PERTH, WESTERN AUSTRALIA--(Marketwire - July 28, 2011) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman") announces that it has received an Environmental Clearance from the Namibian Ministry of Environment and Tourism for the linear infrastructure proposed to service the Etango Uranium Project. The Environmental Clearance gives approval for a linear infrastructure corridor from the existing nearby public road to the project site, including road, rail, power lines, telecommunications and a water pipeline.
Receipt of this environmental approval follows submission of an Environmental Impact Assessment on these infrastructure aspects. Under Namibian law and environmental regulations, the Environmental Clearance for linear infrastructure requires that all stakeholders be properly consulted and their consent be taken into account prior to the commencement of construction activities.
Bannerman's CEO, Len Jubber, said: "The grant of the Environmental Clearance for the linear infrastructure associated with the Etango Uranium Project, following an extensive documentation and public consultation program, demonstrates the ongoing support of the Namibian Government for the Etango Project. We thank the Namibian Government for this latest endorsement of our impact studies, community consultation and environmental practices."
Bannerman in 2010 received an Environmental Clearance for development of the Etango Project based on the configuration set out in the 2009 Environmental and Social Impact Assessment ("ESIA"). An updated ESIA and accompanying Environmental and Social Management Plan, incorporating the now-expanded resource area and site layout refinements, is scheduled to be lodged for public comment next quarter, following which it will be submitted to the Namibian Ministry of Environment and Tourism for approval. Upon receipt of an updated environmental clearance for development of the Etango Project, Bannerman will lodge supplementary information with the Ministry of Mines and Energy in further support of the existing Etango mining licence application.
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 Uranium 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.
Certain disclosures in this release, including management's assessment of Bannerman Resources Limited'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 Bannerman'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 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.
Bannerman 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.