bannerman resources

Bannerman Resources, the Australian listed uranium explorer, could consider a stake sale to finance the commissioning of its Namibian uranium projects into a mine, said interim MD Clive Jones.
Bannerman, which is actively looking for to raise between AUD 400m (USD 321.58m) and AUD 500m (USD 402.2m) for funding the commissioning of the mine, has had approaches from a number of companies, he said. The company has already appointed private Australian investment company Gresham as its corporate adviser, Jones said.
Bannerman would prefer to deal with industry rather than the finance markets due to the volatility in that sector, he said. However, it is still talking to people in that market, he added. "If someone wanted to take a stake in us, we would need more than just money, whether it is expertise or contacts in the market, we would like them to bring something to the table," Jones said.
Jones outlined how its uranium project is in Namibia, saying that "it is located in a premier mining jurisdiction" and that the mine is expected to bring in approximately AUD 500m (USD 402.2m) plus per year.
Jones said the company is looking to complete bankable feasibility on the projects by May 2009. He said that Bannerman's focus is on its Anomaly A prospect, which is south of Rio Tinto's Rossing Mine.
Bannerman is actively searching for a new MD, Jones said, and has contracted a North American headhunting firm that specialises in mining and resources senior management. However, when asked which firm was employed to find the new MD, Jones declined to comment. Jones also declined to outline who was being screened as a new MD, but did say that he expected them to begin within the next month or at the latest in the next two months. Its previous MD Peter Batten resigned in late August 2008.
Bannerman has around 100 employees including subcontractors and a market cap of AUD 66.96m (USD 53.86m), with an over the counter value of AUD 93.87m (USD 75.44m).