Marenica.Putting it simply.----------------M...

Marenica.

Putting it simply.

----------------M Cap-------Shares-------Grade-------Mlbs------Opex
Bannerman-$143---------234.44m-----195ppm----213mlbs---$42
Marenica----$22.4--------498.63m-----192ppm----139 mlbs---$38

($143 is based on Hanlong bid, not share price)

$143,477,280 / 213mlbs = 0.67

Marenica--110mlbs x 0.67 = $73,700,000 / 498,630,000 = $0.147 share price, we currently sit at 0.045!

In the announcement below, the bannerman directors said �The Board of Bannerman believes that Hanlong recognises the strategic significance of controlling Bannerman�s large-scale and low technical risk Etango Uranium Project in Namibia. The Board also believes that Hanlong�s approach has been timed to take advantage of Bannerman�s low share price which has been adversely affected by macro issues such as the events at Fukushima and weak global equity markets�

http://www.bannermanresources.com/media/articles/ASX-Announcements/20110711-Bannerman-Receives-Acquisition-Proposal-316/BMN-release-11-July-2011-Final.pdf

Taking the latest drilling results into consideration, our grade should be better, our opex is better and our resource should get bigger!

I am bemused as to our share price.

I will remain until production, not sure if we will be around then though!

LTV