Bannerman Resources Ltd. Quarterly Activities Report For the Period Ended 31 December 2018

30.01.2019  |  GlobeNewswire

PERTH, Jan. 30, 2019 - Bannerman Resources Ltd. (ASX:BMN, NSX:BMN) (“Bannerman” or “the Company”) is pleased to report on a productive quarter in which it undertook reconnaissance drilling to test potential satellite targets whilst continuing the DFS Update work, against a backdrop of improving uranium prices and industry sentiment.

HIGHLIGHTS

• Reconnaissance drilling program
  • Targeting two areas within 10km of the proposed Etango processing plant
  • 8 drill holes for 973 m of RC drilling completed
  • Results expected in March quarter
    
• DFS Update continuing
  • Qubeka Mining Consultants engaged for mining and process schedule optimisation
  • Further refinement of cost input parameters.
    
• Uranium prices strengthening
  • U₃O₈ spot price closed 2018 at US$28.50
  • Uranium price increased 25% since 1 July 2018
  • Strong outlook driven by supply reductions and secondary buying
    
• Strong cash balance of A$7.4m at quarter end
  • Includes cash inflow of A$172,612 after Chairman exercised 3.9m options
  • Financial strength maintained

Bannerman’s Chief Executive Officer, Mr Brandon Munro, said, “We have maintained our fiscal discipline whilst undertaking high value-add activities at the Etango Project, such as testing targets with the potential to be satellite deposits and the ongoing work associated with the DFS Update. The uranium market has tightened substantially and we are well positioned for further price improvement with an advanced asset and a healthy balance sheet.”

Brandon Munro
Chief Executive Officer
30 January 2019

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About Bannerman - Bannerman Resources Ltd. is an ASX 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 95%-owned Etango Project situated near Rio Tinto’s Rössing uranium mine, Paladin’s Langer Heinrich uranium mine and CGNPC’s Husab uranium mine. A definitive feasibility study has confirmed the viability of a large open pit and heap leach operation at one of the world’s largest undeveloped uranium deposits. From 2015 to 2017, Bannerman conducted 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.