Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

November 24, 2009 03:55 ET

Bannerman Appoints Dr David Smith to the Board

PERTH, AUSTRALIA--(Marketwire - Nov. 24, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman" or the "Company") is pleased to announce the appointment of senior mining executive Dr David Smith as a Non-Executive Director with effect from November 25, 2009.

Dr Smith has over 30 years' of technical, operational and senior management experience within the Rio Tinto organisation. He was until recently the President of Rio Tinto Atlantic covering the Simondou Project in Guinea, West Africa. Prior to that, he was Managing Director of Rio Tinto's Pilbara iron ore operations in Western Australia comprising Hamersley Iron and Robe River Mining, together the second largest iron ore producing operation in the world. Dr Smith was responsible for all operational aspects including integrating the two business units and steering their growth as well as improving safety and indigenous employment. Dr Smith also chaired a joint venture involving Chinese interests.

Prior to Dr Smith's appointment to Rio Tinto's iron ore operations in 2001, he was the Chief Executive Officer of Rössing Uranium Limited in Namibia responsible for annual sales of over 5 Mlbs of uranium oxide to power utilities worldwide. Dr Smith oversaw programs which achieved significant operational and corporate improvements as well as new uranium sales contracts. He also chaired the Rössing Foundation, a key component of Rio Tinto's corporate social responsibility activity in Namibia.

Dr Smith is a qualified metallurgist residing in Perth, Western Australia, and his formal qualifications include a Bachelor of Science and Ph.D. in Metallurgy from the University of New South Wales in Australia. 

Bannerman's Chairman, Geoff Stanley, said: "David's extensive operating and development experience and, in particular, his experience in Namibia as CEO of Rössing Uranium, will be of substantial value to Bannerman during the development phase of the Etango Project. The appointment further transitions the Board to one capable of providing relevant governance, strategic and operational oversight while Bannerman pursues development of one of the world's largest uranium deposits. The existing Board members warmly welcome David and look forward to working closely with him."

Bannerman's Managing Director and CEO, Len Jubber, also said: "In addition to David's operational and development experience, his demonstrated success in building government relationships and community-related partnerships will greatly enhance Bannerman's ability to maximise the value of the Etango Project for all stakeholders."

About Bannerman - Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. 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. Etango 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. More information is available on the Company's website at www.bannermanresources.com.

Regulatory Disclosures:

The Company has not completed feasibility studies on its projects. Accordingly, there is no certainty that such projects will be economically successful. Mineral resources that are not ore reserves do not have demonstrated economic viability.

Certain disclosures in this release, including management's assessment of Bannerman Resources Ltd's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in the Company's various statutory reports, including its Annual Information Form available on the SEDAR website, www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman Resources Ltd expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

ABN 34 113 017 128

Contact Information

  • Bannerman Resources Limited
    Perth, Western Australia
    Len Jubber
    Chief Executive Officer
    +61 (0)8 9381 1436
    admin@bannermanresources.com.au
    or
    Bannerman Resources Limited
    Perth, Western Australia
    Peter Kerr
    Chief Financial Officer
    +61 (0)8 9381 1436
    or
    Bannerman Resources Limited
    Toronto, Ontario, Canada
    Ann Gibbs
    Investor Relations
    +1 416 388 7247
    ann@bannermanresources.com