Just skimming through the annual report, it appears that the reserve upgrade is now due anytime between now and the end of year. May disappoint the market who was expecting an announcement anytime now.
As far as getting into bed with a corporate partner, it seems that they have toned down the prospect of it happening anytime soon. They have tried to put a positive spin on it.
"Given our confidence in the technical aspects of the project, we have engaged with numerous parties within and outside of the nuclear industry, with the aim of identifying a partner whose long term objectives are aligned with ours.
The engagement process is likely to progress into early 2011. Whilst the Board believes that it is timely for Bannerman to secure a development partner at this stage, we are by no means committed to achieving this outcome at any cost.
We will not rush into any commitment until we are satisfied that the aims of the partner are aligned with ours and the transaction is value accretive for our shareholders. If need be, we will pursue the project and our exploration activities by other means of financing until such time as a project development decision is required".
BMN Price at posting:
40.0¢ Sentiment: None Disclosure: Held
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