Ann: Positive DFS Results and Namibian Milestone , page-23

re: Ann: Positive DFS Results and Namibian Mi... Yes Bannerman has its cons such as 80% owned, low grade etc ... after reading some comments below the potential upside could be quite massive.

Bannerman Resources is a uranium explorer and developer focused on developing the Etango project in Namibia. It holds one of the largest land positions in Namibia's highly prospective Alaskite Corridor. M&I resources at Etango are 149 Mlb. U3O8 plus Inferred resources of 64 Mlb U3O8. Based on feasibility study estimates, Etango is expected to produce an average of 5–7 Mlb U3O8/year over a +20-year mine life. Extensive 2010 work has derisked the technical aspects of the project substantially.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Geordie Mark, Haywood Securities (4/11/12) "Bannerman Resources Ltd. announced results of its definitive feasibility study (DFS) on the Etango uranium project. . .we maintain our Sector Outperform rating. . .we continue to believe a project like Etango should be considered a strategic asset given its geography, deposit size, potential scale of output and simple mining and processing plan. . .the company's Etango uranium resource base stands as one of only two undeveloped alaskite-hosted resources with an excess of 200 Mlb U308. . .management is highly experienced and is augmenting their skill base with the appointment of production-oriented staff."

Ian Parkinson, CIBC World Markets (4/10/12) "Bannerman Resources Ltd.'s Etango project continues to evolve and the definitive feasibility study (DFS) goes a long way to reduce risk; the DFS on the project has firmed up estimates, in our view. . .the company has the potential to develop a world-class uranium deposit in a medium- to low-political risk, mining friendly jurisdiction. It is well positioned to participate in a rebound in nuclear energy development."

Edward Sterck, BMO Capital Markets (1/24/12) "Bannerman Resources Ltd. announced results of drilling at the Onkelo West prospect, which is contiguous with the northwest boundary of the company's Etango project. Bannerman intersected mineralization at all eight drill holes. . .the intercepts primarily range between 83 ppm and 193 ppm U3O8 over intervals of 10–54m. . .results also showed small, high-grade intervals of 3m at 426 ppm U3O8 and 2m at 262 ppm U3O8. . .the mineralization may represent down-dip extensions to the previously defined uranium bearing structures."

The Energy Report Interview with Edward Sterck (1/19/12) "Bannerman Resources Ltd. is focused on trying to push ahead with its feasibility study; proving up the economics of the project and adding shareholder value before really considering any M&A proposals. Increasing the economic appeal of the project could potentially achieve a higher price for the company when it comes to [M&A] discussions. . .right now, the company is lining up all of the economics of the project—the mine plan, the plant design and the processing metallurgy. If uranium prices increase to a level where the project makes economic sense, it will have everything in place to put the mine into production." More >

The Energy Report Interview with David Talbot (12/13/11) "The Asian utilities are going to go out of their way to either purchase uranium in the markets through long-term contracts, but probably and most importantly, buy some of those large uranium mines around the world. . .The Chinese were even looking at Bannerman Resources Ltd."

http://www.theenergyreport.com/pub/co/1394