Bannerman Resources

Published : December 10th, 2009

Announces Further Infill and Exploration Drilling Results

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Thursday, December 10, 2009 News Release

Bannerman Announces Further Infill and Exploration Drilling Results



PERTH, AUSTRALIA--(Marketwire - Dec. 10, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman" or the "Company") is pleased to announce further encouraging infill and exploration drilling results from within its Etango Uranium Project in Namibia, southwestern Africa. A full report is available on the Company website, www.bannermanresources.com and SEDAR, www.sedar.com.

This news release reports chemical assay results received from drilling completed since Bannerman's last drilling update on October 22, 2009. Drilling activities since that time have concentrated at the Hyena, Oshiveli, Onkelo and Ondjamba Prospects within the Etango Project.

Strong infill drilling results continue to come from Oshiveli and Onkelo which support previous higher grade and near-surface intersections. The results from this drilling will be incorporated into a resource update scheduled for the March 2010 quarter and are expected to have a positive impact on the Etango Project mine plan. The new Hyena Prospect has again delivered some encouraging grades that merit evaluation before determining a follow-up drill plan. Drill result highlights include:

- Hyena - The recently discovered Hyena Prospect mineralisation comprises two parallel zones which are located between 1-2km south of the Anomaly A Prospect. A number of new anomalous intersections have been returned from further reverse circulation ("RC") drilling in this area, including:
--------------------------------------------------------------
                 From Depth    Downhole Interval        Grade
Drillhole No.   (m downhole)                  (m)   (ppm U3O8)
--------------------------------------------------------------
GHYRC0024               146                   14          287
 including              147                    5          553
GHYRC0033               139                   17          605
 including              139                    3        3,060
                        171                    2          792
GHYRC0036                58                   10          234
GHYRC0039                28                   13          241
    "                   125                    2          597
GHYRC0042                55                   12          327
 including               62                    2          433
GHYRC0044                93                   25          410
 including               95                    5          448
 Including              109                    6        1,038
--------------------------------------------------------------

- Onkelo - Drilling of a further two infill Diamond drillholes has continued to intersect multiple higher grade lodes in this area of the deposit, as tabulated below:
--------------------------------------------------------------
                 From Depth    Downhole Interval        Grade
Drillhole No.   (m downhole)                  (m)   (ppm U3O8)
--------------------------------------------------------------
GNKDD0009               2.0                  3.0          494
    "                  53.3                 13.1          274
    "                  94.2                 33.5          183
    "                 134.2                  2.0          470
GNKDD0010              50.0                  3.0          464
    "                 103.7                 24.4          205
--------------------------------------------------------------

- Oshiveli - Drilling of a further four infill Diamond drillholes and nine infill RC drillholes has returned above-average resource grade mineralisation, including the following intersections:
--------------------------------------------------------------
                 From Depth    Downhole Interval        Grade
Drillhole No.   (m downhole)                  (m)   (ppm U3O8)
--------------------------------------------------------------
GSHDD0004              63.5                 10.7          312
 including             69.5                  4.0          408
                      164.9                 15.3          262
                      188.0                 20.1          297
 including            203.0                  3.0          531
                      217.4                 29.7          320
 including            239.1                  6.0          639
                      278.8                  3.4        1,464
GSHDD0006              76.6                 62.5          172
    "                 192.6                 17.1          317
 including            195.2                  5.6          450
 including            204.0                  5.7          430
GSHDD0009               1.0                  3.0          983
GSHDD0010              29.9                 12.0          394
 including             32.9                  5.1          667
GSHRC0143                33                    2          532
    "                    56                   52          348
 including               72                   20          612
GSHRC0144                15                   37          300
 including               17                    8          564
 including               29                    6          574
GSHRC0147                84                   19          206
 including              194                    2          704
                        242                   13          776
 including              243                    6        1,451
GSHRC0151                17                    2          489
    "                   172                   10          323
--------------------------------------------------------------


Bannerman CEO Len Jubber said: "As hoped, further drilling outside of the initial pit defined at Anomaly A has indicated that the Etango Project has the potential to expand and continues to prove itself as a world-class project. Bannerman currently has five drilling rigs on site undertaking exploration and resource definition drilling programs."

About Bannerman - Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. Etango is one of the world's largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on the Company's website at www.bannermanresources.com.

Regulatory Disclosures:

Bannerman Resources Limited ("Bannerman") manages its drilling and assaying activities in accordance with industry standard quality assurance/quality control (QA/QC) procedures. Samples are collected by Bannerman personnel and prepared in accordance with specified procedures at the relevant assay laboratories. The primary assay laboratory is SGS in Johannesburg Laboratory site reviews are undertaken. Assay QA/QC involves the use of assay standards (sourced from African Mineral Standards (AMIS) in Johannesburg, made from Bannerman pulp rejects and cross-checked through umpire laboratories for which the round robin reports are available), field duplicates, blanks and barren quartz flushes. A third party "umpire" laboratory (Genalysis in Perth) is used to cross-check and validate approximately 5% of the assay results in accordance with standard procedures. Sample coarse rejects are retained and approximately 5% of samples are re-submitted for further assay verification. All sample pulps are retained at a storage facility in Johannesburg and half-core and rock-chip samples are retained at site.

The information in this release that relates to the exploration results of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Kieron Munro, Head of Geology for Bannerman and a full time consultant to the Company. Mr Munro is a Member of the Australian Institute of Geoscientists, a Recognised Professional Organisation by the Australasian Joint Ore Reserves Committee, who has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify as Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and as a Qualified Person for purposes of National Instrument 43-101 of the Canadian Securities Administrators. Mr Munro consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

The Company has not completed feasibility studies on its projects. Accordingly, there is no certainty that such projects will be economically successful. Mineral resources that are not ore reserves do not have demonstrated economic viability.

Certain disclosures in this release, including management's assessment of Bannerman Resources Ltd's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in the Company's various statutory reports, including its Annual Information Form available on the SEDAR website, www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman Resources Ltd expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Bannerman Resources Limited
Len Jubber
Chief Executive Officer
Perth, Western Australia
+61 (0)8 9381 1436
admin@bannermanresources.com.au

OR

Bannerman Resources Limited
Peter Kerr
Chief Financial Officer
Perth, Western Australia
+61 (0)8 9381 1436

OR

Bannerman Resources Limited
Ann Gibbs
Investor Relations
Toronto, Ontario, Canada
+1 416 388 7247
ann@bannermanresources.com

INDUSTRY: Manufacturing and Production-Mining and Metals
SUBJECT: DRM

-0-
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Bannerman Resources

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CODE : BMN.AX
ISIN : AU000000BMN9
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Bannerman is a uranium development stage company based in Australia.

Its main asset in development is ETANGO in Namibia and its main exploration properties are SWAKOP RIVER in Namibia and SERULE SOUTH, SERULE NORTH and DUKWE in Botswana.

Bannerman is listed in Australia, in Canada and in Germany. Its market capitalisation is AU$ 1.8 billions as of today (US$ 1.3 billions, € 1.1 billions).

Its stock quote reached its lowest recent point on March 27, 2020 at AU$ 0.02, and its highest recent level on September 21, 2022 at AU$ 2.07.

Bannerman has 849 630 016 shares outstanding.

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AUSTRALIA (BMN.AX)BERLIN (BH6.BE)
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