Bannerman Resources

Published : May 09th, 2008

Announces Initial Drill Results At Oshiveli Prospect

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Keywords :   Australia | Namibia | Uranium |
======================================================================
Re: News Releases - Wednesday, May 07, 2008
Bannerman Resources Announces Initial Drill Results At Oshiveli
Prospect
======================================================================

Perth, Australia -- May 7, 2008 -- Bannerman Resources Ltd (ASX: BMN,
TSX: BAN, NSX: BMN) ("Bannerman" or the "Company"), an Australian-based
uranium mine development company, is pleased to announce the initial
results of an exploration drill program at the Oshiveli prospect in
Namibia. Results confirm the presence of thick accumulations of uranium
bearing alaskite host rocks with results including 58m @ 260 eppm U3O8
and some narrower but higher grade intercepts including 14m @ 391 and
7m @ 913 eppm U3O8.

Of ten prospects identified on the Welwitschia licence in Namibia
infill resource drilling is being completed at Anomaly A, Rossingburg's
initial drilling programme has commenced and the results from the first
nine holes at Oshiveli have returned encouraging results.

"Oshiveli is the second prospect outside of the Anomaly A deposit that
has recently returned economic grades and widths from drillholes. The
drilling was conducted at the southern end of the Oshiveli alaskite
trend where it overlaps the Anomaly A deposit and indicates that the
prospect has good potential to host further resources. The overlapping
nature of the prospects could result in continuous mineralisation over
a distance approaching six kilometres," says Peter Batten, Managing
Director of Bannerman Resources Ltd.

The Company drilled nine holes into the southern end of the prospect.
The holes were probed with the Company's Auslog total count gamma ray
spectrometer. The radiometric counts were converted to represent eppm
U3O8 and these results are tabled below.

Table 1: Oshiveli spectrometry results from drill holes



The Oshiveli prospect is a 3.0km long alaskite accumulation that was
identified in the 1970s from drilling. Oshiveli is the second in line
but the largest in strike length of three overlapping prospects that
include (from south to north) Anomaly A, Oshiveli and Onkelo (figure
1).

The initial nine hole programme was conducted at the very southern end
of the prospect where Oshiveli overlaps with Anomaly A on the readily
accessible peneplain. Further drilling at Oshiveli is planned following
infill drilling of the Anomaly A resource.

The results support records from historic drilling elsewhere within the
Oshiveli alaskites. These historic results include; 44m @ 436 ppm U3O8,
24m @ 428 ppm U3O8 and 60m @ 260 ppm U3O8.

Supporting maps and graphics are available at the end of this
announcement.

About Bannerman
Bannerman Resources Limited is an emerging uranium producer with
interests in two properties in Namibia and a number of properties in
Botswana and Australia. Its principal and most significant asset is its
80% interest in the Goanikontes project located in the world-class
uranium country of Namibia and situated on a trend southwest of the Rio
Tinto R�ssing uranium mine.

Bannerman is currently focused on accelerating the development of
Goanikontes and a bankable feasibility study completed in 2009. The
company expects to bring its Goanikontes deposit into production by
2011.

ENDS

For further information please contact:

Peter Batten
Managing Director
Bannerman Resources
Ph: +61 8 9381 1436
Em: peter@bannermanresources.com.au
Ann Gibbs
Investor Relations
Bannerman Resources
Ph: +1 416 388 7247
Em: ann@bannermanresources.com.au




The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves of the projects owned by
Bannerman Resources Ltd is based on information compiled by Mr Peter
Batten, who is a Member of The Australasian Institute of Mining and
Metallurgy and 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 Batten consents to the
inclusion in the report of the matters based on his information in the
form and context in which it appears.

======================================================================
Copyright (c) 2008 BANNERMAN RESOURCES LIMITED (BAN) All rights
reserved. For more information visit our website at
http://www.bannermanresources.com/ or send
mailto:questions@bannermanresources.com
Message sent on Wed May 7, 2008 at 6:20:34 PM Pacific Time
======================================================================
.
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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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