Bannerman Continues Hanlong Discussions
PERTH, AUSTRALIA -- (Marketwire) -- 09/27/11 -- Bannerman Resources Limited (TSX: BAN)(ASX: BMN)(NSX: BMN) ('Bannerman' or the 'Company') advises that, following the acquisition proposal received from the Sichuan Hanlong Group ('Hanlong') in July, further meetings have been held with senior representatives of Hanlong and its advisers, and discussions are continuing.
Bannerman has been advised by Hanlong that recent action by the Australian Securities and Investments Commission involving several Australian-based Hanlong employees has not diminished Hanlong's interest in progressing its proposal to acquire Bannerman.
Bannerman also advises that Hanlong's due diligence investigations are ongoing but well progressed.
Bannerman and Hanlong have agreed to advance their discussions in the coming weeks.
Further updates will be provided in due course.
About Bannerman - Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country considered to be 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 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 feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on Bannerman's website at www.bannermanresources.com.
Contacts:
Bannerman Resources Limited
Len Jubber
Chief Executive Officer
Perth, Western Australia
61 (0)8 9381 1436
Bannerman Resources Limited
Tim Haughan
Investor Relations Manager
Perth, Western Australia
61 (0)8 9381 1436
admin@bannermanresources.com.au
Bannerman Resources Limited
Spyros Karellas
Investor Relations - Toronto, Ontario, Canada
1 416 800 8921
skarellas@bannermanresources.com.au
www.bannermanresources.com