PERTH, AUSTRALIA -- (Marketwired) -- 04/24/13 -- Bannerman Resources Limited (TSX: BAN)(ASX: BMN)(NAMIBIAN: BMN) ("Bannerman") is pleased to announce highlights from its March 2013 Quarterly Activities Report released today. The full report is available on Bannerman's website at www.bannermanresources.com and on SEDAR (www.sedar.com).
-- Significant industry events during the quarter included Russian state owned ARMZ announcing a C$1.3bn friendly takeover of Canadian listed Uranium One -- continuing the trend for SOEs, including Chinese, Russian and Korean entities to secure long term supply through corporate acquisitions; and -- further consolidating the listed uranium equities space and thereby further reducing the pool of globally significant uranium only investment opportunities-- Continued review of overhead costs has resulted in a further significant reduction in quarterly expenditure-- Cash of A$4.76 million as at 31 March 2013-- The period ending 31 March 2013 represents in excess of 40 months that the Company's staff and contractors have operated without a lost time injury
During the March quarter, the uranium mining industry was further rationalised through two proposed friendly takeovers. It is noteworthy that the proposed acquisition of Uranium One by its major shareholder ARMZ will result in the delisting of another large global uranium only company. Denison Corporation's proposed acquisition of the advanced exploration assets of Fission Energy Corporation further consolidates the opportunities to invest in medium term production.
Uranium demand related activities included the commencement of construction of two new nuclear reactors in the USA and the commitment to the construction of two in the UK. The UK nuclear reactors are expected to be the first in a series of new reactors the UK government has proposed as part of its plans to replace ageing coal and nuclear facilities. In China, the construction of 29 reactors continues with numerous construction progress reports released during the quarter.
In Japan, the recently elected Liberal Democratic Party continues to state its commitment to restarting that country's nuclear plants in an orderly fashion over the next three years.
Shareholders in Bannerman are well placed to capitalise on the widely anticipated increase in the uranium price, with the advanced Etango Project regarded as one of the very few globally significant uranium projects that can realistically be brought into production in the medium term.
Len Jubber, Chief Executive Officer
24 April 2013
About Bannerman - Bannerman Resources Limited is an exploration and development company with uranium interests in Namibia, a southern African country which is a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rossing uranium mine and CGNPC's Husab Project and to the west of Paladin Energy's Langer-Heinrich mine. Etango is one of the world's largest undeveloped uranium deposits. Bannerman is focused on the development of a large open pit uranium operation at Etango. More information is available on Bannerman's website at www.bannermanresources.com.