Bannerman Resources Limited
TSX : BAN
ASX : BMN
NAMIBIAN : BMN

Bannerman Resources Limited

July 29, 2015 07:00 ET

Bannerman Announces Quarterly Activities Report

PERTH, AUSTRALIA--(Marketwired - July 29, 2015) - Bannerman Resources Limited (ASX:BMN)(TSX:BAN)(NAMIBIAN:BMN) ("Bannerman") is pleased to announce highlights from its June 2015 Quarterly Activities Report released today. The full report is available on Bannerman's website at www.bannermanresources.com and on SEDAR (www.sedar.com).

During the June 2015 quarter, Bannerman Resources Limited (ASX:BMN)(TSX:BAN)(NAMIBIAN:BMN) achieved a significant milestone, notably the successful commissioning of the Etango Heap Leach Demonstration Plant and completion of Phase 1 of the Demonstration Plant Program.

HIGHLIGHTS

  • Phase 1 results strongly support the assumptions and projections incorporated in the Definitive Feasibility Study ("DFS").

  • Post quarter end, commenced with Phase 2 of the Demonstration Plant Program.

  • Successfully completed A$2 million capital raising.

  • Cash balance as at 30 June 2015 was A$2.3 million.

On 15 July 2015 Bannerman announced the following positive results from Phase 1 of the Etango Heap Leach Demonstration Plant Program:

  • Fast, high and uniform leach extraction on a 121.6 tonne sample - within 20 days average total leach extraction of 94% for the four cribs (a type of testing not previously conducted) and 93% for the columns (similar to that achieved in previous laboratory testing).

  • Low sulphuric acid consumption - on average less than 16kg/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 four larger scale (30 tonne sample) cribs to the eight (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.

Bannerman's Chief Executive Officer, Len Jubber, said:

"The Company has made significant progress during the quarter with the successful commissioning of the Heap Leach Demonstration Plant and the announcement of the exciting results from Phase 1 which strongly support the assumptions and projections incorporated in the DFS. Post quarter end we commenced Phase 2 which aims to replicate the results in Phase 1."

"Further, the project optimisation work on the resource modelling and mine planning aspects of the DFS is progressing well and it is anticipated that updated mineral resource and ore reserves estimates will be released by the end of the December 2015 quarter."

"The Etango Project continues to progress and remains one of the very few globally significant uranium projects that can realistically 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."

Len Jubber, Chief Executive Officer

29 July 2015

About Bannerman - Bannerman Resources Limited is an ASX, TSX and NSX listed exploration and development company with uranium interests in Namibia, a southern African country which is a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Project situated near Rio Tinto's Rössing uranium mine, Paladin's Langer Heinrich uranium mine and CGNPC's Husab uranium mine currently under construction. A definitive feasibility study has confirmed the technical, environmental and financial (at consensus long term uranium prices) viability of a large open pit and heap leach operation at one of the world's largest undeveloped uranium deposits. In 2015, Bannerman is conducting a large scale heap leach demonstration program to provide further assurance to financing parties, generate process information for the detailed engineering design phase and build and enhance internal capability. More information is available on Bannerman's website at www.bannermanresources.com.

TECHNICAL DISCLOSURES

Certain disclosures in this report, including management's assessment of Bannerman's plans and projects, constitute forward looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Full descriptions of these risks can be found in Bannerman's various statutory reports, including its Annual Information Form available on the SEDAR website, sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

The information in this report relating to the Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Harry Warries in April 2012. Mr Warries is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Warries was employed by Coffey Mining as an independent consultant to the Company at the time of the studies and public release of the results. As Mr Warries is now no longer employed by Coffey Mining, Coffey Mining has reviewed this report and consent to the inclusion, form and content of the relevant information herein from the original reports for which Mr Warries' consent has previously been given. Mr Warries has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves", and a Qualified Person as defined by Canadian National Instrument 43-101.

The information in this report that relates to Ore Reserves was prepared and first disclosed under the 2004 JORC Code. It has not been updated since to comply with the 2012 JORC Code on the basis that the information has not materially changed since it was last reported. All material assumptions and technical parameters underpinning the estimates of mineral resources continue to apply and have not materially changed.

All material assumptions detailed in this report and underpinning the production target and forecast financial information in the DFS (as previously announced on 10 April 2012 and reported on 30 January 2014 in compliance with Listing Rule 5.16 and 5.17) continue to apply and have not materially changed.

ABN 34 113 017 128

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