the savanna claim

This article may assist all those on-lookers, in deciding a position in Bannerman.
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Battle for uranium resource hots up.

WINDHOEK - The battle for uranium oxide or yellow cake is heating up after the Ministry of Mines and Energy's decision to issue a mining licence to Bannerman Mining Resources Namibia.

In December 2007, another mine, Savanna Marble CC filed a lawsuit against the Minister of Mines and Energy and Bannerman Resources Limited, challenging the validity of a licence given to Bannerman to mine uranium.

The bone of contention is that the area in which Bannerman is licensed to mine uranium, overlaps the area in which Savanna is licensed to mine dimension stones.

In its lawsuit, Savanna Marble is seeking an order to declare the granting of the licence given to Bannerman null and void.

International stock market company Tradingmarkets.com reported recently that Savanna Marble is challenging the granting of this licence because it wants to mine uranium in that very same area itself.

The area in question is situated in the Erongo region, just outside Swakopmund.

Bannerman's mine is situated at Goanikontes towards the Namib Naukluft Park.

The chairman of Bannerman, Geoff Stanley, stated in an update on this matter on his company's website last week that even Namibian Minister of Mines and Energy Erkki Nghimtina is strongly opposed to Savanna's claim.

He said both his company and the Minister of Mines and Energy agree that Savanna's claim should be rejected prior to any substantive hearing of the case, on the grounds that Savanna is guilty of serious and unacceptable delays in waiting for two years to bring proceedings against the respondents.

"The application is without merit and will fail," he stressed.

In an effort to reassure shareholders, Stanley said: "Currently, the company has no debt and sufficient cash to fund the ongoing feasibility study into the development of the project."

"The company has continued to achieve its targets at the Goanikontes Uranium Project in the Erongo Region.

The company believes the resources at Goanikontes Anomaly has the potential to underpin one of the largest uranium-producing operations in the world," he added.n in Bannerman.
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Here's a Link to the Company in mention Savanna.
http://www.savannamarble.com/
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Cheers to all that currently hold this Gem Stock.
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Long Term Holdings PDN AGS DYL BLR PNA SNU & TSX Listed MGA
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