canadian coverage

Wednesday, January 30th, 2008
Bannerman Resources hikes estimate for uranium deposit in Namibia

TORONTO - Bannerman Resources Ltd. (TSX:BAN), a Toronto-based uranium producer, announced Wednesday a "significant increase" in its total mineral resource estimate for an uranium deposit in Namibia.

After a trading halt on the TSX, Bannerman shares were down five cents at $2.65.

Based on a report from Coffey Mining, its partner for the Goanikontes uranium deposit in Namibia, Bannerman said the resource estimate now consists of 25 million tonnes of indicated mineral resources and 136.4 million tonnes of inferred mineral resources.

The estimate from a 2.2-kilometre strike area was determined from all data available to December last year, Bannerman said in a release.

A combination of chemical assays and radiometric data was used for the estimation. About 20,000 drill samples still need to be analyzed, the company said.

Drilling is continuing with the aim of producing a final resource estimate in the second quarter.

"Clearly the deposit is world class and, with drilling ongoing, is expected to grow even further," said Peter Batten, managing director of Bannerman Resources.

Besides Namibia, Bannerman Resources has projects in Botswana and licences in Australia.

It said its major focus is on the exploration and development of uranium projects in Namibia and Botswana.