Bannerman Resources’ Second Quarter Report on Corporate and Exploration Activity
PERTH, AUSTRALIA–(Marketwire – Aug. 1, 2008) – Bannerman Resources Ltd (TSX:BAN)(ASX:BMN) (“Bannerman” or the “Company”), an Australian-based uranium exploration and mine development company, is pleased to present a summary of corporate and project activity for the second quarter of 2008. Please see Bannerman’s “Mining exploration entity quarterly report (Appendix Form 5B)” and “Quarterly Activities Report” filed on SEDAR and available on the Company’s website, www.bannermanresources.com.
Goanikontes Anomaly A Feasibility Study
Goanikontes Anomaly A continues to be the focus of intensive exploration activity. During the quarter, the RC programme completed 109 holes for 24,489m bringing the total number of RC holes drilled at the project to 441 holes for 117,198m. The RC drilling programme has completed the 50m x 50m grid and the drill rigs have moved on to commence the Expanded Exploration programme.
Diamond drilling is continuing with one diamond core rig drilling metallurgical and geotechnical holes for the Definitive Feasibility Study (DFS). This programme has completed 14 holes for 5,030m during the quarter, including two holes drilled for metallurgical test work. The total number of diamond holes completed which will be included in the updated resource estimate is 46 holes for 18,123m.
The new resource estimate which will be used for the DFS will include results from all 487 holes completed by Bannerman on a predominantly 50m x 50m grid to a depth of 400m in areas. The database includes in excess of 80,000 samples with 96% of the grades determined from chemical assay.
On the 23rd of May the contract to conduct a Definitive Feasibility Study (DFS) was awarded to the engineering construction company GRD Minproc, a subsidiary of GRD Limited. The DFS will consider the development of a uranium mine at the Goanikontes’ Anomaly A project in Namibia.
GRD’s Environmental Team has issued a first draft of a scoping report to GRD’s management in preparation for the public participation meetings planned to commence in October. As well, the first 100m of HQ-core was shipped to Perth, under the control of GRD Minproc and metallurgical test work has commenced. An additional half-NQ core was also shipped to Perth to commence the leach test work. Diamond drilling will produce a further approximately 850m of whole NQ core to be sent to Perth in July/August for comminution and leach variability test work.
Two RC drill rigs have been working on Rossingberg 13, completing 22 holes for 4,455m. The 18 historic holes were probed and raw (no mitigating factors applied) spectrometer results are available on the website.
One RC drill rig is active on the Ombuga prospect where 6 holes were completed for 1,615m. No results are available to date.
Drilling at Oshiveli completed 15 holes for 4,768m. The significant drill intercepts from 2 holes include: 7 metres @ 793 ppm and 15 metres @ 560 ppm and 12 metres @ 336 ppm; 16 metres @ 200 ppm.
High Court Motion
The High Court Motion brought against the Minister of Mines and Energy (MME) by Savanna Marble CC (Savanna) is ongoing and preliminary affidavits have been submitted to the court. Although the Motion has been brought against the MME, Bannerman Mining Resources (Namibia) (Pty) Ltd (Bannerman) is second respondent to the Motion which relates to EPL3345 (Welwitschia).
On 14 April 2008, Savanna amended its Notice of Motion to include a claim that the MME was ‘functus officio’, in effect claiming that the Minister did not have the power to grant EPL3345 when he purported to grant the licence to Bannerman on 16 April 2006.
Bannerman submitted answering and opposing affidavits on 30 May 2008.
The MME filed three affidavits on 30 June 2008 opposing the claims by Savanna. The affidavits were sworn by Mr Errki Nghimtina, the Minister of Mines and Energy, Mr Erasmus Iiyambo Shivolo, the Director of Mines and the Acting Mining Commissioner and Dr Gabriele I. C. Schneider, the Director of Geological Surveys at the Ministry of Mines and Energy.
Savanna now has the opportunity to submit responding affidavits after which Bannerman will approach the President Judge of the Namibian High Court to seek a hearing date.
Bannerman has council on the merits of Savanna’s claim and expects to receive advice once all of the affidavit evidence has been filed.
Geoff Stanley was appointed to the Board of Directors on the 23rd of May 2008 as Non Executive Chairman of the Company. Mr. Stanley is based in New York and replaces Mr. Alastair Clayton who has stepped aside from the role of Chairman but carries on as Non Executive Director of the Company.
The Company continues to build its team of professionals as it progresses towards production. The Company has attracted directors and senior professionals of high standards and experience to ensure that the Company operates at a level commensurate with industry best practice and has the requisite abilities to take the Company through to becoming a major producer of uranium on the world scene. The completion of the drilling of the first deposit at Goanikontes, places Bannerman at the threshold of development and production.
Bannerman Resources Limited is an emerging uranium producer with interests in two properties in Namibia, an African country considered to be a premier mining jurisdiction. Its principal and most significant asset is its 80% interest in the Goanikontes project situated on a trend southwest of the Rio Tinto Rossing uranium mine.
Bannerman is focused on accelerating the development of a very large uranium deposit at Goanikontes, Namibia. A mine plan is contemplating low cost uranium production using proven processing techniques. The scoping study completed in December 2007 describes robust project economics using conservative uranium prices. A definitive feasibility study is currently underway by GRD Minproc. The company expects to bring its starter asset at the Goanikontes deposit into production by 2011.
The area offers tremendous exploration potential. Exploration of the several other identified targets away from Anomaly A has commenced and will continue through the development stages of the Goanikontes starter asset.
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