len jubber letter

No comment on HC so far about todays letter from from Len Jubber.

Most impressive, I thought! Some real positive nuances from him as to his views on Etango. I especially like the fact that he walked into this job with eyes open, and has hit the ground running ... Very early in the piece communicating with shareholders ...

KEEP THAT UP LEN JUBBER ... and you will win over a new generation of shareholders!!! My opinion is that this is a new chapter for BMN ... One that we will all enjoy being part of.

Boxes ticked so far:

*Full JORC out
*New MD
*Finance arranged
*Uranium spot price slowly heading back up
*Acid prices dropped


Reading the MD & A report ... One thing I noticed is the comment about the "bulk heap leaching" potential of Anom A versus the previously considered "tank leaching" ... I have not taken note of this before. They say:

"The significant advantage of processing via heap leach is a substantial reduction in overall capital costs which should translate to a material improvement in project economics and a broadening of financing options. This is of considerable strategic advantage in the current challenging credit environment."

Sets engineering work back a few months, but is definately worth doing.

Below is the shareholder letter if you havent read it yet.

cheers





Dear Shareholder

Last week a media release announced my appointment as Chief Executive Officer and Board member of your company Bannerman Resources Limited. I wanted to take the opportunity to introduce myself and comment on the recent capital raising in the context of the current global financial markets and the objective of developing our flagship Etango Project in Namibia.

Firstly, I’d like to tell you more about myself. Over the last decade, I have held senior executive roles with Perilya Limited (where I was the Chief Executive Officer and Managing Director) and Oceana Gold Limited (where I was the Chief Operating Officer and an Executive Director). Prior to this, I spent over eight years working at Rössing Uranium Limited, the operator of the Rössing mine in Namibia – currently the world’s largest open pit uranium mine, and located less than 20km from the Etango Project.

During the past couple of months I had the privilege of visiting Bannerman’s operations in the Erongo region of Namibia. I was not only impressed by the progress to date but also reminded of the close proximity of the project area to the extensive infrastructure in the district and the hive of development activity in what has now become a major uranium producing region as a result of the progressive support of the mining sector by the Namibian government and regional authorities. I am very excited by the challenge of building a globally significant uranium producer based on the development of the world class Etango deposit, situated in arguably, the premier uranium district in the world.

The A$20 million capital raising announced earlier this week occurred at a time when most other junior companies have been unable to secure additional funding to progress their respective projects. We are pleased that we were able to secure the funding from a well credentialed and existing investor at a 76.2% premium (to the 30 day volume weighted average market price of A$0.347 per share on 14 November 2008) and hence minimise shareholder dilution. It is clear from their willingness to provide the funding at a premium to the existing share price that RCF have recognised the inherent value in the Company.

The value of having the ability to maintain the momentum on the bankable feasible study on a world class uranium project, at a time that concerns regarding the use of fossil fuels and energy shortages are rapidly escalating, should not be underestimated. Your Board is conscious that it is imperative that we invest the funds in such a way that we achieve our objective of being in a position to make an informed and reliable decision on the development of the project at the earliest opportunity.

Over the coming weeks I will continue to familiarise myself with Bannerman’s activities both in Australia and in Namibia. This will include consulting with external stakeholders. It is important to take the opportunity to reflect on the progress to date and ensure that we have a strategy in place which will maximise long term shareholder value in conjunction with the on-going technical work that will form part of the definitive feasibility study on Etango.

I look forward to updating you on our activities in the upcoming December quarterly report.

Kind regards

Len Jubber
Chief Executive Officer