Government has granted Bannerman Resources’ Etango Uranium Project a mineral deposit retention licence with a five year extendable term.
According to the company, the retention licence covers an area of 7,295 hectares, which includes the Etango ore body, two satellite deposits at Hyena and Ondjamba and all planned mine infrastructure.
“The retention licence provides strong and exclusive rights to tenure and the right (without obligation) to continue with exploration or development work, enabling the DFS update work program to continue,” said Brandon Munro, Bannerman Chief Executive Officer.
Munro commended government’s continued support to the project, adding that the commodity price does not currently support the profitable development of the project.
“A retention licence is the ideal tenure for the highly advanced Etango project”.
“It ensures this world-class project can move quickly to a mining licence when the uranium price recovers and gives us maximum flexibility in the meantime.”
Meawnhile 100% of the project’s uranium resources are secured under long term tenure.