During the June 2010 quarter, Bannerman continued to advance the Definitive Feasibility Study ("DFS") on its 80%-owned Etango Project in Namibia, reported positive results from near-Project exploration and drilling activities, and stepped up dialogues with a number of potential strategic development partners.
anomalies. Drilling results are expected in the coming months.
-- Drilling into one of the Radon anomalies at Ondjamba, 2km to the east ofthe Etango deposit, returned numerous broad resource grade intersections within 100 metres of surface, indicating the potential for a satellite deposit. Further drilling continues.
-- Infill drilling within the Oshiveli area of the Etango deposit returned
broad higher grade intersections from close to surface, indicating improvements to the resource model in this area. A new resource estimate
for the Etango Project is due in late September.
-- A mining review based on the updated resource model is progressing well with an expected increase in estimated mineable resources and decrease in estimated mining unit costs.
-- Metallurgical testwork continues to confirm fast leach times and low
acid consumption, as well as indicating +90% recoveries at significantly
coarser grind sizes than previously tested.
-- A DFS update encompassing the above work is scheduled for release to the market in the December quarter.
-- Appointment of former Rio Tinto senior executive and Rossing Uranium CEO, Dr David Smith, as Chairman of the Board.
-- Cash reserves at quarter end of A$16.6 million
(31 March 2010: A$20.4 million).