BMN - Bannerman Energy

[Go Nuke]

So .... if there is a takeover offer - $2,500,000,000 and ?150,000,000 shares. I think Kennas is right- they are cheap at @ $2.12.

True but even though I'm a gain of sand on the beach amongst shareholders, there is NO WAY that i would agree to a takeover considering where BMN is now.

Any guesses on what a share evaluation would be IF a takeover was made?


PDN one of my only stocks going backwards today
Though it has ahd a good run lately.

 

[Sean K]

True but even though I'm a gain of sand on the beach amongst shareholders, there is NO WAY that i would agree to a takeover considering where BMN is now.

Any guesses on what a share evaluation would be IF a takeover was made?


PDN one of my only stocks going backwards today
Though it has ahd a good run lately.

Genral takeover offer would be 30% above the 30 d moving average.

Depending on counter offers.

So, lets hope the offer, if there is one, comes in during a run.

 

[Go Nuke]

Would you call this "Bot Trading" today, or just someone trying to manipulate the sp.

Hopefully trying to keep it at $2.25 at least...

 

[Go Nuke]

Genral takeover offer would be 30% above the 30 d moving average.

Depending on counter offers.

So, lets hope the offer, if there is one, comes in during a run.

So at todays price that would be at $2.78 by my calculations.
(Ignore the line I drew at $3. I was working off the 200 day MA..oops)

Unfortunately I topped up above that level and I'm not in this game for a loss..lol.

But as you say, the sp should start to have a good run prior to an announcement about final resourse.
Question is by how much...(and if the DOW actually has a good day)

 

[Sean K]

But as you say, the sp should start to have a good run prior to an announcement about final resourse.
Question is by how much...(and if the DOW actually has a good day)

Well, DOW went on a rollercoaster with a Bear. Still ended up down 1% ish, but when it was over 2% down, I was thinking about what job I was going to have to take here in Lima. Street cleaners do ok here.

In a change for BAN, it went against the trend and ended up a few %. Remarkable. Perhaps the lead up to the final JORC is going to provide some support, but remember how BMN has traditionally responded to good news.

Very good last two days bouncing off $2.00 ish support after that uptrend line failed. I thought we had more pain to take than that. $2.50 is the real hurdle.

As far as takeovers go, I am still in bewilderment that Kintyre went for $500m when it's years off, and smaller (potential) JORC. Perhaps the rest of the leases along with the purchase are very prospective. Also, Gov may change soon, so maybe there's the incentive. Still, puts a price on BMN (just for AA) on about $6 ish a pound U. Plenty of upside.

Let's hope Fannie and Freddie don't put the world in a pile of doo doo too soon.

 

[Go Nuke]

Poor old Bannerman has copped a hammering today.

On what should have been a good day.

Any ideas why??

 

[qeegbill]

The U3O2 spot price is up. The ASX was up 3.54%. A significant increase in resource is expected at Goanikontes - probably by the 31st when the next quarterly report is due. Two other nearby depostis are being drilled. The fundamentals are all good. Maybe someone else can figure out the drop in sp today.

DYOR

I hold BMN

 

[Moneybags]

Poor old Bannerman has copped a hammering today.

On what should have been a good day.

Any ideas why??

Wish I could help GN, but alas, I am as bewildered as you. More sellers than buyers I suppose and with news expected soon re AA final deposit even more puzzling. Can only put this down to traders and support being broken.

MB

 

[Sean K]

The only really negative news could be the Savannah litigation, but that doesn't cover AA anyway, which by itself is enough to support this to mining for years.

I am hoping it was just technical selling on the breakdown through $2.00, which was very important support.

They key is the JORC coming in at least expectations, if not, then there'll be more negative sentiment perhaps.

I think the driver will be POU continuing to push back up, and the surprise to the upside would be a 120m + JORC. Most are just hoping for around 100m lbs.

I'm disappointed there's be no news on the metadesiments and if they host any uranium. They ramped that as a possibility some time ago, but it's dropped off the radar, and been left out of all recent reporting. That could have been significant upside.

One thing we could be seeing is just the normal cycle for a junior resource company going from discovery, into BFS and development. Discovery high, is the first real peak, and that was ages ago for BMN. We're now in the confirmation stage, where interest slides. Next best phase is development and start up production, which is a little while off.

 

[the barry]

The U3O2 spot price is up. The ASX was up 3.54%. A significant increase in resource is expected at Goanikontes - probably by the 31st when the next quarterly report is due. Two other nearby depostis are being drilled. The fundamentals are all good. Maybe someone else can figure out the drop in sp today.

DYOR

I hold BMN

Drop in share price yesterday was a director selling 1 million shares on market to pay for the conversion of 4.8 million shares at 40 cents. Bmn will be presenting tomorrow in perth at a U conference where all the majors will be at. Would be a perfect time to announce the final jorc with petter batten speaking at 5 pm perth time.

 

[DAZT49]

be interested to get your thoughts on this H & S pattern.
Seems to be heading towards $1.40, If the upcoming ann is positive it mat nullify the pattern.

 

[qeegbill]

Kennas chart analysis from a couple of weeks ago pointed to a sp of $2.50. Now we are talking about $1.40. How accurate are these charts anyway?

Hopefully the market will focus on the fundamentals -see today's quarterly report:

BANKABLE FEASIBILITY STUDY AWARDED
Contract has been awarded to the engineering construction company
GRD Minproc.
• RESOURCE DRILLING COMPLETED
Drilling at Anomaly A totalled 441 RC holes for 117,198 metres and 47
Diamond Core holes for 18,123 metres over the 2.3 kilometre strike.
• FURTHER EXCEPTIONAL DRILL INTERCEPTS
From Anomaly A including;
182m @ 295 ppm 139m @ 260 ppm 125m @ 288 ppm,
116m @265 ppm 99m @ 247 ppm 86m @ 257ppm,
82m @ 396 ppm 77m @ 214ppm 74m @ 248 ppm
69m @ 281 ppm U3O8
• EXPANDED EXPLORATION COMMENCES
3 drill rigs move onto other prospects:
o Rossingberg
o Ombuga
o Oshiveli – 15m @ 560 ppm U3O8

Also the uramuim price is bouncing back.

Uranium Futures
Aug. 2008 $66
Sep. 2008 $67
Oct. 2008 $69
Dec. 2009 $78

Prices as of July 29

The long term contract prices are considerably higher. Check the long term supply/demand projections -everything I've seen points to significant supply shortfalls.

 

[Sean K]

Kennas chart analysis from a couple of weeks ago pointed to a sp of $2.50. Now we are talking about $1.40. How accurate are these charts anyway?

Didn't it go to $2.50? Just over actually. And then I called a H&S similar to Daz's with a similar target.

Looks like final resources is getting later and later.

Lithological modelling was on schedule at the end of the quarter with the resource estimation expected to be completed in the first half of the following quarter.

At last an update on Savanna.

The MME filed three affidavits on 30 June 2008 opposing the claims by Savanna. The affidavits were sworn by Mr Errki Nghimtina, the Minister of Mines and Energy, Mr Erasmus Iiyambo Shivolo, the Director of Mines and the Acting Mining Commissioner and Dr Gabriele I. C. Schneider, the Director of Geological Surveys at the Ministry of Mines and Energy.

Savanna now has the opportunity to submit affidavits in response at which time Bannerman will approach the President Judge of the Namibian High Court to seek a hearing date.

Bannerman is seeking advice on the merits of Savanna's claim and expects that advice to be completed after all of the affidavit evidence has been filed.

Just why we weren't given an update when those affidavits were sent in beats me. They know bloody well this issue would be of concern to investors. Poor darts.

I still can't work out why Geoff Stanley, based in NY, has been made Non Executive Chairman. He's a fund manager! And what's he going to do hands on from NY? Talk on the phone? Rediculous. At least we know if he does his job correctly the travel bills for BMN will be up through the roof. He'll have to be First Class too I imagine.

 

[Sean K]

At last an update on Savanna.

Just why we weren't given an update when those affidavits were sent in beats me. They know bloody well this issue would be of concern to investors. Poor darts.

Just to add to this, I've reread the ann and it seems quite a bit has been happening in regard to the High Court Motion, and BMN have failed to keep us informed. Check the dates I've highlighted here. Now why was there not an update, especially in regard to the Savanna amended motion on 14 April. That is significant.

HIGH COURT MOTION

The matter of the High Court Motion brought against the Minister of Mines and Energy (MME) by Savanna Marble CC (Savanna) is ongoing with preliminary affidavits being submitted to the court. Although the Motion has been brought against the MME, Bannerman Mining Resources (Namibia) (Pty) Ltd (Bannerman) is second respondent to the Motion which relates to EPL3345.

On 14 April 2008, Savanna amended its Notice of Motion to include a claim that the MME was ‘functus officio’, in effect claiming that the Minister did not have the power to grant EPL3345 when he purported to grant the licence to Bannerman on 16 April 2006.

Bannerman submitted answering and opposing affidavits on 30 May 2008. The MME filed three affidavits on 30 June 2008 opposing the claims by Savanna. The affidavits were sworn by Mr Errki Nghimtina, the Minister of Mines and Energy, Mr Erasmus Iiyambo Shivolo, the Director of Mines and the Acting Mining Commissioner and Dr Gabriele I. C. Schneider, the Director of Geological Surveys at the Ministry of Mines and Energy.


Just a reminder that one of the motions put forward by Savanna is to have the granting of the entire EPL3345 nul and void. That includes AA. Now, while I find the claim to be dubious, who is to say that there is some technicality with the granting of the EPL that does in fact make it nul and void!

Bloody hell, I hope for the sake of all investors in this that they are not skinned because of a technicality, or something more dodgy.

However, if this is thrown out, I would anticipate quite a run for BMN.

Risk/Reward I suppose.

 

[qeegbill]

Have mercy on those BMN holders with weak hearts. I hope that all of these issues were dealth with in the BMN ASX/ MEDIA RELEASE dated 20th December 2007:
"The Company wishes to advise that on Friday 14 December 2007 a company incorporated in Namibia, Savanna Marble Close Corporation (Savanna), commenced proceedings in the High Court of Namibia against the Namibian Minister of Mines and Energy, the Company's 80% owned subsidiary Bannerman Mining Resources (Namibia) (Proprietary) Limited (Bannerman Namibia) and an individual known as Robert D Wirtz (who has no connection with Bannerman).
The proceedings seek:
1 An order reviewing and correcting or setting aside the decision taken by the Minister of Mines and Energy in Namibia to grant Bannerman Namibia Licence EPL3345 with exclusive mineral rights for the nuclear fuel group of minerals over the area covered by Savanna's EPL3045; 2 alternatively orders that the decision by the Minister of Mines and Energy to grant Bannerman Namibia EPL3345 be declared null and void; and 3 the costs of the application.
The Company received the documentation relating to the proceedings yesterday afternoon.
EPL3045 held by Savanna only entitles it to mine stone known as "dimension stone". It is not entitled to explore for or mine any nuclear fuel minerals. Approximately 3 months ago Savanna applied to have nuclear fuels added to its licence. This application has not been dealt with and in the Company's view is unlikely to be granted.
Savanna’s EPL3045 is situated north of the Swakop River not near the Company’s Goanikontes Anomaly A deposit. The area the subject of the notice does not overlap on the current drilling programme and will not impact on the exploration and development work planned by Bannerman Namibia. Bannerman is not expecting any delays to the current schedule from this action.
Savanna has applied for a mining licence indicating the area of economic interest for dimension stone. This application sits on the northern boundary of the Company’s licence EPL3345. The mining licence application does not cover any uranium targets currently in the Company’s inventory."

I can't work out how to transpose the map - but check the original announcement.
I hope I am right with this. BMN are usually very straightforward in their communications in the market. Does anyone have any further info?

 

[Sean K]

I can't work out how to transpose the map - but check the original announcement.
I hope I am right with this. BMN are usually very straightforward in their communications in the market. Does anyone have any further info?

qeegill, this was covered extensively when the ann came out and most of the focus was on Savanna EPL and if it covered AA. It does not. However, it seems to cross over most the Rossingburg Anomoly, which is a key to BMNs future growth potential.

However, as you have highlighted, Savanna are also requesting the setting aside of the granting of the entire BMN EPL3345, which does hold AA. If that is declared nul and void, it simply means no one owns that EPL and I assume the required applications will need to be resubmitted. All very messy.

Now, in addition to the information provided on 20 Dec, Savanna have amended their claim. As I highlighted, on 14 April 2008, Savanna amended its Notice of Motion to include a claim that the MME was ‘functus officio’, in effect claiming that the Minister did not have the power to grant EPL3345 when he purported to grant the licence to Bannerman on 16 April 2006. No one knew this until the quarterly. What effect would this have? As per the above para.

What we are all missing here is the justification for Savanna to make such claims. There must be an issue involving proceedure in regard to the EPL application and granting that Savanna thinks makes it illegal. If there was not a hint of a chance that they could win, they would not have proceeeded with the issue, and if it was clearly bunk, it would have been thrown out some time ago. One thing that is interesting to me is the change in tact that they have made, as per the 14 April amendment. They have amended the claim for a reason. Is it because their previous motion was going to fail so they've changed approach? Or is it because during the investigation it has become clear that MME was in fact ‘functus officio’.

If the motion put forward on 14 April is upheld BMN can probably expect a class action for non disclosure.

Having said all that, if the motion is thrown out, BMN will turn around dramatically IMO.

 

[grizzly1]

Looking at the financial accounts for the last quarter ending 30 June 08 there appears two quarters of cash left so maybe Savanna is hoping BMN will go bust before there is a judgement.

 

[Go Nuke]

Dam Savanna!!

Im sure the people at BMN are not stupid and this will all prove to be a waste of everyones time and money.

Bannerman are looking at investing alot of money into Nambias economy with a mining deposit as good if not better (once all other tennaments are accounted for) than Rossing or LH!

Perhaps i am bias towards all this as if BMN fell over, Id pretty much call my days in the stockmarket over and done with

At least I can sleep easy at night knowing that Petter Batten will fight Savanna tooth and nail, to fight for his company (and us shareholders hopefully)

Bloody Savanna

 

[Sean K]

Well, thank God for that.

ANOMALY ‘A’ RESOURCE EXCEEDS EXPECTATIONS

“+100 M lbs U3O8 – not out”

• 106.6Mlbs (48,454 tonnes) of contained U3O8 beats the Company’s target.
• Deposit remains open to the North, South, West and down-dip.
• On track for production in 2011

And while this is nice:

Given the extensive strike extent of the Anomaly A to Ompo trend in excess of 11 kms, with
known subcropping radioactive alaskite zones, in addition to the several other 1 to 6km
alaskite prospects being tested the Company has a conceptual exploration target of at
least 100 to 200Mlbs from these areas over and above the +100Mlbs already defined
at Anomaly A.

Getting to mining while prices are high is more important now!


Knowing BMN it will get sold off now.

LOL

 

[Synergy]

yes very good news, and will more than likely get sold off if histroy is anything to go by.

interesting to see if it gets to $1.30 before turning again.