Business Description:
Bannerman Resources Limited (BMN) is a uranium exploration and development company with interests in uranium properties in Namibia, South Africa. BMN principally focuses on its flagship project, Etango Uranium Project.

Strategy Analysis:
BMN is focused on adding to shareholder wealth through advancing the Etango project in Namibia to production to coincide with the next upswing in uranium prices. BMN believes the project has the potential to produce approximately 6Mlbs of U308 per annum. Indications are operating costs would be US$30/lb and capital costs of US$400m. As at July 2009, the mineral resource was 235Mt for 107.7Mlbs (indicated) and 120.8Mt for 52.4mlbs (inferred) U3O8. BMN is continuing with resource extension drilling as it continues to advance the preliminary feasibility study which is considering the viability of a uranium mining operation at Etango.. Bannerman Resources reported negative cash flow of $3.79m for quarter ended 30 September 2011. Operating cash flow for the period was $(3.04m). Payments for exploration and evaluation were $(2.43m). Investing cash flow was $(15,000). Financing cash flow was $(734,000). Cash in hand at the end of the quarter was $11.48m.