Namibia; Seems to where the excitement is and MLS has extensive...

Namibia; Seems to where the excitement is and MLS has extensive leases, unexplored and good potential in this area. This interesting article is worth a read. Good luck to all holders.

Uranium glow warms Namibian campfire yarn

May 02, 2007
THERE is a fantastic campfire story which will make great listening years down the track, if it is not being told already.
Back in early 2005, when the uranium price was showing its first signs of an uptick, Perth mining entrepreneurs Clive Jones and Nathan McMahon took a gamble to peg some ground in Namibia.

Showing their nous, the pair applied for a swag of tenements in the country, knowing full-well the country had a good track record of uranium production.

Not only is Paladin reaping the rewards for advancing its Langer-Heinrich project there, but also Rio Tinto had shown the rest of the pack what to do with its giant Rossing project in Namibia.

Rossing, which has been in operation for more than 30 years, produces about 8 per cent of the world's uranium supply through an acid leach operation.

Now the story goes that Jones and McMahon managed to convince the Namibian authorities that they were dinkum about uranium exploration, but could not get all the tenements they were after.

You will have to ask the pair just how much ground they actually applied for, but in the end they were able to pick up ground with an awesome address - adjacent to both Rossing and Langer Heinrich.

Yesterday Bannerman, an aspiring uranium producer which includes Jones as a board member, announced an inferred resource of 27 million pounds, or 12,300 tonnes for its Goanikontes project.

That figure, which serves as a precedent for a scoping study which that begins Monday, is only a tiny portion of what Bannerman should get from Goanikontes given that it's based on drilling at an average depth of 80 metres and the fact that there are numerous other targets around.

There are about another seven targets Bannerman has its eye on, including massive mounds of D and E type Alaskites which are yet to touched.

Interestingly, the cutoff grade used is 100 parts per million U3O8, a cutoff used at Rio's Rossing project but still considered small by world standards.

Bannerman can get away with that however because of the rampant run on the uranium price, meaning even lower grade deposits are economic.

"Mineralisation hs been shown to extend at least 1.7 kilometres and to depths in-excess of 300 metres," Bannerman said.

Anyway, Bannerman hasn't had much to do with spruiking the story since the ground was picked up, preferring instead to let the market react to the company based on its current love affair with all things uranium.

If you listen to the market watchers, no one in Australia has a full grip on the enormity of the asset and is undervaluing Bannerman shares.

It is understood that some of the Bannerman board will soon head to Canada to investigate a possible listing on the Toronto Stock Exchange which would see greater liquidity to the stock.

Well placed sources say the Canadians are itching to get a hold of Bannerman stock and view the current price as cheap.

The stock is currently covered by both Fat Prophets and DJ Carmichaels.

A project cap-ex could come in somewhere around the $US150 million figure and it is believed that Bannerman want to push ahead into production to bet the expected rush in five years time.

That would mean skipping the pre-feasibility stage and jumping straight to Bankable Feasibility Study status, something which Bannerman will probably