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

Bannerman Resources Limited

April 28, 2016 07:00 ET

Bannerman Resources Limited: Quarterly Activities Report for the Period Ended 31 March 2016

PERTH, AUSTRALIA--(Marketwired - April 28, 2016) - Bannerman Resources Limited (ASX:BMN)(TSX:BAN)(NAMIBIAN:BMN) had a successful March quarter, completing a significant corporate restructuring process, appointing new leadership and delivering positive results from Phase 3 of its Heap Leach Demonstration Plant.

HIGHLIGHTS

  • Successful Heap Leach Demonstration Plant Program
    • Results from Phase 3 of the Heap Leach Demonstration Plant further highlights the robustness of the Etango DFS and Optimisation Study
    • Indicates further improvement opportunities
    • Commencement of Phase 4
  • New leadership appointed
    • Appointment of Brandon Munro as Chief Executive Officer/Managing Director
    • Promotion of Werner Ewald to Managing Director - Namibia
  • Announced completion of Ownership Consolidation, Debt Extinguishment and New Funding Transaction
    • Acquisition of the minority interest (20%) in the Etango Project
    • Extinguishment of the A$12 million convertible note
    • A$3 million capital raising
  • Cash balance as at 31 March 2016 was A$2.5 million.

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

Brandon Munro

Chief Executive Officer

28 April 2016

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 100%-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 and an optimisation 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 2016, Bannerman is continuing 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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