Bannerman Resources Limited (Stock Symbols – ASX: BMN, OTCMKTS: BNNLF) engages in the exploration and development of uranium properties in Namibia, Southern Africa.
The company’s principal property is its 95% owned Etango Project located in the Erongo uranium mining region of Namibia near Rio Tino’s Rossing mine.
The Company is focused on the development of a large open pit uranium operation at Etango.
It has completed both the definitive feasibility study (DFS) in 2012 and environmental permitting on the Etango Project.
The Etango Uranium Project is situated on the flat Namib Desert sands, approximately 38 kilometers east of the thriving coastal town of Swakopmund, Namibia.
The project has a JORC compliant ore reserve of 130 million pounds of uranium. This figure can be broken down into 14 million pounds of proven and another 116.1 of probable reserves.
The project’s total mineral resource including measured, indicated, and inferred resource builds to a total of 271 million pounds of uranium.
The proposed production for this mine once developed is an initial 10 million pounds per year for the first four years of operation and an average of over 7 million pounds per year for the mine life of nearly 16 years.
The cash costs for production during the first five years is $33 USD per pound.
The cash cost for production over the life of the mine is $38 USD per pound.
The Etango license area (EPL 3345) is approximately 193 square miles.
Remarkably, this project will place the company among the top 10 producers globally once in production.
The amount of production from this asset could power approximately 17 nuclear power reactors.
The Etango project is anticipated to be at full production within three years of the company making an investment decision to proceed.
Bannerman Resources Limited was incorporated in 2005 and is based in Subiaco, Australia.
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