Bannerman Resources new definitive feasibility study (DFS) has confirmed the commercial viability for its 80%-owned Etango Uranium Project in Namibia
The company also signed an agreement with Namibian state-owned mining company, Epangelo Mining Company for participation in the project.
Epangelo can acquire 5% of Bannerman’s 80%-owned Namibian subsidiary, Bannerman Mining Resources (Namibia), by acquiring interests from the existing shareholders on a pro-rata basis for A$3.9m ($4.0m).
The company’s DFS indicated 80% conversion of measured and indicated mineral resources into proved and probable ore reserves totalling 279.6 million tons at an average grade of 194ppm U3O8 for 119.3 Mlbs of contained U3O8.
The report calls for increasing the plant size from 15 to 20 million tons per year, thereby increasing average annual production by 22%.
The mine has a minimum life of 16 years, with further extensions sought through the conversion of existing inferred resources and new drilling programmes which are currently underway.