BANNERMAN PROVIDES UPDATE ON PROPOSED NAMIBIAN MINERALS POLICY CHANGES
Perth, Australia - Bannerman Resources Limited (ASX: BMN, TSX: BAN, NSX: BMN) ("Bannerman") provides the following update on its Namibian mineral licences in the context of the recent statements and press release by the Namibian Minister of Mines and Energy regarding proposed mineral policy changes.
Background
On April 20, 2011, the Namibian Minister for Mines and Energy, Hon. Isak Katali, made comments in the Namibian Parliament regarding the proposed rights of state-owned mining company, Epangelo Mining Company (Pty) Ltd,in the development of minerals projects for certain specified strategic minerals. These minerals comprise uranium, copper, gold, coal, diamonds and rare earth metals.
The Minister has overnight Australian time issued a Media Statement which seeks to clarify further details of the proposed mineral policy changes. A full copy of this Media Statement is attached.
No Impact on Ownership of Existing Licences
As set out in the Media Statement, ownership of existing exploration licences will not be affected by the proposed mineral policy changes. This includes Bannerman?s two exploration licences in Namibia, being Exclusive Prospecting Licence (EPL) 3345 for the Etango Uranium Project and EPL 3346 for the Swakop River Exploration Project. Bannerman's Namibian subsidiary has held these two EPLs since April 2006 and both EPLs were recently renewed for a two year period to 26 April 2013.
In addition, the Media Statement confirms that existing mining licence applications will be considered under the existing procedures on their own merit and without prejudice. The Minister has commented in the Media Statement that the ultimate conditions of a mining licence might require the holder to approach the Namibian Government first regarding investment opportunities for development of the mining licence before approaching other parties.
Bannerman submitted a mining licence application for the Etango Uranium Project in December 2009 and has been liaising with the Namibian Ministry of Mines and Energy regarding the grant of the mining licence since that time.
Bannerman's CEO, Len Jubber, said "Bannerman understands the importance of the mining industry to the people of Namibia, and welcomes the Namibian Government's objective of investing in new mineral project developments."
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