Bannerman renews EPL

Bannerman Resources recently announced that its Exclusive Prospecting License 3345 was renewed and they also provided an update on the application of its mining license with the Ministry of Mines and Energy.
Said Bannerman in a statement, “an application to renew EPL 3345 was lodged on 26 January 2015. A notice of preparedness to grant the renewal was subsequently received in early 2016 from the Ministry of Mines and Energy outlining the terms and conditions under which the EPL would be renewed. In addition to the standard renewal terms and conditions, the Ministry required the Bannerman to submit a proposal for local Namibian ownership, employment of historically disadvantaged Namibian and a broader corporate responsibility plan.”
Added Bannerman, the Ministry has endorsed the renewal of EPL 3345. The license has been renewed until 25 April 2017 in accordance with its original term.”
Bannerman also stated that its application for a mining license was rejected on the grounds of a depressed uranium price, a decision it said did not come with much surprise. Said Bannerman in the statement, “the Company has received correspondence from the Ministry of Mines and Energy stating that the Hon. Minister [Obeth Kandjoze] intends to refuse the application for the Etango Mining License, which was applied for in December 2009, citing the low uranium price.”
Bannerman said that it would re-apply for its mining license when the uranium market recovers. Banerman also recently announced the de-risking of its heap leap demonstration plant which is currently in its fourth phase of testing, it said showed exceptional leaching results all through the various phases of testing.
Bannerman will now proceed with a fifth phase of testing.