Transcript Slide 1

“Building a World Class Uranium
Project”
MineAfrica Presents:
Investing in African Mining - December 2008
Safe Harbour
This presentation contains certain forward-looking information about the Company that is intended to be covered by the safe harbour for “forward-looking statements” provided by the
Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”,
“believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements
regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict
and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of
mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and
changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks
related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in
obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties
and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake
any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any
events.
The information in this press release that relates to the Mineral Resources at the Etango Anomaly A Deposit is based on a resource estimate completed by Mr Neil Inwood who is a
full time employee of Coffey Mining Ltd. Mr Inwood is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of
mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify as Competent Person as defined in the 2004 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, and is an independent consultant to Bannerman Resources and a Qualified Person as
defined by NI 43-101. Mr Inwood consents to the inclusion in the press release of the matters based on his information in the form and context in which it appears.
The information in this report that relates to the metallurgical test work undertaken on Etango Anomaly A Deposit samples was completed by Mr Gary Jobson who is a consulting
metallurgist to Independent Metallurgical Operations Pty Ltd. Mr Jobson is a Member of The Australasian Institute of Mining and Metallurgy and has extensive experience relevant to
the activity which is being undertaken. Mr Jobson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to the Exploration Results, is based on information reviewed by Mr. Clive Jones, who is a Member of The Australasian Institute of Mining and
Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as
a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Jones is a nonexecutive Director of the company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.”
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Highlights of 2008 Activity
 Identified new resource growth areas
 Increased Mineral Resource from 26.9 to 106Mlb U3O8
 Strengthened Board & Management capability
 Commenced Feasibility Studies
 Established Namibian infrastructure and country head
 Raised over A$20 million
 Signed term sheet for an additional A$20 million capital raising
 Appointed CEO with operational and project development experience
An emerging world class uranium producer
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The Nuclear Future
 Uranium market not immune to the global credit crisis
 Recent Spot price movements lead by Hedge fund redemptions
Rössing
 Spot Prices just now beginning to rebound
Lungmen, Taiwan
 Production shortfall of ~10mlbs expected this year
 Long term pricing still high, more relevant to Etango
Neckarwestheim, Germany
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Obrigheim, Germany
Capital Structure
as at 20 Nov 2008
Issued & Outstanding Shares
167 million
Share Price - ASX:BMN
A$0.48
- TSX:BAN
C$0.40
Options: Management & Directors
17.3 million
Fully Diluted Shares
185 million
Market Capitalisation
Convertible Note Facility
Management & Directors’ Ownership (fully diluted)
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A$89m (US$74m)
A$20 million
20%
Management & Board



Geoffrey Stanley, Non-executive Chairman
• New York based, 25 years experience as a highly ranked analyst in Australia, Canada and US equity markets
Len Jubber, Chief Executive Officer
• Mining engineer with 20 years operations and leadership experience including an 8-year career launch at Rössing
Mine, followed by 7 years as COO at Oceana Gold and most recently as MD and CEO for Perilya
Clive Jones, Non-executive Director
•

Nathan McMahon, Non-executive Director
•

UK based, financial, technical and corporate experience in the mining sector
David Tucker, Non-executive Director
•

Proven track record of successful mining ventures; specialised in project negotiations and acquisitions
Alastair Clayton, Non-executive Director
•

25 years experience in mineral exploration; strong record of corporate and technical successes
39 years industry experience largely as former Director for Homestake Gold’s Australian subsidiaries; and Barrick
Mining Company (Australia) and Barrick Gold. Experience in uranium exploration.
Peter Christians, Chief Operating Officer
•
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Namibian national, mining engineer with experience on large scale international projects.
Also previously worked at Rössing uranium mine
Namibia
 Modern, politically stable country with a long history of
resource development & mining
 World class uranium province along mid-coastal region –
produces ~8% of the world’s uranium
 Current uranium mining projects / operations include:
• Rössing Mine commenced in ‘76 (69% Rio Tinto)
• Langer Heinrich Mine commenced in ‘05 (Paladin)
• Trekkopje Project (Areva/CGNC) - in construction
• Valencia Project (Forsys / GFI) – near construction
• Etango Project (Bannerman) – feasibility study
• Rössing South Project (Extract/RIO) – resc drilling
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Erongo Uranium Province
Trekkopje (238 Mlbs)
Valencia (63 Mlbs)
Bannerman Tenements
Road
Rossing (+300 Mlbs)
Power Line
Railway
Primary Uranium Deposit
Etango EPL3345
Rossing South (Nil)
Secondary Uranium Deposit
Swakop River EPL3346
ETANGO (106 Mlbs+)
Langer Heinrich (208 Mlbs)
0
Kilometres
50
Cape Town
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ETANGO PROJECT
WORLD CLASS URANIUM PROJECT
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Etango Project
 In excess of 100Mlbs U3O8
 Alaskite (granite) hosted mineralisation
analogous to Rössing
 Over 37km of highly prospective
stratigraphy
 First target explored, yielded world class
resource
 Simple, low-cost, proven processing
flow sheet
 Long-life potential
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Etango
2.5km long, 100m wide
Target 150M lbs U3O8
Block Model & Pit
Shell Snapshot
 Mineralisation from near
surface over 2.6km
Western
extensions
Oshiveli extensions
Includes; 81m @309,
83m @ 213 &
30m @552ppm U3O8
 Large tonnage provides
economies of scale
 Moderate to low strip ratio
 Mineralisation open at depth
and to N, W and S.
 Higher grade ‘starter’ pit zones
available
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Ondjamba
Etango Resource Estimate
as at August 2008
Indicated Resources1
1
Low Cut
(U3O8 ppm)
Tonnes
(mt)1
Grade
(ppm)
(mt)1
100
145
209
30.3
150
112.3
233
200
69.4
269
Inferred Resources1
Metal (U3O8)
(mlbs)
Low Cut
(U3O8 ppm)
Tonnes
(mt)1
Grade
(ppm)
Metal (U3O8)
(mt)1
(mlbs)
66.9
100
91.6
197
18.0
39.7
26.2
57.7
150
65.5
224
14.6
32.3
18.7
41.2
200
34.5
268
9.3
20.4
“(Mt)” refers to metric million tonnes equivalent to 2.204 mlbs. Reported at various cut offs using a bulk density of 2.62t/m3. Ordinary kriged estimate based upon 3m cut U3O8
composites. Block dimensions of 25m NS by 25m EW by 10m RL
 Total Resource of 145mt for 66.9mlbs (Indicated) & 91.6mt for 39.7mlbs (Inferred)
 505 holes completed for 140,558m over a 2.6 km strike length
 Large amounts of metal also present at the higher cut-offs
 67% Indicated & 33% Inferred - drilling ongoing to further upgrade confidence
 Current scale and mineral resource classification adequate to support full
Feasibility Study
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Project Focus – Recent Activity

Updated resource estimate at the Etango open pit

Advanced feasibility studies underway
• Excellent preliminary metallurgical results
• High recoveries at coarse grind sizes (~1000µm)
• Low to moderate acid consumption (15- 20 kg/t) is highly probable
• Recoveries up to 90% deemed achievable at ambient pressures and temperature
• Potential for processing via Heap Leach being investigated
• Geotechnical, hydrological, infrastructure studies underway
• Environmental & Social Impact Studies

Exploration commenced to build resource pipeline
• Exploration re-focused to near pit environment

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Community and Stakeholder meetings undertaken
Etango Pit Environs
 Highly prospective targets adjacent to
Etango pit area
 If proven, new resources here would
significantly improve the project’s
economics
 Numerous alaskite outcrops ranging
from 1.3 to 3 km long over 22 km
 Recent Oshiveli drilling;
81m@309, 83m@213 & 30m@552ppm U3O8
 Ondjamba zone equivalent to the
“Rössing position”
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Etango Development Timetable
2007
2006
2008
2009
2010
2011
Licences Granted
…Rapidly progressing
towards production
EPA Approvals
Res. Drilling (Etango)
Interim Res. ‘A’
‘A’
Resource
upgrade
Scoping
Study
TSX Listing
Capital Raising
To become a Top
10 World
Producer
Expand Exploration
Resource
Finalised
‘A’
Resource Base increasing
Construction & Development
EIA and Feasibility
Studies
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Financing &
permitting
2012
Mining
Exploration –
Targets Galore
‘Gohare’
2km long Target ??M lbs
U3O8
‘Ombuga’
2 x 2km long each
 Over 37 km of prospective alaskite
stratigraphy
Target ??M lbs U3O8
Rossingburg ’13’
Rio 57.2m @ 230 ppm
Target ??M lbs U3O8
 Etango Pit A: First target drilled
‘Ombepo’
2km long, ~100m wide
‘Ompo’
Target ??M lbs U3O8
>2km long, 100m wide
 15 targets already identified
Target ??M lbs U3O8
“Oshiveli” & ‘Onkelo’
 Numerous large look-alike outcropping
alaskite intrusions identified in region
•
•
•
•
•
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Oshiveli – Onkelo
Rossingburg
Ombuga
Ompo
Ombepo etc…
2 Bodies; 1.2 & 3km long,
~100m wide each
Target ??M lbs U3O8
Etango
2.5km long, 100m wide
Target 150M lbs U3O8
Ondjamba
SE flank of dome
extensive area under cover
Exploration: Swakop River Project
 Surrounds Paladin Resources’
LANGER HEINRICH U deposit
 Bloedkoppie Prospect;
•Extension of Langer Heinrich orebody
•Extensive exposed areas of carnotite
bearing calcretised sediments
•Fieldwork confirms several square
kilometers of potential
•Outstanding target, not yet drilled
Langer Heinrich
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Summary
 Resource base in excess of 100mlbs U3O8
 Advanced feasibility study
 Fully funded to development decision
 Building development & operations capability
 Sole remaining independent company with
major uranium project in established region
 First mine could project Bannerman into the top 10 U producers
 Substantial exploration upside at Etango and Swakop projects
BUILDING A WORLD CLASS URANIUM PROJECT
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