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BMN - Bannerman Energy

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coolcricket said:
Hi guys, this announcement came online sometime between market close and now-

http://www.asx.com.au/asx/statistic...MN&timeFrameSearchType=D&releasedDuringCode=T

The title is - "Resource Upgrade - Goanikontes Anomaly A"

Maybe somebody could decipher the geological talk into simple terms, but it sounds good to me.

Hopefully a good day tomorrow.
Click to expand...

So much for the 160 Million pound estimate... I wonder how the market will take the news... There seems to be an element of disappointment over at HC... but 72.2 Million is awesome... I don't hold BMN anymore however I sorta wish I did...
 
insider said:
So much for the 160 Million pound estimate... I wonder how the market will take the news... There seems to be an element of disappointment over at HC... but 72.2 Million is awesome... I don't hold BMN anymore however I sorta wish I did...
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Hi Insider,

Actually 160 mlbs could still on the cards with the final resource(who knows)? I'll be happy with anything over 110 though, 100 being the minimum. I personally think that 72 mlbs is a fantastic result as i think that BMN is moving in the right direction and fast!

:)
 
champ2003 said:
Hi Insider,

Actually 160 mlbs could still on the cards with the final resource(who knows)? I'll be happy with anything over 110 though, 100 being the minimum. I personally think that 72 mlbs is a fantastic result as i think that BMN is moving in the right direction and fast!

:)
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I agree there, resource was only down to 300 metres and using up to samples from mid December. BMN will get to 100 million pounds of u in AA, which will be a huge result.

I am happy holding now, I think market will be fairly level on this one. If it gets sold down then fundamentally it will be a buy. BMN now valued at around $5 per pound of u.
 
dj_420 said:
BMN now valued at around $5 per pound of u.
Click to expand...
This an important point to bear in mind even though the resource upgrade is well under (HC) expectations, and mine. I think this has occurred because of an overestimation of the width of the overall resource, especially to the south, and the gaps between the alaskytes at depth. Important to keep in mind is that the market average (from where that's taken I'm not sure) is around $12-14 lbs/u I remember seeing somewhere. BMN are still to come out with their final resource, and the metasediments have not been analysed. Punter's and Hartley's call of 120-160m lbs potential may have to be revised. 100m is still obviously well in ballpark, and what the SS was based on, but it's going to take longer to get that resource finalised. This was supposed to happen in about mid Q3, but they're now putting that back to 'sometime' in the June quarter, which to me means the end of it. A few months behind schedule, probably due to the labs being overburdoned. I'm disappointed that the expectations of this have been overdone, and the fact they have 72m lbs to be expanded to 100m ish, just at AA, is an excellent result by world standards. It still places them to be one of the top few producers, and they have another 10 deposits to drill out....
 
One important point to note will be the likely add back of %U in the grades after the outstanding chemical assays are back from the lab:

Coffey has advised that under JORC guidelines more weight is given to chemical assays over radiometric data. Accordingly, as many chemical assays are pending and a large proportion of the resource has been modeled using radiometric data, Coffey has categorised the greater proportion of the resource as Inferred. A small area of closer spaced drilling with largely
chemical assay results has been classified as Indicated. Coffey also re-calibrated the radiometric data based upon a statistical study by firstly reducing values by 30 to 40ppm and then applying a factor of 0.85 to the result.
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The chemical results have generally come in pretty close to the radiometrics from memory, so that should be added in once all the results are back. Once the drilling to 400m is included (assuming it's all mineralised) then the 100m lbs figure should be met. It should also include the overall head grade to be in line with the indicated figure of 234ppm, above the scoping study assumptions. Broker analysis on the 100m lbs assumption gave price targets of between $3.50 and $5.00 (Hartleys, DJs), based on $45 U.
 
Indeed a little disappointing but I guess more so that people were estimating more.

I'm a little concerned that BMN may continue on its down trend now that it looks as though we wont get anymore results anytime soon. Though the share price is virtually back to where i bought in nearly 12months ago,so I'll probably just try and forget about them for the next 12months or so:)

I could be wrong but it looked to me as though someone (or an institution maybe) is trying to get rid of a fair few shares today.

I simply based this on the number of small parcels (betwen around 5-7k ) placed consecutively on the sell side ie:$2.82, $2.83, $2.84 etc all day.

I suppose it would be a fair guess that perhaps a bigger holder might try to reduce their holding if they were expecting more from todays announcent:confused:

I do love that last bit Kennas.....yes another 10 more annomolies to drill:D
 
insider said:
So much for the 160 Million pound estimate... I wonder how the market will take the news... There seems to be an element of disappointment over at HC... but 72.2 Million is awesome... I don't hold BMN anymore however I sorta wish I did...
Click to expand...

Am i wrong when i read the announcement and they are still targeting 136 mt? Am happy to hold, 30km's of targets to drill on the current tennement alone, not to mention the tennement next to langer heinrich. They have always stated that the next two targets are there prime ones. Only my opinion but i think if the share price stays at this level then they are a prime take over target.
 
grace said:
mmmm Trading Halt until Friday. Could be the new JORC you have all been waiting for! Good luck!.............................
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Was the trading halt Canceled on the ann? Did it even last for the 29th? How can the share price change and have volume when there is a trading halt?
Sorry for stupid questions!
 
barnz2k said:
Was the trading halt Canceled on the ann? Did it even last for the 29th? How can the share price change and have volume when there is a trading halt?
Sorry for stupid questions!
Click to expand...
No, fair question, but you need to read the initial halt announcement more carefully. It was in the halt untill the date, or until the ann was released. It was out relatively early.

Apparantly DJ Carmichaels have slapped a $5.75, 6 month valuation on it yesterday. Details should be on the BMN web site in a week or so, for confirmation. I'm yet to actually see it.
 
This is on the precipice at the moment.

That big rounded top is extremely ugly and has more to play out if MAJOR support at $2.25-2.50 is broken. Not sure which is more important of those numbers.

It’s not just following the market, as that’s not it’s long and medium term history to date.

Needs to reconfirm to the market that 100m lbs at AA is on the cards (maybe a good intersection or 2) and provide some more reassurance that the litigation is bunk.
 

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kennas said:
This is on the precipice at the moment.

That big rounded top is extremely ugly and has more to play out if MAJOR support at $2.25-2.50 is broken. Not sure which is more important of those numbers.

It’s not just following the market, as that’s not it’s long and medium term history to date.

Needs to reconfirm to the market that 100m lbs at AA is on the cards (maybe a good intersection or 2) and provide some more reassurance that the litigation is bunk.
Click to expand...

Yep this thing is looking ugly, swapped a lot out before the announcment into lei and bhp so happy to sit back on this but next couple of days could really be a turning point for this company, not looking good on any level.
 
Extract from
http://www.marketwire.com/mw/release.do?id=817412

Bannerman Resources Welcomes Peter Christians as New Chief Operating Officer

PERTH, AUSTRALIA--(Marketwire - Feb. 5, 2008) - Bannerman Resources Ltd. (TSX:BAN)(ASX:BMN) is pleased to announce the appointment of Peter Christians to the position of Chief Operating Officer.

Mr. Christians, a mining engineer, is Namibian born, and has accumulated more than 23 years experience in mine planning and design. Mr. Christians joins Bannerman following eight years with AngloGold Ashanti as Mine Planning Manager based in Perth, Australia. His career spans international postings which include Gold Field's Tarkwa Mine in Ghana and Kennecott Utah Copper's Bingham Canyon Mine in Salt Lake City, U.S.A.

Most significantly for Bannerman, Peter Christians' career began and includes 10 years in Namibia at Rio Tinto's Rossing Mine, the world's largest open pit uranium mine. The Rossing Mine is immediately adjacent to and geologically on strike from Bannerman's Goanikontes Anomaly A deposit. An initial scoping study anticipates that Bannerman's operation will be very similar to the Rossing Mine....
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Is this a good thing?.........

Barnz2k.
 
kennas said:
No, fair question, but you need to read the initial halt announcement more carefully. It was in the halt untill the date, or until the ann was released. It was out relatively early.
Click to expand...

Yeh I saw that, but the notice of halt was released on 29th, and there didnt seem to be a single day of no movement, so was it released on the same day as the notice? Hence no real halt?
 
joelbaby said:
Hi,

Do you have any thoughts on how Bannerman will raise the cash for a $20million BFS??


Joel
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Probably just issue shares to institutions here and OS.

8-10m @ 2.50 ish....

They've probably already sorted out where this is coming from if they're any good. Hopefully not at too much of a discount to whatever it's sp is at the time.

By their own timetable the 'feasability studies' would have already commenced.

The big question will be where is the money coming from for construction and development of the mine. It will be a combination of debt and equity, or perhaps, a partner....
 
kennas said:
One important point to note will be the likely add back of %U in the grades after the outstanding chemical assays are back from the lab:
Coffey has advised that under JORC guidelines more weight is given to chemical assays over radiometric data. Accordingly, as many chemical assays are pending and a large proportion of the resource has been modeled using radiometric data, Coffey has categorised the greater proportion of the resource as Inferred. A small area of closer spaced drilling with largely
chemical assay results has been classified as Indicated. Coffey also re-calibrated the radiometric data based upon a statistical study by firstly reducing values by 30 to 40ppm and then applying a factor of 0.85 to the result.
Click to expand...
The chemical results have generally come in pretty close to the radiometrics from memory, so that should be added in once all the results are back. Once the drilling to 400m is included (assuming it's all mineralised) then the 100m lbs figure should be met. It should also include the overall head grade to be in line with the indicated figure of 234ppm, above the scoping study assumptions. Broker analysis on the 100m lbs assumption gave price targets of between $3.50 and $5.00 (Hartleys, DJs), based on $45 U.
Click to expand...

An interesting point raised on another forum - that the announcement talks about re-calibrating the radiometric data based upon a statistical study.

This seems to indicate that analysts have adjusted the radiometric data to what they believe the chemical assays would deliver, based on statistical analysis. It does not explicitly indicate that this is along JORC guidelines.

Upon re-reading, I would suggest that JORC guidelines determined that 'the greater proportion of the resources [has been categorised] as Indicated,' but that the JORC guidelines were not the reason for the re-calibration of the data.

Thoughts? It is not 100% clear in the announcement.
 
kennas said:
Probably just issue shares to institutions here and OS.

8-10m @ 2.50 ish....

They've probably already sorted out where this is coming from if they're any good. Hopefully not at too much of a discount to whatever it's sp is at the time.

By their own timetable the 'feasability studies' would have already commenced.

The big question will be where is the money coming from for construction and development of the mine. It will be a combination of debt and equity, or perhaps, a partner....
Click to expand...

On the raising of capital for construction and development of the mine do you have any idea when they will need to do this and how long it will take to complete the mine?

Hopefully they make an announcement soon on the bfs as the share price is looking set to lag without a boost from somewhere
 
the barry said:
On the raising of capital for construction and development of the mine do you have any idea when they will need to do this and how long it will take to complete the mine?
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The timetable has been mentioned in their last few presentations. However, due to the lab delays, and delay of the final resource to 'sometime' in the June quarter, it may slide to the right a bit IMO. Not sure if the feasability studies just continue on without that finalised, perhaps so.
 

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National investor presentation this saturday in melbourne.

For those interested in attending, email your name and wish to registor for the national briefing in melbourne to the following address

events@amec.org.au

Now that the stock is up 6 percent today i'm back in...lol

If anyone has any questions they want asked let me know and i will try to get answers,

cheersz,

the barry

The National Investor Briefing will be held at the Melbourne Marriott Hotel, Cnr. Exhibition and Lonsdale Streets, Melbourne VIC 3000. Tel: +61 3 9660 1153

Registration will commence from 9.00am located outside the Exhibition Room.

The Agenda for the briefing is as follows:

9.00 - 9.30am Registration, tea and coffee

9.30 - 9.35am Opening Address � Sonia Webster, Manager � Member Development and Marketing, AMEC

9.35 - 10.00am Image Resources Limited Presentation and Investor Question Time

10.00 - 10.25am Ferrowest Limited Presentation and Investor Question Time

10.25 - 11.00am Morning Tea and Networking

11.00 - 11.25am Bannerman Resources Limited Presentation and Investor Question Time

11.25 - 11.50am Reed Resources Limited Presentation and Investor Question Time

11.50am - 12.15pm Grange Resources Limited Presentation and Investor Question Time
 
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