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Re: News Releases - Tuesday, August 26, 2008
Bannerman Presents Company Update
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Dear Shareholder
As Chairman, I would like to provide you with the following update on
the Company.
The current market climate has proven to be a testing time for resource
companies and has seen some unprecedented trading in the Company's
stock. These recent conditions and other issues are circumstances that
have largely been beyond the control of the Company. However, I would
like to outline the Company's commitment to the development of its key
asset, the Goanikontes uranium project located in Namibia, and to
reaffirm its confidence in the future direction of the Company and the
project.
Those aspects of the business which the Company does have control over
have proven that the team is well on top of heading the project towards
successful development. We have continually successfully reached our
targeted goals and indeed have surpassed them in some cases. We are
rapidly building the right team with recent board and senior management
changes leading the way.
With respect to the proceedings being brought against the Minister of
Mines and Energy and the Company in Namibia I would like to make it
very clear that the Company has taken advice from Senior Counsel in
Namibia and the Company's Australian lawyers on the basis of the
affidavit material filed to date. It is the Company's view that
Savanna's application is without merit and will fail. In summary:
.. The proceedings have been brought primarily against the Minister of
Mines and Energy in Namibia (the Minister). The Company is the second
respondent.
.. Savanna claims that the Minister did not have the power to grant
Bannerman's application for EPL 3345.
.. The Company and the Minister have filed their affidavit evidence
responding to Savanna's claim. Savanna was required to submit any
answering affidavit(s) by 9 July 2008. It has failed to file any
affidavit in reply despite repeated requests from the Company to do so.
.. Both the Company and the Minister are of the view that Savanna's
claim should be rejected prior to any substantive hearing of the case
on the grounds that Savanna is guilty of serious and unacceptable delay
in waiting nearly 2 years to bring proceedings when it was aware of the
Company's activities on EPL 3345 during that period.
I would also like to point out that in his affidavits the Minister has
also strongly opposed Savanna's claim.
Currently the Company has no debt and sufficient cash to fund the
ongoing Feasibility Study into the development of the project. The
study is well underway and is being conducted by GRD Minproc; a world
renowned engineering group that has extensive experience in the
construction of major resource projects and with particularly relevant
African and Namibian experience.
The Company has commenced discussions with a range of interested
parties in relation to the future funding of the project and, with its
advisors, is reviewing and progressing several options in this regard.
The Company has continued to achieve its targets at the Goanikontes
uranium project. It has defined a world class uranium resource with
excellent potential to further significantly grow the resource base. A
definitive feasibility study is progressing well and is on track for
completion at the end of Q1 2009. The Company believes the resource at
Anomaly A has the potential to underpin one of the largest uranium
producing operations in the world in Namibia; a stable, transparent and
investment friendly southern African country. Your company is serious
about its intentions to maximise shareholder value by bringing this
project into production in a successful and timely manner.
I look forward to your continued support during this exciting period of
growth for the Company,
Yours faithfully,
Geoff Stanley
Chairman
Bannerman Resources Limited
Em: geoff@bannermanresources.com
Associated File:
http://www.bannermanresources.com/i/pdf/0128-CompanyUpdate_Aug08.pdf
76 KB in size, approx. 15 seconds to download at 56.6Kbps
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Copyright (c) 2008 BANNERMAN RESOURCES LIMITED (BAN) All rights
reserved. For more information visit our website at
http://www.bannermanresources.com/ or send
mailto:questions@bannermanresources.com
Message sent on Mon Aug 25, 2008 at 5:49:37 PM Pacific Time
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