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Bannerman Announces Quarterly Activities Report


PERTH, AUSTRALIA--(Marketwired - Oct. 30, 2015) - Bannerman Resources Limited (ASX:BMN)(TSX:BAN)(NAMIBIAN:BMN) ("Bannerman") is pleased to announce highlights from its September 2015 Quarterly Activities Report released today. The full report is available on Bannerman's website at and on SEDAR (

Bannerman Resources Limited (ASX:BMN)(TSX:BAN)(NAMIBIAN:BMN) made significant progress during and post the September quarter towards enhancing its early mover advantage in a rising uranium price environment.

The successful completion of Phase 1 of the Heap Leach Demonstration Plant Program which complements the 2012 Definitive Feasibility Study, establishes Etango as one of the most advanced undeveloped uranium projects. In turn the balance sheet and project ownership discussions announced on 28 October 2015 present the opportunity to create a debt free and 100% Etango ownership platform.


  • Advanced discussions to achieve 100% Etango project ownership and balance sheet restructure.

  • Heap Leach Demonstration Plant

    • Phase 1 results strongly support the assumptions and projections incorporated in the Definitive Feasibility Study ("DFS").

    • Completed Phase 2 with results currently being externally reviewed.

    • Commenced Phase 3.

  • DFS Optimisation Study progressing well and due for release in December 2015 Quarter.

  • Cash balance as at 30 September 2015 was A$1 million. Discussions to raise A$4 million (net) new funding.

On 28 October 2015, the Company announced that it is in discussions with the Company's major shareholders, Resource Capital Fund IV L.P. and Resource Capital Fund VI L.P. ("RCF IV" and "RCF VI" respectively and "RCF" collectively), and with Mr Clive Jones, a director and shareholder of the Company, in relation to proposed transactions that would deliver a significant project ownership and balance sheet restructure.

The proposed transactions contemplate:

  • acquisition of the minority interest (20%) in the Etango Project from the current owners (represented by Mr Clive Jones) for payment of approximately 123.4 million new Bannerman shares (which will represent approximately 17.7% of the enlarged issued share capital of the Company) and A$1 million in cash;

  • conversion of A$8 million of the convertible notes held by RCF into Bannerman shares at the given conversion price of A$0.075 per share;

  • sale of a 1.5% royalty over the Etango Project to RCF for A$6 million, comprising A$2 million in cash and extinguishment of the residual convertible notes held by RCF (A$4 million); and

  • an equity placement of approximately 63.3 million new Bannerman shares to RCF VI at A$0.0474 per share to raise A$3 million in cash.

The proposed transactions would be subject to the approval of Bannerman shareholders. While the discussions are at an advanced stage with each of RCF IV, RCF VI and Mr Clive Jones in regards to the proposed transactions, these are ongoing and incomplete. There is no certainty that any agreement will be reached on the proposed transactions, or that any agreement on the proposed transactions will reflect the indicative terms outlined above.

On 15 July 2015 Bannerman announced the following positive results from Phase 1 of the Etango Heap Leach Demonstration Plant Program that strongly supports the Definitive Feasibility Study:

  • Fast, high and uniform leach extraction on a 121.6 tonne sample - within 20 days average total leach extraction of 94% for the four cribs (a type of testing not previously conducted) and 93% for the columns (similar to that achieved in previous laboratory testing).

  • Low sulphuric acid consumption - on average less than 16kg/tonne (compared with DFS projection of 18kg/tonne).

  • Material properties - visual observations during the unloading of the cribs confirmed the uniform percolation through the material and integrity of the agglomerated material.

  • The similar performance of the four larger scale (30 tonne sample) cribs to the eight (200kg sample) columns are encouraging, indicating that the scale up factors applied during the DFS should be reviewed.

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

"Bannerman has made significant progress in advancing the bankability of the Etango project and creating a corporate structure to facilitate financing the project."

"The prospect of a debt free well-funded company, owning 100% of a globally significant project capable of development in a near term rising uranium price, will differentiate Bannerman from its peers."

Len Jubber, Chief Executive Officer

30 October 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


Certain disclosures in this report, including management's assessment of Bannerman'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. Full descriptions of these risks can be found in Bannerman's various statutory reports, including its Annual Information Form available on the SEDAR website, 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.

The information in this report relating to the Ore Reserves of the Etango Project is based on information by Mr Leon Fouché. Mr Fouché is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Fouché is a full-time employee of the Company. Mr Fouché has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves", and a Qualified Person as defined by Canadian National Instrument 43-101. Mr Fouché consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves was prepared and first disclosed under the 2004 JORC Code. It has not been updated since to comply with the 2012 JORC Code on the basis that the information has not materially changed since it was last reported. All material assumptions and technical parameters underpinning the estimates of mineral resources continue to apply and have not materially changed.

All material assumptions detailed in this report and underpinning the production target and forecast financial information in the DFS (as previously announced on 10 April 2012 and reported on 30 January 2014 in compliance with Listing Rule 5.16 and 5.17) continue to apply and have not materially changed.

ABN 34 113 017 128

Bannerman Resources Limited
Len Jubber
Chief Executive Officer
Perth, Western Australia
+61 (8) 9381 1436

Bannerman Resources Limited
Robert Dalton
Financial Controller & Company Secretary
Perth, Western Australia
+61 (8) 9381 1436

Spyros Karellas
Investor Relations
Toronto, Ontario, Canada
+1 416 433 5696