Ann: Ore Reserve Upgrade - UPDATED , page-15

Just to felsh out what you've been saying Westcott.

See BMN announcement of 24.10.11:

http://www.stocknessmonster.com/news-item?S=BMN&E=ASX&N=562567

"During recent negotiations in China, Hanlong advised Bannerman that the China Development Bank (which
is the intended financier of any Hanlong offer) requires additional due diligence to be undertaken to gain
greater certainty regarding the timing and conditions of a mining licence before financing commitments can
be made to Hanlong. Hanlong has not yet been able to confirm the scope of that work, how long it will take
to complete or how long it will take to secure approvals from the China Development Bank and the Chinese
Government.

As a result, the Board of Bannerman has concluded that it is unlikely that Bannerman will know whether
Hanlong is in a position to enter into a binding agreement with Bannerman within a timeframe that would
meet the reasonable expectations of Bannerman’s shareholders and other stakeholders, including the
Namibian Government.

Accordingly, Bannerman has formally advised Hanlong that, whilst Bannerman remains willing to consider a
less conditional proposal from Hanlong, Bannerman will now focus on its existing discussions with other
parties regarding development joint ventures and alternative corporate arrangements."