Quarterly Activities Report for the Period Ended 30 June 2020
30 July 2020 - 9:00PM
Bannerman Resources Limited (ASX:BMN, OTCQB:BNNLF, NSX:BMN)
(“Bannerman” or “the Company”) is pleased to report on a productive
quarter in which Bannerman has further advanced key optimisation
opportunities at its Etango Uranium Project in Namibia, during a
period of supply disruption in the uranium market.
HIGHLIGHTS
- Etango Uranium Project scaling opportunities
advanced ° Etango Project optimisation continued
during the quarter with focus on the evaluation of project scaling
and scope opportunities under various development parameters and
market conditions
- Membrane Study Testwork was successfully completed
during the quarter ° Confirms substantial
economic and operational advantages, including over 80% acid
recovery from the concentrated eluate stream of the Ion Exchange
(“IX”) plant° Excellent results confirm optimised
flowsheet consists of IX followed by iron reduction before
Nano-Filtration (“NF”)° Design of NF plant now complete
to definitive level
- COVID-19 continued to impact 2020 uranium
production ° Kazatomprom suspended
non-essential operations, including well-head development, at all
uranium mines in Kazakhstan, the world’s largest uranium
producer. Kazatomprom advised that the disruption continued
beyond the initially announced three month period. Activities
are planned to resume in the September quarter at a staged and
gradual pace.° The Cigar Lake uranium mine remained in
care and maintenance after Cameco advised during the quarter that
an initial four week shut-down would continue for an “indeterminate
period”. Mining is planned to resume in
September.° Lock-downs and other COVID-19 control
measures have continued to present operational challenges at other
uranium mines.
- Strong cash balance of A$4.2m at quarter
end
Bannerman’s Chief Executive Officer, Mr Brandon
Munro, said, “The deepening of the uranium supply deficit from
ongoing COVID-19 disruptions continues to position the sector for a
significant and sustained recovery. With nuclear fuel buyers
focusing on their own operational challenges during the pandemic,
the price response has been modest thus far, emphasising the
underlying rationale for Bannerman’s fiscal discipline and strong
cash balance. We continue to add real value to Bannerman’s
advanced Etango uranium project as we observe the progressive
improvement in market fundamentals.”
This announcement was
authorised to be issued by the Board of DirectorsFor further
information please contact:
Brandon MunroChief Executive OfficerPerth, Western
AustraliaTel: +61 (8) 9381 1436info@bannermanresources.com.au |
Rob OrrCompany SecretaryPerth, Western
AustraliaTel: +61 (8) 9381 1436info@bannermanresources.com.au |
Michael Vaughan (Media)Fivemark PartnersPerth,
Western AustraliaTel: +61 422 602
720michael.vaughan@fivemark.com.au |
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About Bannerman - Bannerman Resources Limited 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 CNNC’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.
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Forward Looking Statements
The information in this announcement is not
intended to guide any investment decisions in Bannerman Resources
Limited. This material contains certain forecasts and
forward-looking information, including possible or assumed future
performance, costs, production levels or rates, reserves and
resources, prices and valuations and industry growth and other
trends. Such forecasts and information are not a guarantee of
future performance and involve many risks and uncertainties, as
well as other factors. Actual results and developments may differ
materially from those implied or expressed by these statements and
are dependent on a variety of factors. The Company believes that it
has a reasonable basis for making the forward looking statements in
the announcement, based on the information contained in this and
previous ASX announcements.
Bannerman is not aware of any new information or
data that materially affects the information included in this ASX
release, and Bannerman confirms that, to the best of its knowledge,
all material assumptions and technical parameters underpinning the
estimates in this release continue to apply and have not materially
changed.
Competent
Person’s Statement
The information in
this announcement as it relates to Exploration Results is based on,
and fairly represents, information and supporting documentation
prepared by Mr Marthinus Prinsloo. Mr Prinsloo is a full time
employee of Bannerman Resources Limited and is a Member of the
Australasian Institute of Mining and Metallurgy (AusIMM). Mr
Prinsloo has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration, and to
the activities, which he is undertaking. This qualifies Mr Prinsloo
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 Prinsloo consents to
the inclusion in this announcement in the form and context in which
it appears. Mr Prinsloo holds shares and performance rights
in Bannerman Resources Limited.
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