Bannerman Resources shares jump on drill results

TORONTO, May 10 (Reuters) - Shares of Bannerman Resources jumped as much as 41 percent early on Monday before paring gains, after the uranium explorer announced strong drilling results at its Etango uranium project in Namibia. Just before midday, its shares were up 10 percent in Toronto. Australian-based Bannerman said in a statement that exploration in the area around the main Etango deposits suggested the presence of additional uranium mineralization. "These areas have not previously been drilled. We are very pleased with this early success," Chief Executive Len Jubber said. The company also said drilling within one of the deposits in the southern African nation suggested the company could add to the size of the resource. Bannerman hopes to develop a mine at Etango by 2013 that would eventually produce 5-7 million pounds of uranium a year. The project contains a measured and indicated resource of 107.7 million pounds. Its shares were up 3.5 Canadian cents at 38.5 Canadian cents on the Toronto Stock exchange, after pushing as high as 49.5 Canadian cents. ($1=$1.03 Canadian) (Reporting by Cameron French; editing by Rob Wilson) Keywords: BANNERMANRESOURCES/ (; 416-941-8199: Reuters Messaging: COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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