mining license, page-4

In BMN's Annual Financial Report they have reported the following;

An updated ESIA and accompanying Environmental and Social Management Plan, incorporating the now
expanded resource area and site layout refinements, is scheduled to be lodged for public comment in the
December 2011 quarter, following which it will be submitted to the Namibian Ministry of Environment and
Tourism for approval.
Upon receipt of an updated environmental clearance for development of the Etango Project, Bannerman
will lodge supplementary information with the Ministry of Mines and Energy in further support of the existing
Etango mining licence application.

So first we need to prepare an updated ESIA available for public comment in Dec qtr, followed by submission of ESIA, then need to wait for approval or clearance of the ESIA, then need to lodge supplementary information to further support mining license application.

Going by this it would appear that the earliest that a licence would be granted would be by the 2nd qtr next year. I would say it would be a safe bet that EXT are granted a licence before BMN.