ann-strategic review process update

ANN -

"We note the Dow Jones news wire released on Friday 7th October 2011 claiming “a person familiar with the project” had indicated that the Strategic Review process had been terminated. This statement is baseless and we encourage stakeholders to be guided by our announcements released on the ASX and posted onto our web site.

Bandanna confirms that there remain a number of parties involved in the Strategic Review process, and that requests from additional third parties to investigate potential joint venture, off-take, investment and other opportunities have also recently been received and the Company is evaluating the opportunities

Given current uncertain economic conditions, the Company reemphasises that these discussions, may or may not, result in a proposal being made and or recommended by the Board to shareholders. The market will be advised of any such transaction and the outcome of the Strategic Review process, as appropriate."