Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

November 26, 2014 07:00 ET

Bannerman Resources Limited: Construction Update-Etango Heap Leach Demonstration Plant

PERTH, AUSTRALIA--(Marketwired - Nov. 26, 2014) - Bannerman Resources Limited (ASX:BMN)(TSX:BAN)(NAMIBIAN:BMN) ("Bannerman" or the "Company") is pleased to provide an update on the construction activities at the Etango Heap Leach Demonstration Plant.

Since announcing the award of contracts on 22 September 2014, activities to date included:

  • establishment of the site infrastructure,
  • preparation of the foundation and commencement of the civil construction of the 6 metre high concrete cribs and the reagent mixing area,
  • blasting and hauling of the waste and ore samples to site,
  • commencing the rehabilitation of the areas where the ore and waste rock samples were sourced from,
  • sourcing of the mixing tanks, and
  • construction of the evaporation pond.

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

"The construction of the demonstration plant is on track for completion in early 2015 and it is anticipated that the first test results will be available during the June 2015 quarter. The timing of the demonstration program coincides well with the increase in the uranium price.

The recent final regional authority approvals for the restart of the two reactors at the Sendai plant in Japan has contributed to the much anticipated resurgence in interest in the uranium sector resulting in the spot price increasing to as high as US$44.00 per lb U3O8 compared to the 8 year low of US$28.25 per lb U3O8 in early July, before retracting to US$38.00 per lb U3O8 recently. It is expected that the restarts will commence in early 2015 post completion of the final safety signoffs."

Bannerman's advancing Etango Project remains one of the very few globally significant (with respect to level of study, scale of annual production and mine life, low sovereign risk, established infrastructure, community support, etc.) uranium projects that can realistically be brought into production in the medium term.

Len Jubber, Chief Executive Officer

Bannerman Resources Limited

Status of Construction Activities at the Etango Heap Leach Demonstration Plant: http://media3.marketwire.com/docs/980972p.pdf

About Bannerman - Bannerman Resources Limited is an 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 southwest of Rio Tinto's Rössing mine and CGNPC's Husab project 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 development of a large open pit uranium operation at Etango. More information is available on Bannerman's website at www.bannermanresources.com.au

ABN 34 113 017 128

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