Bannerman Announces Epangelo Update

Bannerman Resources Limited (TSX:BAN,ASX:BMN,NAM:BMN) announced an update regarding its discussions with Namibian state-owned mining company Epangelo Mining Company (Pty) Ltd.

As quoted in the press release:

As previously disclosed, Bannerman and Epangelo signed a Term Sheet in April this year setting out the terms and conditions offered to Epangelo for it to acquire an initial 5% interest (plus a follow-on option for an additional 5% interest) in Bannerman’s 80%-owned Namibian subsidiary, the sole owner of the Etango Uranium Project. The Term Sheet required certain conditions to be satisfied within four months (ending today), including Epangelo completing its due diligence investigations and obtaining its acquisition finance.

Since that time, Epangelo has completed technical due diligence investigations to its satisfaction and confirmed its recognition of the importance of the Etango Project to Namibia. However, the parties have been unable to complete a mutually acceptable agreement reflecting the commercial substance of the Term Sheet.

Click here to read the Bannerman Resources Limited (TSX:BAN) press release.