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.
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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.
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