Bannerman controls Etango uranium project in Namibia, which is one of the world’s largest undeveloped uranium resources, the company said.
Bannerman has been in discussions with a number of large and well-funded parties, to identify a suitable joint venture partner to facilitate the financing, development and operation of the Etango project.
Hanlong’s proposal is subject to a range of conditions such as completion of due diligence by Hanlong to its satisfaction on or before 30 September 2011, and receipt of Chinese approvals.
Bannerman Resources chairman David Smith said Etango is a strategic asset which is highly leveraged to a stronger uranium price in a world where security of supply is one of the most important issues for nuclear power generators and utilities.
