Bannerman Resources Limited
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ASX : BMN

Bannerman Resources Limited

May 11, 2011 04:44 ET

Bannerman Provides Update on Proposed Namibian Minerals Policy Changes

PERTH, AUSTRALIA--(Marketwire - May 11, 2011) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman") provides the following update on its Namibian mineral licences in the context of the recent statements and press release by the Namibian Minister of Mines and Energy regarding proposed mineral policy changes.

Background

On April 20, 2011, the Namibian Minister for Mines and Energy, Hon. Isak Katali, made comments in the Namibian Parliament regarding the proposed rights of state-owned mining company, Epangelo Mining Company (Pty) Ltd, in the development of minerals projects for certain specified "strategic minerals". These minerals comprise uranium, copper, gold, coal, diamonds and rare earth metals.

The Minister has overnight Australian time issued a Media Statement which seeks to clarify further details of the proposed mineral policy changes. A full copy of this Media Statement is attached.

No Impact on Ownership of Existing Licences

As set out in the Media Statement, ownership of existing exploration licences will not be affected by the proposed mineral policy changes. This includes Bannerman's two exploration licences in Namibia, being Exclusive Prospecting Licence ("EPL") 3345 for the Etango Uranium Project and EPL 3346 for the Swakop River Exploration Project. Bannerman's Namibian subsidiary has held these two EPLs since April 2006 and both EPLs were recently renewed for a two year period to 26 April 2013.

In addition, the Media Statement confirms that existing mining licence applications will be considered under the existing procedures on their own merit and without prejudice. The Minister has commented in the Media Statement that the ultimate conditions of a mining licence might require the holder to approach the Namibian Government first regarding investment opportunities for development of the mining licence before approaching other parties.

Bannerman submitted a mining licence application for the Etango Uranium Project in December 2009 and has been liaising with the Namibian Ministry of Mines and Energy regarding the grant of the mining licence since that time.

Bannerman's CEO, Len Jubber, said "Bannerman understands the importance of the mining industry to the people of Namibia, and welcomes the Namibian Government's objective of investing in new mineral project developments."

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 Bannerman's website at www.bannermanresources.com.

ABN 34 113 017 128

Contact Information

  • Bannerman Resources Limited
    Len Jubber
    Chief Executive Officer
    Perth, Western Australia
    +61 (0)8 9381 1436

    Bannerman Resources Limited
    Tim Haughan
    Investor Relations Manager
    Perth, Western Australia
    +61 (0)8 9381 1436
    thaughan@bannermanresources.com.au

    Bannerman Resources Limited
    Ann Gibbs
    Investor Relations
    Toronto, Ontario, Canada
    +1 416 388 7247
    ann@bannermanresources.com

    Australasian Media
    Professional Public Relations
    David Tasker
    +61 (0)433 112 936
    david.tasker@ppr.com.au

    Namibian Media
    GM, Corporate Development
    Windhoek, Namibia
    Brandon Munro
    +264 61 226 621