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

Bannerman Resources Limited

July 15, 2015 07:00 ET

Bannerman Resources Limited: Heap Leach Demonstration Plant Strongly Supports Etango Definitive Feasibility Study

PERTH, AUSTRALIA--(Marketwired - July 15, 2015) - Bannerman Resources Limited (ASX:BMN)(TSX:BAN)(NAMIBIAN:BMN) is pleased to report on the positive results from Phase 1 of the Etango Heap Leach Demonstration Plant Program. The results strongly support the assumptions and projections incorporated in the Etango Definitive Feasibility Study ("DFS").

PHASE 1 HIGHLIGHTS

  • Fast and high leach extraction on a 121.6 tonne sample - within 20 days average total leach extraction of 94% for the cribs (not previously conducted) and 93% for the columns (similar to that achieved in previous laboratory testing).
  • Further enhanced project knowledge - designed, permitted, constructed and successfully commissioned large scale demonstration plant.
  • Low sulphuric acid consumption - on average less than 16 kg/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 (30t 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.
  • Capability building - rapid growth in understanding of the process control and metallurgical accounting associated with the specific characteristics of the Etango deposit and design flowsheet.

The 18-24 month demonstration program, which commenced in April 2015, is an integral step of the project's detailed engineering and financing phases.

It is specifically aimed at demonstrating the design and projected performance reflected in the DFS, further enhancing the project knowledge and pursuing value engineering. The results to date have already gone a significant way towards achieving these objectives.

The full report is available on Bannerman's website at www.bannermanresources.com and on SEDAR (www.sedar.com).

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

"We could not have asked for a better start to the Etango heap leach demonstration plant program.
The scale and quality of the plant, which reflects significant consideration of the environment, has surprised all of those who have visited the site. Moreover, the results from testing over 120 tonnes of ore strongly support the definitive feasibility study. The team in Namibia has done a great job. It would be fair to say that we are very excited about what we have seen to date and look forward to the next stages of the program.

The location and set-up of the plant provides Bannerman with a real advantage with respect to the ease of being able to conduct ongoing work to increase the metallurgical knowledge base and conduct further value engineering.

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

15 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.

ABN 34 113 017 128

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