Wednesday, August 6, 2008

Bannerman Resources Increases Overall Resource Estimate at Namibian project by 48%

Bannerman Resources Increases Overall Resource Estimate by 48 percent
August 6. (MiningNamibia)-Bannerman Resources Ltd, an Australian-based uranium exploration and mine development company, has reported an significant increase in total mineral resources at the Goanikontes (see picture below) in the Erongo Region.
The company said the new mineral resource estimate now consists of 66.9 million pounds of Indicated Mineral Resource compared to 12.9 million pounds reported in January 2008 and 39.7 million pounds of Inferred Mineral Resources compared to 59.3 million pounds reported in January.
The new mineral resource estimates and models were completed by Neil Inwood of Coffey Mining Ltd, an independent consultant to Bannerman Resources.
“We are delighted with this upgrade to the Goanikontes resource which now exceeds the original exploration target of 100 million pounds and still offers considerable scope for further resource expansion over the coming year,” said Peter Batten, Managing Director of Bannerman Resources Ltd. “We are also pleased to see that there are very large amounts of metal present at the higher cut-offs. This indicates a strong potential for the project to sustain much higher head-grades over many years. This could have a significant impact upon production rates and the overall revenue generated by this first open pit.”
Production at the Goanikontes deposit is expected by 2011.

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