Bannerman Resources Ltd (ASX:BMN,TSX: BAN) has announced that chief executive officer, Len Jubber will step down after 7 years which included completion of the Etango Definitive Feasibility Study and the building and operation of the Etango Heap Leach Demonstration Plant in Namibia.
Jubber has resigned to pursue other business interests and under his watch also completed the corporate transactions in 2015 that have resulted in the company owning 100% of Etango and becoming debt free.
Brandon Munro has been appointed as managing director and chief executive officer after serving as general manager – corporate development and general manager (Namibia) between 2009 and 2011.
Munro is a non-executive director of ASX-listed technology companies Rewardle Holdings Limited (ASX:RXH) and Novatti Group Limited (ASX:NOV).
He serves as a Trustee of Save the Rhino Trust, a high-profile Namibian NGO.
Ronnie Beevor, chairman of Bannerman, said: “The Board is very pleased to be appointing Brandon as Managing Director and CEO - someone who has previously worked for Bannerman, who has lived in Namibia and who has built up extensive relationships with the Namibian Government and the wider community.
"He has overseen the completion of the Etango Definitive Feasibility Study, the building and operation of the Etango Heap Leach Demonstration Plant that has more than confirmed the rapid heap leaching characteristics of the Etango orebody, and the recent Optimisation Study work on the DFS."
During the December quarter, an optimisation study significantly reduced the Etango operating and capital costs and increased the first 5 full production year's profile.
The A$12 million convertible note debt was eliminated and the company is debt free. It raised A$4 million in new funding including an equity placement of approximately 63.3 million new Bannerman shares to RCF VI at A$0.0474 per share.
The Etango project ownership is now 100% owned by Bannerman through acquiring 20% vendor interest.
Results from Phase 2 of the Heap Leach Demonstration Plant Program further highlighted the robustness of the Etango DFS and optimisation study.
Jubber created a strong platform from which to engage with parties interested in participating in the development of the Etango project.
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