(MENAFN- ProactiveInvestors - Australia) Bannerman Resources Ltd (ASX:BMN) has been granted a trading halt this morning, pending details of a capital raising.
Bannerman wholly-owns the Etango Project, which is strategically located near Rio Tinto Ltd's (ASX:RIO) Rössing uranium mine, Paladin Energy Ltd's (ASX:PDN) Langer Heinrich uranium mine and China General Nuclear Power Corp's Husab uranium mine - which is currently under construction.
Based on the Etango project Definitive Feasibility Study, Etango's production is expected to be 7-9 million pounds U3O8 per year for the first five years and 6-8 million pounds U3O8 per year thereafter.
Current mine life of 16 years has significant expansion potential through the conversion of existing Inferred Resource as well as the deposit being open at depth.
The halt will remain in place until the opening of trade on Friday 28th October 2016, or earlier if an announcement is made to the market.
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