Bannerman Resources Limited
ASX : BMN
NAMIBIAN : BMN

Bannerman Resources Limited

October 21, 2016 07:00 ET

Bannerman Resources Limited: Quarterly Activities Report For the Period Ended 30 September 2016

PERTH, AUSTRALIA--(Marketwired - Oct. 21, 2016) - Bannerman Resources Limited (ASX:BMN)(NAMIBIAN:BMN) is pleased to recap on a successful September quarter.

HIGHLIGHTS

  • Successful Heap Leach Demonstration Plant Program
    • Phase 5 (Value Engineering) results deliver potential for substantial capital and operating cost savings
    • Consistency of results deliver further affirmation of robustness of DFS process inputs and relatively low technical risk of Etango
    • Commencement of Phase 6 extension to refine crushing and binder cost reduction opportunities
  • Renewal of Exclusive Prospecting Licence 3345
  • Key adviser appointments
    • Nuclear Fuels Associates (Mr Dustin Garrow) - strategic and uranium marketing
    • Fivemark Partners - strategic and capital markets
  • Corporate streamlining continued
    • Implementation of unmarketable parcel share sale facility
    • Sale and lease-back agreement reached for Swakopmund office property, to net in excess of A$500,000 in the December quarter
  • Cash balance at 30 September 2016 was A$1.2 million.
  • Uranium market dynamics continue to tighten, driving improved sentiment

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

Brandon Munro, Chief Executive Officer

21 October 2016

ABN 34 113 017 128

Contact Information