securing A$4 million through a $1 million cash payment and an equity placement of about 63.3 million shares to RCF VI for $3 million.

The deal is also set to result in the extinguishment of $12 million in debt through the conversion of convertible notes held by RCF into Bannerman shares and the sale of a 1.5% royalty over Etango to RCF for $6 million.

The shareholdings of RCF IV and RCF VI would move to about 20.4% and 19.3% of Bannerman’s issued share capital, respectively. The shareholding of Clive Jones has the potential to increase to about 19.6%, assuming that all relevant shares are issued to him rather than his nominees.  


Analysis

The Optimisation Study further establishes Etango as an advanced project with an early-mover advantage within the consensus forecast improvement for uranium market activity and pricing.

This establishes a sound project platform for Bannerman to engage with the global nuclear industry and promote Etango during this educating and marketing process.

The study has strongly repositioned the project, demonstrating economics that are highly competitive at consensus incentive long term uranium prices and confirming the technical robustness of the DFS.

This clearly places Etango at the forefront of the global development pipeline of projects likely to produce at or above 2 million pounds of U3O8 per annum.

Also, favourable processing testwork results and unconverted resources at the site offer considerable potential to further improve the economics of the project.

Etango also benefits from an uncommonly friendly jurisdiction for uranium in Namibia where three major uranium mines have been permitted and largely constructed during the past 10 years.

Meanwhile, consolidation of Bannerman’s ownership of Etango is expected to provide considerable structural benefits when project financing is sought for development. The transactions with RCF rend Bannerman debt free with new funds that allow Etango to be taken to the next stage.

The project is also well positioned with regard to macro trends in the uranium and nuclear space. As the global imperative to reduce greenhouse gas emissions evolves, nuclear energy as a baseload electricity source is expected to play a central role in meeting the growth of future energy needs.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 11 Nov 2015 11:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150027/bannerman-resources-marks-huge-improvements-in-uranium-economics-65531.html
<![CDATA[News - Bannerman Resources moves to full ownership of Etango uranium ]]> https://www.proactiveinvestors.co.uk/companies/news/150026/bannerman-resources-moves-to-full-ownership-of-etango-uranium-65360.html Bannerman Resources (ASX:BMN; TSX:BAN; NSX:BMN) is following up positive news from the heap leach demonstration plant program at its Etango project in Namibia with a move to take full control of the asset.

The proposed transactions would result in Bannerman moving to 100% ownership of Etango, becoming debt free and securing funding for next year.

Discussions in this regard are currently underway with major shareholders Resource Capital Fund IV L.P., Resource Capital Fund VI L.P. and Mr Clive Jones, a Bannerman director and shareholder.


The proposed transactions contemplate:

- acquisition of the minority interest (20%) in Etango from the current owners (represented by Jones) for payment of approximately 123.4 million new Bannerman shares (which will represent approximately 17.7% of the enlarged issued share capital of the company) and A$1 million in cash;

- conversion of A$8 million of the convertible notes held by RCF into Bannerman shares at the given conversion price of A$0.075 per share;

- sale of a 1.5% royalty over Etango to RCF for A$6 million, comprising A$2 million in cash and extinguishment of the residual convertible notes held by RCF (A$4 million); and

- an equity placement of approximately 63.3 million new Bannerman shares to RCF at A$0.0474 per share to raise A$3 million in cash.

Under these terms, the shareholdings of RCF and Jones would move to approximately 38.7% and 11.05% of Bannerman’s issued share capital respectively.

The proposed transactions would be subject to the approval of Bannerman shareholders.


Etango progress

Proposal of the deal follows on from positive processing results released in July following commissioning and completion of Phase 1 at the  large-scale heap leach demonstration plant at Etango.

The demonstration plant aims to showcase and de-risk the project while highlighting its low technical risk.

As well as proving Etango technology, the heap leach plant also enables exhibiting the project  to potential investors and financiers.

Given the size of Etango (which is the fourth largest uranium-only project in the world based on ore reserves), this development will put Etango back on the map.

The project has demonstrated the potential to produce 6-9 million pounds of uranium oxide over a 16-year mine life based on current reserves of 279.6 million tonnes at an average grade of 194ppm U3O8 for 119.3 million pounds of contained U3O8.


Outlook and activities

Bannerman is currently completing an optimisation study on the Etango development model reflected in the existing definitive feasibility study.

The optimisation study focusses on the resource modelling and mine planning aspects of Etango and seeks to enhance the planned production schedule and projected net present value.

The key outcomes, including updated mineral resource and ore reserve estimates, are expected to be released in the current quarter.

DFS results so far have estimated that Etango could generate operating cashflow of US$2.7 billion before capital and tax, and free cashflow of US$923 million after capital and tax.


Analysis

Bannerman’s move to take full control and 100% ownership of Etango is a significant step in the development and future funding of the project. It also would render Bannerman debt free.

The establishment of a 1.5% royalty over Etango as part of the proposed elimination of the debt and a capital raising is a pragmatic solution to the A$12 million convertible notes which are otherwise due for repayment by September 2016.

That RCF has elected to take additional equity at almost $0.05 per share reflects RCF's support and highlights its confidence in the upside in Bannerman shares, which currently appear highly undervalued.

The timing is good augmenting the project’s ‘early mover’ status in a rising uranium price environment and given the positive heap leach demonstration plant results earlier this year at Etango.

Increased exposure to the project would position Bannerman to reap greater rewards from the optimisation work currently underway on the project’s DFS metrics.

This optimisation work represents a significant potential price catalyst for the company in the near-term since the existing DFS results already contemplate a US$2.7 billion cashflow.

Improved project economics for the project as a result of the optimisation work are expected to assist in attracting project financing and joint venturing partners.

Etango is one of the last globally significant scale uranium companies that are yet to be "picked-off" by a major.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 30 Oct 2015 13:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150026/bannerman-resources-moves-to-full-ownership-of-etango-uranium-65360.html
<![CDATA[News - Bannerman Resources granted additional time for corporate update ]]> https://www.proactiveinvestors.co.uk/companies/news/150024/bannerman-resources-granted-additional-time-for-corporate-update-65302.html Bannerman Resources' (ASX:BMN; TSX:BAN; NSX:BMN) has been granted additional time by the ASX to provide details of a corporate update.

Bannerman has entered into a voluntary suspension, and expects to make an announcement before the commencement of trading on 29 October 2015.

The company’s recent efforts have focused on optimising and de-risking the Etango uranium project in Namibia.

The Etango heap leach demonstration plant was successfully commissioned and Phase 1 supported the financial metrics from the definitive feasibility study.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 27 Oct 2015 12:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150024/bannerman-resources-granted-additional-time-for-corporate-update-65302.html
<![CDATA[News - Bannerman Resources shares spike just ahead of trading halt ]]> https://www.proactiveinvestors.co.uk/companies/news/150023/bannerman-resources-shares-spike-just-ahead-of-trading-halt-65256.html Bannerman Resources (ASX:BMN) has been placed in an ASX trading halt pending an announcement regarding a corporate update expected by October 27.

Shares in the company were last trading 35.3% higher at A$0.046.

The company’s recent efforts have focused on optimising and de-risking the Etango uranium project in Namibia.

The Etango heap leach demonstration plant was successfully commissioned and Phase 1 supported the financial metrics from the definitive feasibility study.

Looking ahead, the project optimisation work on the resource modelling and mine planning components of the DFS are progressing and a highly anticipated mineral resource and ore reserves statement is due for release by the end of the December 2015 quarter.

The Etango project remains one of the very few globally significant uranium projects that can be brought into production in the medium term. The Heap Leach Demonstration Plant program further de-risks the Etango development path and will assist Bannerman to attract JV / funding partners.

Positive testing results from the plant in July were in line with the projections of the DFS which indicated production could be achieved at a rate as high as 6-9 million pounds of U3O8 per annum over a 15-year mine life based on existing reserves.

These results will serve as a means to further improve project economics and financial returns.

This should also assist in attracting project financing and JV partners.

Interestingly, Bannerman indicated it has fielded approaches by parties who want to test their ore in the facility.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 23 Oct 2015 17:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150023/bannerman-resources-shares-spike-just-ahead-of-trading-halt-65256.html
<![CDATA[News - Bannerman Resources' Etango heap leach plant aces uranium testing ]]> https://www.proactiveinvestors.co.uk/companies/news/150022/bannerman-resources-etango-heap-leach-plant-aces-uranium-testing-63457.html Bannerman Resources' (ASX:BMN; TSX:BAN) highly awaited results from its large scale heap leach demonstration plant at its Etango Uranium project in Namibia have demonstrated positive results in line with design projections in the Definitive Feasibility Study.

The demonstration plant aimed to showcase and de-risk the project – heap leaching on a large scale as well as highlight the low technical risk of Etango.

Interestingly, Bannerman indicated it has fielded approaches by parties who want to test their ore in the facility.

As well it has as proven the technology for the project, the heap leach plant is also demonstrating the operation to potential investors and financiers.

Given the size of the Etango Uranium project; Etango is the fourth largest (based on ore reserves) uranium only project in the world, this will put Etango back on the map.

A completed Etango DFS in April 2012 projected potential production from the project of 6 – 9 million pounds of U3O8 annual output over a 15 year mine life based on its proven massive reserves.


Heap Leach Demonstration Plant

The 12 – 18 month demonstration program (announced on 8 April 2014) is a key step in the project’s detailed engineering and financing phases.

A 3000 tonne sample of ore had been taken from the northern Onkelo region of the deposit. Crushed and blended to represent the assumed orefeed in the final operation, it will enable up to three years of testing to be carried out.


Results

- Demonstrated the design and projected performance in the DFS: Fast and high leach extraction – within 20 days average total leach extraction of 94% for the cribs (not previously conducted) and 93% for the columns (similar to that achieved in previous laboratory testing).

- Further enhanced project knowledge: Designed, permitted, constructed and successfully commissioned large scale demonstration plant:-

- Low sulphuric acid consumption – on average less than 16 kg/tonne (compared with DFS projection of 18kg/tonne).
- Geotechnical stability - visual observations during the unloading of the cribs confirmed the uniform percolation through the material, integrity of the agglomerate and geotechnical stability of the heap.
- The similar performance of the larger scale (30t sample) cribs to the (200kg sample) columns may be an indication of potential upside related to the projection of the  previous column testing results to the full scale heap leach pad performance in the DFS.
- Capability building – rapid growth in understanding of the process control and metallurgical accounting associated with the specific characteristics of the Etango deposit and design flowsheet.

In short, the results confirm the low technical risk associated with the project and highlight opportunities to improve the project economics.

Bannerman’s CEO Len Jubber commented:

"The results from testing over 120 tonnes of ore strongly support the definitive feasibility study.

"The results confirm the low technical risk associated with the project and highlight opportunities to improve the project economics.

“It would be fair to say that we are very excited about what we have seen to date and look forward to the next stages of the heap leach demonstration plant program.

“The location and set-up of the pilot plant provide Bannerman with a real advantage with respect to the ease of being able to conduct ongoing work to increase the metallurgical knowledge base and conduct further value engineering.

“In fact, we have already been approached by parties who wish to test their ore in our facility.”

“The Heap Leach Demonstration Plant program further de-risks Etango development path and will assist the Company to attract JV / funding partners,” Mr Jubber said.


Etango Project - takes its place among global major uranium companies

Namibia is the 5th largest uranium producing country – expected to jump to 2nd when Husab commences production in 2016.

The Erongo uranium mining region of Namibia hosts the Rössing and Langer Heinrich mines and the Husab Project which is currently under construction by the Chinese stated owned enterprise, China General Nuclear Power Company (CGNPC).

The Etango Project is well located for external infrastructure requirements including road, rail, water, electricity and a deep water port in Namibia.



Analysis


In terms of JORC Compliant Ore Reserves, Etango ranks fourth globally behind Cameco/Areva's McArthur River, CGNPC's Husab, Cameco/Areva's Cigar Lake projects.

Etango is ranked ahead of Paladin's large Langer Heinrich producing project and Rio Tinto's Rossing mine project reserves.

Yet Bannerman's market cap. sits at around $17 million relative to Paladin's $360 million market cap.

The first stage heap leach demonstration plant results are value accretive and were based on a large scale plant design and testing and serve to de-risk the project further as well as serve as a showcase for the project.

They will serve as a means to further improve project economics and financial returns. This should also assist in attracting project financing and joint venturing partners.

Etango is one of the last globally significant scale uranium companies that is yet to be "picked-off" by a major. It also remains one of the very few globally significant uranium projects that can realistically be brought into production in the medium term.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 15 Jul 2015 08:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150022/bannerman-resources-etango-heap-leach-plant-aces-uranium-testing-63457.html
<![CDATA[News - Bannerman Resources edges closer to Etango heap leach results ]]> https://www.proactiveinvestors.co.uk/companies/news/150021/bannerman-resources-edges-closer-to-etango-heap-leach-results-63202.html Bannerman Resources (ASX:BMN,TSX:BAN) is approaching a key share price milestone with first test results from its Heap Leach Demonstration Plant at the Etango Project in Namibia expected in the third quarter.

The plant was officially opened in March 2015, coinciding with the likely demand growth as more countries push ahead with plans to increase their nuclear generation capacity.

Etango remains one of the very few globally significant uranium projects that can realistically be brought into production in the medium term, placing it in a position to capitalise on this growth.

The project is one of the largest undeveloped uranium deposits globally with Ore Reserves of 119 million pounds U3O8.

It is anticipated to produce between 7 million and 9 million pounds of U3O8 per annum initially when in production with a long mine life.

Notably, Etango is located near to Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine - under construction.

In April, the company raised $407,500 after closing its Share Purchase Plan raising and placed the shortfall with the following investors:

- $860,000 from existing shareholder, Resource Capital Fund VI L.P. (RCF VI);
- $250,000 from existing shareholder City Natural Resources High Yield Trust PLC; and
- $482,500 in aggregate from the directors of Bannerman (also shareholders): Len Jubber ($400,000), David Tucker ($20,000) and chairman Ronald Beevor ($62,500).

This highlights the confidence the two major shareholders have in the company while aligning the interests of directors with those of shareholders.

Share purchases by directors and management as well as continued investment by substantial shareholders are usually a strong sign of upside in a stock.


Heap Leach demonstration program

The Etango heap leach demonstration program is a key step towards project de-risking, financing and possible development.

Initial testing will focus on demonstrating the Definitive Feasibility Study design and projected performance and will progress to value engineering in due course.

The upcoming results are also a major share price catalyst as success will de-risk Etango even further for financiers and investors and propel it further down the path to development.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 01 Jul 2015 13:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150021/bannerman-resources-edges-closer-to-etango-heap-leach-results-63202.html
<![CDATA[News - Bannerman Resources major shareholders, directors make further investments ]]> https://www.proactiveinvestors.co.uk/companies/news/150020/bannerman-resources-major-shareholders-directors-make-further-investments-62717.html Bannerman Resources (ASX:BMN) continues to move forward on operational and funding levels with a share purchase plan and its Heap Leach Demonstration Plant at the Etango Project in Namibia.

The first test results from the plant are due in June and will be closely watched by the uranium sector and investors.

Bannerman completed the official opening of the Heap Leach Demonstration Plant at the Etango Project which is timely given increasing demand for uranium from China and India and their reactor plans.

In March 2015, the company announced a Share Purchase Plan (SPP) to raise maximum gross proceeds of up to $2 million.

The SPP closed on 14 April 2015, raising $407,500.

Following the close of the SPP, the company sought to place the shortfall under the SPP with interested investors.

This was successful and it received placement commitments for the entire shortfall under the SPP from the following investors:

- $860,000 from existing shareholder, Resource Capital Fund VI L.P. (RCF VI);
- $250,000 from existing shareholder City Natural Resources High Yield Trust PLC; and
- $482,500 in aggregate from the directors of Bannerman (also shareholders): Len Jubber ($400,000), David Tucker ($20,000) and
chairman Ronald Beevor ($62,500).

The funds raised will be used to conduct the heap leach demonstration program and for general working capital purposes.


Analysis

The take up by RCF VI is a strong endorsement of Bannerman and Etango as the fund is a uranium "bull" and its view of the development potential and potential profitability of Etange when in development appears strong.

In addition the take up by existing shareholder City Natural Resources High Yield Trust and the participation by Len Jubber, the MD of Bannerman who is investing $400,000 of his own money are positive signals.

The shortfall placement has to be approved by shareholders.

The size and scale as well as strategic location of Etango implies it is likely to be one of few uranium significant projects that can be brought into production to meet demand in the next two years.

Etango is one of the largest undeveloped uranium deposits globally with Ore Reserves of 119 million pounds U3O8. Etango is anticipated to produce between 7 million and 9 million pounds of U3O8 per annum initially when in production with a long mine life.

The Etango heap leach demonstration program is a key plank toward project de-risking, financing and possible development.

The results of the heap leach plant demonstration plant in June are also a price catalyst as good results will rank Etango as even further advanced on path to development.

Significantly, the Etango project is located near to Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine - under construction.

All likely not lost on its major shareholders as well as Asian energy groups.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 02 Jun 2015 11:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150020/bannerman-resources-major-shareholders-directors-make-further-investments-62717.html
<![CDATA[News - Bannerman Resources: CEO Len Jubber updates on Etango uranium project ]]> https://www.proactiveinvestors.co.uk/companies/news/68860/bannerman-resources-ceo-len-jubber-updates-on-etango-uranium-project-80183.html Namibian uranium developer Bannerman Resources’ (ASX:BMN, TSX:BAN, NSX:BMN) Etango Uranium Project is one of few global top 10 uranium projects likely to progress to development in the medium term.

The project is one of the most advanced with a DFS completed and a granted environmental permit.

It has a strong balance sheet support and a project located in a highly regarded investment jurisdiction.

Namibia is the 5th largest uranium producing country – will jump to 2nd when Husab commences production in 2016.

The heap leach demonstration program is underway - a key point in project development and development financing process.

This will showcase the project - demonstrating the heap leaching process, further de-risks the Etango development path.

It is also likely to be watched by potential JV / funding partners.

 
CEO Len Jubber speaks with investors

Chief executive officer Len Jubber presented at Proactive's Melbourne and Sydney Luncheons this week, discussing the Etango project and heap leach demonstration plant as well as the outlook for uranium.

ACCESS FULL PRESENTATION HERE


Etango Uranium Project

Etango has the world’s fourth largest Ore Reserve of 119 million pounds U3O8 and is anticipated to produce between 7 million and 9 million pounds of U3O8 per annum over a 15 year mine life.
   
It is an open pit mine located near to Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine - under construction.

The project is well located in regards to external infrastructure.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 08 May 2015 07:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/68860/bannerman-resources-ceo-len-jubber-updates-on-etango-uranium-project-80183.html
<![CDATA[News - Bannerman Resources CEO to present at Melbourne, Sydney Luncheons ]]> https://www.proactiveinvestors.co.uk/companies/news/150019/bannerman-resources-ceo-to-present-at-melbourne-sydney-luncheons-62113.html Namibian uranium developer Bannerman Resources (ASX:BMN, TSX:BAN, NSX:BMN) is positioned to benefit from recent activity in the uranium sector with the start of commissioning for its Etango Heap Leach Demonstration Plant.

The company recently raised $2 million through a capital raising that included a $860,000 placement to Resource Capital Fund VI L.P and $250,000 to an existing institutional investor.

Results from the demonstration program along with a greater understanding gained from the study review underway are a key part of the engineering and financing phases of the project.

This will showcase and further de-risk the project with potential development partners and assist with project financing options for Etango, one of the largest undeveloped uranium deposits globally.

Chief executive officer Len Jubber will present at Proactive's Melbourne, Sydney Investor Luncheons in May.


REGISTER TODAY by clicking on the links below:

Proactive's Melbourne Investor Luncheon, Tuesday 5th May.

Proactive's Sydney Investor Luncheon, Wednesday 6th May.


Etango is one of the largest undeveloped uranium deposits globally with Ore Reserves of 119 million pounds U3O8 and one of few that could be brought into production in the medium term.

First results from the demonstration plant are expected in the June 2015 Quarter, which coincide with the resurgence in the nuclear renaissance.

The uranium spot price increased by around 11% to US$39/lb U3O8 and spot trading volume up by almost 70% compared to equivalent period in 2014 following favourable demand side decisions by Chinese, Indian and Japanese authorities.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 01 May 2015 13:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150019/bannerman-resources-ceo-to-present-at-melbourne-sydney-luncheons-62113.html
<![CDATA[News - Bannerman Resources' Etango heap leach demonstration plant on track ]]> https://www.proactiveinvestors.co.uk/companies/news/68550/bannerman-resources-etango-heap-leach-demonstration-plant-on-track-79844.html Namibian uranium developer Bannerman Resources (ASX:BMN, TSX:BAN, NSX:BMN) completed the construction and during the March quarter 2015 and commenced commissioning of the Etango Heap Leach Demonstration Plant, located at the 80% owned Etango Uranium Project.

Results from the demonstration program along with a greater understanding gained from the study review underway are a key part of the engineering and financing phases of the project.

Bannerman will also look to update the DFS with the current cost environment taken into consideration.

Significantly, the plant will showcase and further de-risk the project with potential development partners and assist with project financing options.

Etango is one of the largest undeveloped uranium deposits globally with Ore Reserves of 119 million pounds U3O8 and one of few that could be brought into production in the medium term.

The uranium spot price increased by around 11% to US$39/lb U3O8 and spot trading volume up by almost 70% compared to equivalent period in 2014.

The timing of the uranium price gain is advantageous for Bannerman, further supported by favourable demand side decisions by Chinese, Indian and Japanese authorities.

China continues to advance its nuclear reactor program, with eight new reactors to start commercialisation this year, with the potential for this amount again to be approved.

The nation’s installed nuclear capacity will soon approach 50 gigawatts.

India is the world’s second fastest growing market for nuclear fuel, operating 21 nuclear reactors providing 6,000 megawatts of nuclear capacity meeting about 3% of the country’s electricity needs.

Recently Canada's Cameco Corp. (TSX:CCO, NYSE:CCJ) announced that it will provide the Department of Atomic Energy of India with 7.1 million pounds of uranium concentrate through to 2020.

Japan is looking to resume nuclear power.


Etango Heap Leach Demonstration Plant

The operation of the Demonstration Plant, an integral step of the detailed engineering and financing phases, specifically enables:

- Demonstrating the design and projected performance reflected in the Definitive Feasibility Study;
- Further enhancing project knowledge; and
- Pursuing value engineering.

Len Jubber, CEO of Bannerman, commented:

“The operation of the Demonstration Plant and the timing of the first results in the June 2015 quarter coincide with the resurgence in the nuclear renaissance.

"This is evidenced by the growing reactor development program in China, the landmark long term offtake agreement concluded in April 2015 between India’s department of Atomic Energy and Cameco Corporation and the Japanese court decision to overturn a previous injunction, effectively approving the Japanese Sendai 1 & 2 reactors for resuming operations.

"The latter significantly de-risks the overall Japanese reactor restart process.”


Etango Uranium Project

The Etango project is an open pit mine located near to Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine - under construction.

A definitive feasibility study in 2012 for Etango confirmed the technical, environmental and financial viability of Etango at consensus long term uranium prices.

This was based on a large open pit and heap leach operation.

Etango is anticipated to produce between 7 million and 9 million pounds of U3O8 per annum initially when in production with a long mine life.

The Etango heap leach demonstration program is a key plank toward project de-risking, financing and possible development.

The project is well located in regards to external infrastructure.

Namibia is ranked as the second most attractive African investment jurisdiction in the Fraser Institute’s Mining Company Survey.


Analysis

Etango potentially large annual uranium production profile places it as one of few global top 10 uranium projects likely to progress to development in the medium term.

The uranium market is also improving, with the uranium spot price increasing by around 11% to US$39/lb U3O8 and spot trading volume up by almost 70% compared to equivalent period in 2014.

This timing is advantageous for Bannerman, and is further supported by favourable demand side decisions by Chinese, Indian and Japanese authorities.

In April Bannerman completed a $2 million capital raising, which is on top of the $1.7 million in cash at the end of March 2015.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 29 Apr 2015 09:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/68550/bannerman-resources-etango-heap-leach-demonstration-plant-on-track-79844.html
<![CDATA[News - Bannerman Resources substantial holder posts increase ]]> https://www.proactiveinvestors.co.uk/companies/news/68496/bannerman-resources-substantial-holder-posts-increase-79781.html Bannerman Resources' (ASX:BMN) recent $2 million capital raising bore fruit as shareholder Resource Capital Fund VI L.P invested a further $860,000 to add 16,538,461 shares to its 21.05% holding.

RCF VI took up its holding as part of the share purchase plan and took advantage of a shortfall to take its holding to 77,648,273 shares in Bannerman Resources.

The raising, which was struck at $0.052 per share will be used to operate the Heap Leach Demonstration Plant recently constructed by Bannerman at its 80% owned Etango Uranium Project.

The project is one of the largest globally undeveloped uranium deposits, located in Namibia near to Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine - under construction.

First test results from the demonstration plant are due in the June 2015 quarter and should provide a barometer of progress and also be watched closely by potential joint venture partners and investors, alike.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 28 Apr 2015 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/68496/bannerman-resources-substantial-holder-posts-increase-79781.html
<![CDATA[News - Bannerman Resources directors increase shareholdings ]]> https://www.proactiveinvestors.co.uk/companies/news/150018/bannerman-resources-directors-increase-shareholdings-61965.html Bannerman Resources (ASX:BMN) directors have increased their respective investments in the company through participation in its recent Share Purchase Plan priced at $0.052 per share.

Proceeds from its $2 million capital raising, which included the SPP, will be used to operate the Heap Leach Demonstration Plant at its 80% owned Etango Uranium Project in Namibia.

Indirect interests of non-executive chairman Ronnie Beevor subscribed for 288,461 shares totalling $15,000. This took his total shareholding held directly and indirectly to 1,118,720 shares.

Managing director Len Jubber increased his indirect interest to 2,380,087 shares after acquiring 288,461 shares for $15,000.

Non-executive directors David Tucker and Clive Jones each increased their indirect interests by 288,461 shares.

Tucker now has an indirect stake in 1,504,960 BMN shares while Jones has 15,495,401 shares.

Earlier this week, the company placed $250,000 with an existing institutional shareholder, adding to the $860,000 it placed with Resource Capital Fund VI L.P.

This increased the total raised by Bannerman to $2 million and is a sign of the investment upside seen in Bannerman.

Operation of the Heap Leach Demonstration Plant will demonstrate the design and projected performance reflected in the Definitive Feasibility Study while maintaining and building project knowledge.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 24 Apr 2015 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150018/bannerman-resources-directors-increase-shareholdings-61965.html
<![CDATA[News - Bannerman Resources completes $2M capital raising ]]> https://www.proactiveinvestors.co.uk/companies/news/68403/bannerman-resources-completes-2m-capital-raising-79680.html Namibian uranium developer Bannerman Resources (ASX:BMN, TSX:BAN, NSX:BMN) has completed its $2 million capital raising after placing a further $250,000 with an existing institutional shareholder.

This follows the company placing $860,000 with current shareholder Resource Capital Fund VI L.P. earlier this month.

It is also a sign of the investment upside seen in Bannerman by an existing institutional large shareholder.

Proceeds from the capital raising will be used operate the Heap Leach Demonstration Plant recently constructed by Bannerman at the 80% owned Etango Uranium Project.

The timing of this is advantageous given the industry uptick on any resumption of nuclear power in Japan.

Yesterday, a court in Japan rejected a bid to block the restart of two nuclear reactors operated by Kyushu Electric Power Co., easing the way for the resumption of nuclear power in Japan for the first time in more than a year and a half.

Etango is one of the largest undeveloped uranium deposits globally with Ore Reserves of 119 million pounds U3O8 and one of few that could be brought into production in the medium term.

Bannerman will issue 38,461,538 shares priced at $ 0.052 each under the Share Purchase Plan and subsequent shortfall placements.

“The successful completion of the A$2 million capital raising, through the strong support of two major institutional shareholders and the directors, enables Bannerman to continue investing in enhancing the Etango Project’s early mover advantage,” chief executive officer Len Jubber said.


Heap Leach Demonstration Program

A key part of the Etango development strategy is the heap leach demonstration plant that will further reduce financing risk.

Operation of the plant will demonstrate the design and projected performance reflected in the Definitive Feasibility Study while maintaining and building project knowledge.


Etango Uranium Project

The Etango project is an open pit mine located near to Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine - under construction.

A definitive feasibility study in 2012 for Etango confirmed the technical, environmental and financial viability of Etango at consensus long term uranium prices.

This was based on a large open pit and heap leach operation.

Etango is anticipated to produce between 7 million and 9 million pounds of U3O8 per annum initially when in production with a long mine life.

The Etango heap leach demonstration program is a key plank toward project de-risking, financing and possible development.


Infrastructure

Etango is well located in regards to external infrastructure.

The project site is just 38 kilometres from the city of Swakopmund and access to the site is via the existing C28 sealed road and a short gravel access road.

The existing railway line from Swakopmund to the port of Walvis Bay is approximately 30 kilometres from the Etango site and will provide an option for the transportation of U3O8 and key reagents to and from the port.

Drummed uranium oxide from the Etango site will be shipped from the Walvis Bay Port, approximately 73 kilometres by road from the Etango site.

Walvis Bay is one of southern Africa’s largest and busiest deep water ports with over 35 years’ experience of importing mining and processing consumables and exporting uranium oxide.

Grid power will be drawn from the nearby high voltage electricity lines owned by the Namibian power utility, NamPower.

A short spur line from the main electricity reticulation line will provide all power to site.

Etango will source up to 5 gigalitres per year (GLpa) from either the existing 20GLpa desalination plant at Wlotzkasbaken or a second proposed 20GLpa plant to be located immediately north of the town of Swakopmund.

Bannerman is part of the National Desalination Task Force working group comprising a number of mining companies and the Namibian water utility, NamWater, which has commissioned an engineering study on the second desalination plant.
 

Namibia

Namibia is ranked as the second most attractive African investment jurisdiction in the Fraser Institute’s Mining Company Survey.

There is both political and social support for uranium mining in the country, which is fifth largest producer in the world. Uranium has being produced in Namibia for nearly 40 years.


Uranium Sector

Activity in the uranium sector is picking up on recent developments in Asia.

Besides Japan’s progress towards restarting its nuclear power stations, India has earlier this month announced it would acquire 3,220 metric tonnes of uranium concentrate for the Indian nuclear power reactors from Cameco Corp.

In addition, the Chinese Government recently approved construction of two more units at the Hongyanhe nuclear power plant in Liaoning province, marking the first approval for new reactors in four years.

It continues to ramp up its nuclear energy program in line with its stated goal of increasing electricity generated from nuclear plants from the current 21 gigawatts to 58GW by 2020 and 150 GW  by  2030. 

In  terms  of  reactors,  China  now  has  24  reactors  in  operation,  25  under  construction  and  189  on  order, planned or proposed. 


Analysis

The $250,000 placement to an existing institutional shareholder as well as earlier placement to existing 17.7% shareholder Resource Capital Fund IV L.P. demonstrates the confidence and investment upside in Bannerman.

Proceeds of the $2 million raisings will be used to operate the Heap Leach Demonstration Plant at Etango.

The results from the demonstration program and greater understanding gained from the study review underway will allow Bannerman to update the DFS with the current cost environment taken into consideration.

Significantly, the plant will showcase and further de-risk the project with potential development partners and assist with project financing options.

With first test results from the plant due in the June 2015 quarter the timing is auspicious and coincides with the resurgence in the nuclear renaissance as evidenced by the news from Japan, the growing reactor development program in China and landmark long term offtake agreement concluded this week between India’s Department of Atomic Energy and Cameco Corporation.

The potentially large annual uranium production profile of Etango as well as other development boxes ticked by Bannerman places it as one of few global top 10 uranium projects likely to progress to development in the medium term.

Proactive Investors believes the demonstration plant and results provide an inflexion point for Bannerman to be firmly back on the investor radar. Certainly, the offer price of $0.052 provides a compelling medium term investment proposition.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 23 Apr 2015 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/68403/bannerman-resources-completes-2m-capital-raising-79680.html
<![CDATA[News - Bannerman Resources' major shareholder acquires more shares in capital raising ]]> https://www.proactiveinvestors.co.uk/companies/news/68210/bannerman-resources-major-shareholder-acquires-more-shares-in-capital-raising-79474.html Namibian uranium developer Bannerman Resources (ASX:BMN, TSX:BAN, NSX:BMN) has raised A$1.75 million at $0.052 per share that included A$860,000 from current shareholder Resource Capital Fund VI L.P.

The funds will be used to operate the Heap Leach Demonstration Plant recently constructed by Bannerman at the 80% owned Etango Uranium Project. The project is one of the largest globally undeveloped uranium deposits.

Notably, first test results from the demonstration plant are due in the June 2015 quarter and should provide a barometer of progress and also be watched closely by potential joint venture partners and investors.

The timing of the demonstration plant's first test results is likely to be advantageous given the tick up in global activity in the uranium sector.

Last week, India announced it would acquire 3,220 metric tonnes of uranium concentrate for the Indian nuclear power reactors from Cameco Corp.

In addition, Etango is located in Namibia near to Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine - under construction.

As part of the capital raising, a Share Purchase Plan closed on 14 April 2015 and raised A$407,500.

Under a shortfall agreement, the extra shares subscribed for will see RCF VI add to its existing 17.7% shareholding.

Three directors of Bannerman will also subscribe for shares worth A$482,500, namely non executive chairman Ronnie Beevor, chief operating officer Len Jubber and non executive director David Tucker.

This will be subject to shareholder approval. The SPP and shortfall placements were conducted at an issue price of A$0.052 (C$0.049) and would result in Bannerman issuing 38,461,538 fully paid ordinary shares.

A definitive feasibility study for Etango confirmed the technical, environmental and financial viability of Etango at consensus long term uranium prices.

This was based on a large open pit and heap leach operation.

Bannerman’s chief executive Office, Len Jubber, said today:

“The operation of the Demonstration Plant and the timing of the first test results in the June 2015 quarter coincides with the resurgence in the nuclear renaissance as is evidenced not only by the growing reactor development program in China.

"In addition it coincides with the landmark long term offtake agreement concluded this week between India’s Department of Atomic Energy and Cameco Corporation.

"That transaction is noteworthy because it highlights an increase in term trading activity and also the growing demand for uranium coming from the most populous nation in the world.

“Bannerman’s advancing Etango Project remains one of the very few globally significant uranium projects that can realistically be brought into production in the medium term.”


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 21 Apr 2015 15:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/68210/bannerman-resources-major-shareholder-acquires-more-shares-in-capital-raising-79474.html
<![CDATA[News - Bannerman Resources secures $4M facility from RCF for Etango uranium project, Namibia ]]> https://www.proactiveinvestors.co.uk/companies/news/150017/bannerman-resources-secures-4m-facility-from-rcf-for-etango-uranium-project-namibia-54184.html Bannerman Resources (ASX: BMN, TSX: BAN, NSX: BMN) has reported that Resource Capital Fund (RCF) has agreed to provide a $4 million convertible note facility to support the construction and operation ofa pilot plant at the Etango Project.

The facility will be repayable in September 2016, at an 8% per annum coupon rate payable quarterly in arrears in new Bannerman shares, or cash in certain circumstances.

Conversion price is to be calculated on a VWAP prior to drawdown of funds, but will be between $0.06 and $0.095 per share.

Bannermans's 80%-owned Etango Project lies southwest of Rio Tinto’s (ASX:RIO) Rössing uranium mine and CGNPC’s Husab Project, and to the west of Paladin Energy’s (ASX: PDN) Langer Heinrich mine.

The pilot plant will be constructed to confirm the Definitive Feasibility Study processing assumptions, and should further de-risk the project.

RCF is a private equity fund that makes investments exclusively in the mining sector across a diversified range of hard mineral commodities and geographic regions.

RCF is currently investing its sixth sub-fund, RCF VI, with committed capital of US$2.04 billion, under which its investment in Bannerman is housed.

The new facility will complement the existing shareholding and convertible note held by RCF, and highlights RCF’s continuing support for the Etango Project.

It will enable construction and operation of the pilot plant and progress the Etango Project to the early stages of detailed engineering.

The pilot plant capital cost is estimated at $1.2 million, and will be operated for at least one year, at a cost of $50,000 per month.

Bannerman’s advanced Etango Project remains one of the few globally significant uranium projects that can realistically be brought into production in the medium term.

The company is capped at $31 million and retains $1.8 million in cash.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 08 Apr 2014 11:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150017/bannerman-resources-secures-4m-facility-from-rcf-for-etango-uranium-project-namibia-54184.html
<![CDATA[Media files - Bannerman Resources' Managing Director, Len Jubber, tells Proactive Investors how the RCF investment will fund the Etango Pilot Plant ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/5624/bannerman-resources-managing-director-len-jubber-tells-proactive-investors-how-the-rcf-investment-will-fund-the-etango-pilot-plant-401.html Tue, 25 Mar 2014 09:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/5624/bannerman-resources-managing-director-len-jubber-tells-proactive-investors-how-the-rcf-investment-will-fund-the-etango-pilot-plant-401.html <![CDATA[News - Bannerman Resources extends convertible note maturity with major shareholder Resource Capital Fund ]]> https://www.proactiveinvestors.co.uk/companies/news/150016/bannerman-resources-extends-convertible-note-maturity-with-major-shareholder-resource-capital-fund-47674.html Bannerman Resources (ASX: BMN, TSX: BAN) has been able to extend the maturity date of an $8 million convertible note with its major shareholder Resource Capital Fund from 31 March 2014 to 30 September 2016.

This was achieved by a reduction in the conversion price to $0.095 per share.

Bannerman will pay a fee of A$160,000 to RCF in connection with these amendments to the convertible note, which will be satisfied through the issue of 2,539,683 new Bannerman shares.

The extension of the convertible note term is handy as it should enable Bannerman to catch a rising uranium price at the right time for development of its Etango Uranium Project in Namibia.

Bannerman’s principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto’s (ASX:RIO) Rössing uranium mine and CGNPC’s Husab Project and to the west of Paladin Energy’s (ASX: PDN)  Langer Heinrich mine.

Etango remains one of the world’s largest undeveloped uranium deposits.

At the end of the June quarter, Bannerman had A$3.8 million in cash reserves.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 06 Sep 2013 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150016/bannerman-resources-extends-convertible-note-maturity-with-major-shareholder-resource-capital-fund-47674.html
<![CDATA[News - Bannerman Resources' on a tear, receives ASX speeding ticket ]]> https://www.proactiveinvestors.co.uk/companies/news/150015/bannerman-resources-on-a-tear-receives-asx-speeding-ticket-43860.html Bannerman Resources (ASX: BMN) shares have soared 55% to $0.079 intra-day today, when compared to the closing price last night - with the company receiving an ASX 'speeding ticket' in the form of a Price Query.

Bannerman replied to the ASX that it is not aware of any information that has not been announced to the market, which may explain the sudden investor interest.

The company is focused on the development of the Etango Project (80%) which is one of the world's largest undeveloped uranium deposits.

The project is located in the Erongo uranium mining region of Namibia which hosts the Rössing and Langer-Heinrich mines, along with the Husab Project which was recently acquired by Chinese state owned enterprise, China Guangdong Nuclear Power Company.

Etango is around 70 kilometres by road from Walvis Bay, one of southern Africa’s busiest deep-water
ports through which uranium has been exported for over 35 years. Road, rail, electricity and water networks are all located nearby.

The project has JORC and NI 43-101 compliant Ore Reserves total 279.6 million tonnes at an average grade of
194ppm U3O8 for 119.3 Mlbs of contained U3O8.

Production of 7-9 Mlbs U3O8 per year for the first five years and 6-8 Mlbs U3O8 per year thereafter, which would rank Etango as a global top 10 uranium only mine;

Bannerman had around $4.8 million in cash at the end of March 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 29 May 2013 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150015/bannerman-resources-on-a-tear-receives-asx-speeding-ticket-43860.html
<![CDATA[News - Bannerman Resources' share spike prompts ASX speeding ticket ]]> https://www.proactiveinvestors.co.uk/companies/news/150014/bannerman-resources-share-spike-prompts-asx-speeding-ticket-37502.html Bannerman Resources (ASX: BMN) has received an ASX price and volume speeding ticket following a 32% jump in the company's share price to $0.096 intra-day yesterday, when compared to the opening price of $0.073.

Bannerman commented that it was not aware of any information that has not been announced to the market, which may explain the recent trading in the stock.

The company did however state back to the ASX:

"The company notes the recent rally in the uranium spot price and the recent re-election of the pro-nuclear Liberal Democratic Party to Government in Japan.

"Given the size of its Etango Project, Bannerman's share price is significantly leveraged to the uranium price."

Bannerman’s 80%-owned Etango Project is one of the world’s largest undeveloped uranium deposits and is situated southwest of Rio Tinto’s (ASX: RIO) Rössing uranium mine and to the west of Paladin Energy’s (ASX: PDN) Langer-Heinrich mine.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 19 Dec 2012 09:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150014/bannerman-resources-share-spike-prompts-asx-speeding-ticket-37502.html
<![CDATA[News - Bannerman Resources’ 37% share spike prompts price query ]]> https://www.proactiveinvestors.co.uk/companies/news/150013/bannerman-resources-37-share-spike-prompts-price-query-29485.html Bannerman Resources (ASX: BMN) shares jumped 37% yesterday to close at $0.185, a few days after releasing a comprehensive summary of its Etango Uranium Project in Namibia, southern Africa.

The move has caught the eye of the ASX, which issued a price query to Bannerman.

In responding to the ASX, Bannerman said it was not aware of any unannounced information or any other explanation for the price change.

However, the company did cite the independent report into the Etango project, released to the ASX on May 25, from AMEC and Coffey Mining.

A Definitive Feasibility Study (DFS) has shown that Etango has potential to be a globally significant uranium project with forecast production of between 6 million and 9 million pounds of uranium per annum.

Etango is one of few advanced large scale uranium projects that have a completed DFS, which places the company in a position to take advantage of higher uranium prices.



Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 30 May 2012 12:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150013/bannerman-resources-37-share-spike-prompts-price-query-29485.html
<![CDATA[News - Bannerman Resources receives cash offer from Hanlong Group ]]> https://www.proactiveinvestors.co.uk/companies/news/150012/bannerman-resources-receives-cash-offer-from-hanlong-group-17761.html Bannerman Resources (ASX: BMN, TSX: BAN, NSX: BMN) is another example of the increased takeover activity in the small end of the Australian resource market, with the company receiving a conditional cash offer from Chinese conglomerate Sichuan Hanlong Group (Hanlong).

The Hanlong cash offer is priced at A$0.612 per share for 100% of Bannerman, which is a 59% premium to the last traded price of $0.385.

The offer is conditional on a number of factors including completion of due diligence by Hanlong and receiving Foreign Investment Review Board approval in Australia. 

David Smith, Bannerman chairman commented on the proposal by saying that the offer has been timed to take advantage of Bannerman’s low share price which has been adversely affected by macro issues such as the events at Fukushima and weak global equity markets.

“It is understandable that Bannerman is now attracting corporate interest.

"Bannerman controls one of the largest undeveloped uranium resources in the world and, despite recent events, there is no doubt that nuclear power will continue to play a key role in meeting the world’s growing energy needs as well as alleviating greenhouse gas emissions."

Bannerman has recently been undertaking a process to identify a suitable joint venture partner to facilitate the financing, development and operation of the company's Etango Uranium Project in Namibia.

As part of this process, Bannerman has been in discussions with a number of large and well-funded parties.

Bannerman said Hanlong is seeking a three month period of exclusivity. Bannerman has resolved that it is not appropriate to grant Hanlong exclusivity given the absence of agreement on price and the conditionality of the proposal.

In addition to holding discussions with Hanlong in relation to the proposal, Bannerman intends to continue to advance its joint venture discussions with third parties in order to explore all options for delivering the best possible outcome for Bannerman shareholders.

Hanlong already has investments in other Australia resource companies, including a 56.84% stake in Moly Mines (ASX: MOL, TSX: MOL).

 

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Mon, 11 Jul 2011 09:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150012/bannerman-resources-receives-cash-offer-from-hanlong-group-17761.html
<![CDATA[News - Bannerman Resources shares up on Etango Uranium resource rise ]]> https://www.proactiveinvestors.co.uk/companies/news/150011/bannerman-resources-shares-up-on-etango-uranium-resource-rise-6122.html Bannerman Resources (ASX: BMN, TSX: BAN, NSX: BMN) has announced an updated mineral resource estimate and contines to advance the development of its 80%-owned Etango Uranium Project in Namibia, southern Africa.

The Etango mineral resource estimate now comprises Measured & Indicated Resources of 142.1Mlbs U3O8 at an average grade of 223ppm U3O8, and Inferred Resources of 20.0Mlbs U3O8 at an average grade of 216ppm U3O8. Overall metal content has increased 7%.

Measured Resources increased to 26.8Mlbs U3O8 at an average grade of 221ppm U3O8, equating to 17% of the total mineral resource estimate versus 1% previously.

There has been a 38% increase in Measured & Indicated Resources from 102.8Mlbs to 142.1Mlbs U3O8. Approximately two thirds of the total mineral resource estimate is located within 200 metres of the surface.

Resource extension drilling continues and a further resource update is expected in the September 2010 quarter as part of the definitive feasibility study which is now underway.

Bannerman CEO, Len Jubber said the company has now defined the Etango mineral resource to a definitive feasibility standard with 88% of the resource in the Measured and Indicated categories.

"Drilling has confirmed a contiguous mineral resource approximately 6 kilometres in length, which will form the basis of the definitive feasibility study mining review scheduled to be completed by mid year,” he said.

“The near project and regional exploration program initiated in the March quarter will focus on target generation on the Etango tenement using radon cup surveys and ground-based geophysics."

"Our development plan for the Etango Project remains on track to commence production of 5-7 Mlbs of U3O8 per year from late 2013, broadly coinciding with the commissioning of a substantial number of new nuclear reactors currently under construction” Jubber said.

Bannerman Resources shares rose to 4% to 50 cents.

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Wed, 31 Mar 2010 10:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150011/bannerman-resources-shares-up-on-etango-uranium-resource-rise-6122.html
<![CDATA[News - Bannerman Resources applies for Etango mining license, eyes production in 2013 ]]> https://www.proactiveinvestors.co.uk/companies/news/150010/bannerman-resources-applies-for-etango-mining-license-eyes-production-in-2013-3906.html Bannerman Resources Limited (TSX: BAN, ASX: BMN) has lodged a mining license application for its 80% owned Etango project in Namibia to enable to development of what it said was one world’s largest undeveloped uranium deposits.


In conjunction with the mining application lodged with the Namibian Ministry of Mines and Energy, the company also filed an independent environmental and social impact assessment with the Ministry of Environment and Tourism.
Bannerman has recently completed a preliminary feasibility study and decided to immediately proceed to a definitive feasibility study to enable a more detailed analysis to assess cost reduction opportunities, including optimisation of mine design and mining schedule as well as utilisation of larger equipment.


The company is looking to advance the project towards commencement of construction in 2011 and production in 2013, which is when the company anticipates stronger demand for uranium in view of significant nuclear reactor build programmes in China, India and various other Asian and European countries.


The mineral resource estimate for the project has recently been upped with the measured & indicated resources increasing from 89.2Mlbs (million pounds) to 107.7Mlbs U3O8 (triuranium octoxide) at an average grade of 208ppm U3O8, while the inferred resources rose from 37.4Mlbs to 52.4Mlbs U3O8 at an average grade of 197ppm U3O8.

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Mon, 21 Dec 2009 21:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150010/bannerman-resources-applies-for-etango-mining-license-eyes-production-in-2013-3906.html
<![CDATA[News - Bannerman Resources intersects new mineralised zone and announces further resource drilling results ]]> https://www.proactiveinvestors.co.uk/companies/news/150009/bannerman-resources-intersects-new-mineralised-zone-and-announces-further-resource-drilling-results-2971.html Emerging uranium company Bannerman Resources (ASX: BMN) has intersected a new mineralised zone named Hyena, located 1km south of the primary Anomaly A prospect within its Etango Uranium Project in Namibia.

In addition, the Perth-based company has reported further encouraging infill resource definition drilling results within the Onkelo and Oshiveli Prospects at Etango.

The news saw the share price in Bannerman increase 2c, or 1.7 per cent, to $1.17 following the annoucement.

Bannerman’s principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto’s Rössing uranium mine and to the west of Paladin Energy’s Langer-Heinrich mine.

The mine is one of the world’s largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango.

The results reported reflect drilling completed since Bannerman’s previous update in September.

The identification of the mineralised zone at Hyena has occurred during the initial phases of exploration drilling to the south of the Anomaly A deposit.

The newly discovered mineralised zone at Hyena contains alaskite-hosted uranium mineralisation similar to the other Etango Project deposits.
 
To date, results have been returned from 42 RC drillholes at Hyena with 20 of these drillholes intersecting significant mineralisation. In particular, the intersections in drillholes GHYRC0007 and GHYRC0008 are shallow, broad and high grade.

Results of the infill resource definition drilling program from a further seven diamond and 16 RC drillholes have confirmed the near-surface broad zones of uranium mineralisation encountered in previous drilling. The drilling has also largely filled the previously undrilled gap between the Onkelo and Oshiveli Prospects.

Bannerman chief executive Len Jubber said the identification of the mineralised zone at Hyena is an exciting addition to the Etango Uranium Project, being only 1km south of the Anomaly A resource.

“The proximity of Hyena to the existing resource indicates the potential for additional mineralisation to be incorporated into the Etango resource estimate,” Mr Jubber said.

“The infill drilling results at Onkelo and Oshiveli are also very encouraging, indicating further near-surface and higher grade mineralisation which could be incorporated into the mining plans.”

He said Bannerman was on target to report the preliminary feasibility study results over the coming months and continued to undertake resource definition, sterilisation and near-project exploration drilling programs.”

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Thu, 22 Oct 2009 11:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150009/bannerman-resources-intersects-new-mineralised-zone-and-announces-further-resource-drilling-results-2971.html
<![CDATA[News - Bannerman Resources appoints project manager to develop Etango Uranium Project in Namibia ]]> https://www.proactiveinvestors.co.uk/companies/news/150007/bannerman-resources-appoints-project-manager-to-develop-etango-uranium-project-in-namibia-2233.html Australian, Toronto and Namibian listed uranium developer Bannerman Resources (ASX: BMN; TSX: BAN; NSX: BMN) has appointed a key project manager to develop the flagship Etango Uranium Project in Namibia, southern Africa.

John Turney will be appointed Project Director – Etango to spearhead the feasibility assessment, mine permitting and ultimate construction of Etango. Turney will report directly to Bannerman CEO Mr Len Jubber.

Turney has 35 years’ diversified experience primarily with Homestake Mining Company and Barrick Gold Corporation in mining and milling operations and project development in the USA, Canada, South America, Australia and Africa. In the past ten years, Mr Turney led the successful development of the Cowal gold project in Australia and the Tulawaka gold project in Tanzania, as well as other development and capital project roles for both Homestake and Barrick.

Bannerman’s Chief Executive Officer, Mr Len Jubber, said, “Mr Turney’s diversified large project experience, as well as his extensive processing background, will add substantially to Bannerman’s existing capability at an important stage of the Etango Project development program.

Jubber said the appointment will focus upon development of the 5 -7Mlb U3O8 per annum Etango project in Namibia.

Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto’s Rössing 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.

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Thu, 13 Aug 2009 07:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150007/bannerman-resources-appoints-project-manager-to-develop-etango-uranium-project-in-namibia-2233.html
<![CDATA[News - Bannerman Resources increases uranium resource at Etango in Namibia ]]> https://www.proactiveinvestors.co.uk/companies/news/150006/bannerman-resources-increases-uranium-resource-at-etango-in-namibia-2019.html Dual listed uranium developer, Bannerman Resources (ASX: BMN; TSX: BAN) has lifted the estimated mineral resource at the Etango uranium project in Namibia.

Measured & Indicated Resources increased from 89.2Mlbs to 107.7Mlbs U3O8 at an average grade of 208ppm U3O8. This comprises the Anomaly A and adjacent Oshiveli and Onkelo uranium deposits at Etango.

Inferred Resources rose from 37.4Mlbs to 52.4Mlbs U3O8 at an average grade of 197ppm U3O8.

Importantly for future upside for Bannerman investors, two thirds of the total resource estimate is located within 200 metres of surface.

Bannerman CEO Len Jubber said, “this substantial increase in the mineral resource estimate continues to elevate the Etango deposit in the ranking of globally significant uranium deposits. The 5km long mineral resource at Etango occurs over a broad width and at shallow depth."

Bannerman is continuing with resource extension drilling and is well advanced with a feasibility study into an open pit uranium mining operation at Etango.

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Mon, 20 Jul 2009 06:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150006/bannerman-resources-increases-uranium-resource-at-etango-in-namibia-2019.html
<![CDATA[News - Bannerman reports more encouraging results from drilling at Etango uranium project ]]> https://www.proactiveinvestors.co.uk/companies/news/150005/bannerman-reports-more-encouraging-results-from-drilling-at-etango-uranium-project-1914.html Australian uranium development and exploration company Bannerman Resources Ltd (ASX: BMN; TSX: BAN) reported further encouraging drilling results at the Oshiveli and Onkelo prospects within the Etango uranium project in Namibia.

Results from an additional 43 reverse circulation (RC) drillholes along strike at both prospects have confirmed extensions of multiple broad mineralised zones generally close to or directly from surface.

Significant results include 103 metres grading 237 parts per million triuranium octoxide, including 21 metres grading 526 ppm U3O8, and 42 metres grading 451 ppm U3O8.

Drilling further extends the known strike length of mineralisation at Oshiveli and Onkelo to the north and south respectively. Mineralisation remains open between the two prospects and also at depth.

Resource extension drilling at Oshiveli and Onkelo is continuing, with 167 RC drillholes having been completed to date, and further results will be reported in due course.

Previously reported drilling results from these areas are currently being incorporated into a resource update for the Etango project which is planned to be released to the market before the end of July.

Bannerman CEO Len Jubber said: "These new results raise the potential for further increases in the already substantial resource estimate for the Etango Project. The continued success in delineating broad areas of shallow uranium mineralisation is consistent with the fact that 70 percent of the current resource estimate occurs within 200 metres of the surface.” ]]>
Mon, 06 Jul 2009 22:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150005/bannerman-reports-more-encouraging-results-from-drilling-at-etango-uranium-project-1914.html
<![CDATA[News - Bannerman Resources seeks financing to fast-track Etango Uranium Project, Namibia ]]> https://www.proactiveinvestors.co.uk/companies/news/150004/bannerman-resources-seeks-financing-to-fast-track-etango-uranium-project-namibia-1563.html To develop Bannerman Resources' 80% owned Etango Uranium Project in Namibia, the company is seeking to raise $30 million via a placement to institutions. Bannerman will use the funds to complete the feasibility study of a large open pit operation at Etango. The company will also offer existing shareholders a share purchase plan to buy shares at the same price as the placment.

The resource at Etango has increased 33% for an Indicated Resource estimate that is now 195.5 million tonnes at an average grade of 207 parts per million (“ppm”) for 89.2 million pounds (“Mlbs”) of U3O8.  It has Inferred Resources of 87.0Mt at 195 ppm for 37.4Mlbs U3O8, reported at a cut-off grade of 100 ppm U3O8.

Bannerman shares will remain in a trading halt till completion of the placement.

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Wed, 27 May 2009 12:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150004/bannerman-resources-seeks-financing-to-fast-track-etango-uranium-project-namibia-1563.html
<![CDATA[News - Bannerman gets licence extension for Etango project exploration in Namibia ]]> https://www.proactiveinvestors.co.uk/companies/news/150003/bannerman-gets-licence-extension-for-etango-project-exploration-in-namibia-1504.html Uranium group Bannerman Resources Ltd (TSX: BAN; ASX: BMN) said the Namibian Ministry of Mines and Energy has today granted the renewal of the exclusive prospecting licence (EPL 3345) for the Etango project for an additional two years.

The EPL is owned by Bannerman's 80 percent subsidiary, Bannerman Mining Resources (Namibia) (Pty) Ltd. The Etango uranium project area lies wholly within EPL 3345.

The project is situated southwest of Rio Tinto's Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango.

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Wed, 20 May 2009 23:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150003/bannerman-gets-licence-extension-for-etango-project-exploration-in-namibia-1504.html
<![CDATA[News - Bannerman Resources has 33% increase in uranium resource in Namibia ]]> https://www.proactiveinvestors.co.uk/companies/news/150002/bannerman-resources-has-33-increase-in-uranium-resource-in-namibia-0854.html Bannerman Resources (ASX:BMN,TSX:BAN) has today released the following updated mineral resource estimate for the Etango uranium project in Namibia, Africa.

Highlights of upgrade

- Largest uranium resource owned outside the major uranium companies.
- 33% increase in Indicated Resources from 66.9Mlbs to 89.2Mlbs U3O8.
- Inferred Resources of 37.4Mlbs U3O8.
- 70% of total resource estimate is in the Indicated category versus 63% previously.
- Chemical assays make up 99% of total drill results in the resource model.
- Deposit is open along strike and at depth, and further resource updates are expected in 2009.
- Includes an Indicated Resource of 2.2Mlbs and Inferred Resource of 7.3Mlbs for the Oshiveli deposit to the immediate north of the Anomaly A deposit.
- The resource estimate is responsive to cut-off grade providing mine planning flexibility.

The updated estimate represents a 33% increase in the contained metal content of the Indicated Resource category compared with the previous August 2008 estimate. Indicated Resources now represent 70% of the total estimate compared with 63% previously.

Bannerman Resources is an emerging uranium development company with interests in two properties in Namibia. Bannerman’s principal and most significant asset is its 80% interest in the Etango Project situated southwest of Rio Tinto’s Rössing uranium mine and to the east of Paladin Energy Ltd’s Langer-Heinrich mine. Bannerman is focused on accelerating the feasibility assessment and development of a large uranium operation at Etango.

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Thu, 12 Feb 2009 00:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150002/bannerman-resources-has-33-increase-in-uranium-resource-in-namibia-0854.html
<![CDATA[News - Bannerman Resources moves on from Savanna litigation ]]> https://www.proactiveinvestors.co.uk/companies/news/150001/bannerman-resources-moves-on-from-savanna-litigation-0673.html Bannerman Resources (ASX:BMN,TSX:BAN,NSX:BMN) has announced it has reached agreement with Savanna Marble CC and certain associated parties (“Savanna”) to settle the litigation brought by Savanna against Bannerman and others.

Bannerman has confirmed that completion has occurred in accordance with the terms of the settlement agreement.

World class mineral resource 

In the last year, Bannerman Resources increased iits mineral resource from 26.9mlb to a world class 106mlb U3O8 at its Etango Uranium Project in Namibia, strengthened board & management capability - appointing a CEO with operational and project development experience.  A Feasibility Study has commenced for development of the project.  The company listed on the TSX & the NSX and raised over A$20m.

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Fri, 16 Jan 2009 00:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150001/bannerman-resources-moves-on-from-savanna-litigation-0673.html
<![CDATA[News - Bannerman Resources Collects $20mn and a CEO ]]> https://www.proactiveinvestors.co.uk/companies/news/150000/bannerman-resources-collects-20mn-and-a-ceo-0406.html New Chief Executive Officer

Bannerman Resources (ASX:BMN; TSX:BAN) has appointed Mr Len Jubber as Chief Executive Officer of the Company, effective immediately. As a consequence Mr Clive Jones will stand down as Interim Managing Director and remain as a Director of the Company.

Mr Jubber was Managing Director and Chief Executive Officer of Perilya Limited from May 2005 to March 2008. He also worked for seven years with Oceana Gold Limited, ultimately becoming Chief Operating Officer and an Executive Director of the company.

Prior to Oceana Gold, Len spent eight years in southern Africa with Rio Tinto's (ASX:RIO) Rössing Uranium Limited, a subsidiary of Rio Tinto and operator of the Rössing uranium mine, located less than 20km to the north-east of Bannerman’s Etango Project. Rössing is the world’s largest open-cut uranium mine.

Interim Financing

Bannerman also announces that it has executed a term sheet with Resource Capital Funds IV LLP (“RCF IV”) for a secured convertible note facility (“Facility”) for up to A$20 million. Bannerman will draw down a minimum of A$10 million and has the option of drawing down a further A$10 million at any time during the 6 months following drawdown of the first tranche.

Resource Capital Funds, based in Denver, Colorado, is a specialist mining private equity manager that invests across a diversified range of commodities in projects located throughout the world.

The conversion price for the first A$10 million tranche under the Facility is A$0.612 per share, a 76.2% premium to the 30 day volume weighted average market price of A$0.347 per share on 14 November 2008. The conversion price for the standby tranche would be the lesser of $0.612 and a 20% premium to the 30 day volume weighted average price of Bannerman shares at the time of drawdown of that tranche, subject to a minimum conversion price of A$0.45. As noted above, drawdown of the standby tranche is at the election of Bannerman.

The Facility carries a coupon of 8% per annum, payable quarterly in arrears. Bannerman can elect to pay the coupon in the form of Bannerman shares rather than cash, based on prevailing market prices. Drawdown under the Facility

is subject to a range of conditions precedent including completion of definitive documentation. Documentation is well advanced and Bannerman is confident that the funds will be available by the end of November.

Funds raised under the Facility will be directed towards definitive feasibility studies as described in the Company’s quarterly activity report for the quarter ended 30 September 2008 and for general corporate and working capital purposes.

Bannerman Chairman Mr Geoff Stanley believes that concluding a financial agreement of this nature, despite the significant financial sector downturn, provides further evidence as to the credentials of Bannerman’s Namibian assets.

“The Board was pleased to have been able to negotiate these interim financing terms in an environment which is extremely challenging for junior companies such as Bannerman,” Mr Stanley said. “Critically, this funding will allow the Company to progress feasibility studies for the Etango Project to a point where funding options - and therefore value to shareholders - are able to be greatly enhanced,” he said.

"The Company has been encouraged by the expressions of interest it has received in the Etango Project from a number of parties and remains committed to moving towards production as expeditiously as possible."

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Mon, 17 Nov 2008 00:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/150000/bannerman-resources-collects-20mn-and-a-ceo-0406.html
<![CDATA[News - Bannerman Resources growing Namibia Uranium Resources ]]> https://www.proactiveinvestors.co.uk/companies/news/149999/bannerman-resources-growing-namibia-uranium-resources-0380.html Bannerman's Etango Prospect has over over 106mlbs of uranium, one of the few world class uranium resources held outside the industry majors.  Namibia is also home to the fifth largest uranium mine in the world, Rio Tinto's (ASX:RIO) Rossing Uranium Mine and to Paladin Energy's (ASX:PDN) Langer Heinrich mine.

Bannerman Resources believes its Etango Prospect in Namibia is not the "biggest" or potentially largest of its potential uranium resource at its tenement ground in Namibia.  Etango Prospect was the most accessible with known mineralisation.  Bannerman's Swakop River Prospect surrounds Paladin's Langer Heinrich uranium mine and field sampling and radiometric surveys confirm several square kilometres of potential mineralisation.  Bannerman has stated optimism when drilling commences on Swakop River based on surveys to date.

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Mon, 10 Nov 2008 00:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/149999/bannerman-resources-growing-namibia-uranium-resources-0380.html
<![CDATA[News - Bannerman completes resource drilling at Goanikontes Uranium Project ]]> https://www.proactiveinvestors.co.uk/companies/news/149998/bannerman-completes-resource-drilling-at-goanikontes-uranium-project-0190.html Bannerman Resources (TSX: BAN / ASX: BMN) a uranium exploration and development company focused on projects in Namibia, reported that resource drilling on the Goanikontes' Anomaly A was now complete.

Bannerman has drilled over 117,000 metres of reverse circulation and diamond drill holes over a 2.3 kilometre strike in the past 18 months.  An updated resource estimate is expected in the third quarter, and will be a key component of a definitive feasibility study underway.  Bannerman was also keen to point out that Anomaly A was still open at depth, and to the North, South and West.


The company has now mobilised rigs to explore another fifteen prospects indentified. Priority will be given to prospect in close proximately to Anomaly A that could add substantial resources, including Oshivelli, Rossingberg and Ombuga South.


Peter Batten, Managing Director said:


 "It is important to recognise that the Anomaly A project is in fact a single pit that does not yet include all the known mineralisation. The geological sequence hosting the Anomaly A Project is known to continue and in some cases repeat itself along strike and down dip. It would be more accurate to describe Anomaly A as the first open pit in the Project area."


Bannerman is looking to move Anomaly A into production by 2011.

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Tue, 24 Jun 2008 00:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/149998/bannerman-completes-resource-drilling-at-goanikontes-uranium-project-0190.html