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Re:   News Releases - Friday, January 30, 2009
      Bannerman Resources Releases December Quarter Report on Corporate
      and Exploration Activity
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Perth, Australia -- January 30, 2009 -- Bannerman Resources Ltd (ASX:
BMN, TSX: BAN) ("Bannerman" or the "Company"), an Australian-based
uranium mine development and exploration company, has today released
its activity and cashflow report for the quarter ended December 31,
2008. Please refer Bannerman's Quarterly Activities Report and Mining
exploration entity quarterly report (Appendix 5B) filed on the ASX
website (www.asx.com) and available on the Company's website at
www.bannermanresources.com.

REPORT HIGHLIGHTS

- New CEO appointed
- Successfully secured A$20 million capital
- Settlement of Savanna litigation and removal of tenure risk
- Encouraging heap leach trials
- Positive infill drilling results expected to favourably impact the
Etango resource estimate update due in the current quarter

SUMMARY

Etango Project

Greater confidence is expected in the Etango Project mineral resource
estimate following the completion of 10,515 metres of infill drilling
during the quarter. A resource update will be released in the current
quarter and the drilling results obtained are expected to increase the
proportion of the resource estimate in the Indicated category. The
current mineral resource estimate for the Etango Project at a cut-off
grade of 100ppm U3O8 comprises Indicated resources of 145 million
tonnes (Mt) at 209 parts per million (ppm) for 66.9 million pounds
(Mlbs) U3O8 plus Inferred resources of 91.6Mt at 197ppm for 39.7Mlbs
U3O8.

Heap leach trials continued with encouraging results achieved on
coarser crushed material. Column leaching trials are expected to
commence in February. Investigations into heap leaching are being
pursued as the process has the potential for lower capital and
operating costs.

Resource extension drilling commenced in January on either side of the
Anomaly A resource area. Geohydrology, geotechnical and plant
sterilisation drilling progressed significantly and is planned for
completion in the March quarter.

Corporate

The Board appointed Mr Len Jubber to the role of CEO in mid November.
Following the end of the quarter, Mr Peter Kerr was appointed to the
role of Chief Financial Officer. These two appointments continue the
process of building the strategic, operational and financial management
expertise required to advance the development of the Etango Project. In
addition, following successful completion of the convertible note
facility with Resource Capital Funds, Mr James McClements was appointed
to the Board. Also during the quarter, Mr Nathan McMahon resigned from
the Board.

The Company secured A$20 million capital in November by way of a
convertible note facility with Resource Capital Funds. Drawdown of the
first A$10 million of this facility occurred in December.

The long running third party legal challenge to Bannerman's rights to
the Etango exploration prospecting licence was settled in December
giving the Company undisputed title to the Etango Project.

ETANGO PROJECT (Bannerman 80%)

FEASIBILITY STUDY

Resource Drilling

During the quarter, a total of 10,515 metres of reverse circulation
(RC) infill drilling (38 holes) was completed at Anomaly A. The results
from the drilling compare favourably with the existing resource model.
Key drilling results are tabulated in Appendix 1 of the full Quarterly
Report available on the Company's website.

Resource Estimation

The infill drilling results are being incorporated in the resource
model which will result in an updated resource estimate to be released
shortly. It is anticipated that the positive drilling results will
impact favourably on the resource classification.

Metallurgical Testwork

Comminution

Testing of High Pressure Grinding Roll (HPGR) crushing technology was
completed and the results are expected in the March quarter. HPGR
technology is being considered for the Etango Project as it may lead to
reduced energy costs compared with conventional crushing and milling
technology.

Agitated Leach

The second round of agitated leach optimisation testing was completed
in late December. The favourable sulphuric acid consumption results in
prior tests continued with a likely range of 15-20 kg/tonne compared
with 30kg/tonne previously assumed in the Scoping Study. The results
also indicate that there appears to be little advantage in pursuing a
fine grind as metal extraction is not strongly dependent on grind size.

Heap Leach

Preliminary scoping level heap leach testwork was commenced during the
quarter. The program tested the effect of crushed product size and free
acid concentration. On the basis of the encouraging extraction
performance demonstrated in this preliminary program, a further
optimisation round of testwork on coarser crushed product sizes was
commenced in late December. Column leach tests are planned to be
commenced shortly to provide design data for the comparison with the
agitated leach approach modelled in the prefeasibility study.

Mine Design

Geohydrology drilling comprising eight holes around the proposed pit,
plant and tailings storage facility ("TSF") areas was completed during
the quarter. Pit geotechnical drilling was 57% complete with a further
1,015 metres planned for the March quarter. Results from the respective
drilling programs will be incorporated in mine planning activities to
be conducted as part of the prefeasibility study.

Infrastructure

Sterilisation drilling of the proposed processing plant and TSF site
was 83% complete (900 metres outstanding) and is scheduled to be
completed in the June quarter.

Social and Environmental Impact Assessment

A series of community participation meetings were conducted during the
quarter. No critical issues were identified during this process. The
first stage of the environmental assessment was completed and the
results serve to provide input to the completion of the next level of
assessment.

Schedule

The encouraging heap leach amenability testwork has indicated that this
process may have the potential to complement or fully substitute the
agitated leaching approach adopted to date. In addition to the heap
leach optimisation testwork, an economic evaluation is being undertaken
to select the process flow sheet for the feasibility study. The time
required for completing the heap leach metallurgical testwork has
necessitated an extension to the prefeasibility study completion date
to June 2009. As a consequence, the completion of the bankable
feasibility study is currently expected to occur in the December 2009
quarter.

EXPLORATION

Considerable scope exists for further expansion of the existing mineral
resource estimate along strike of the Anomaly A deposit to the north at
Oshiveli and Onkelo and to the south at Ondjamba.

During the quarter, a follow-on drilling program was completed at
Oshiveli immediately above the northern boundary of the Anomaly A
deposit. Drilling results were encouraging including broader zones of
higher grade mineralisation such as 48 metres at 248ppm U3O8 from 40
metres downhole, 25 metres at 296ppm U3O8 from 133 metres downhole and
33 metres at 406ppm U3O8 from 263 metres downhole. This drilling will
be incorporated into the Etango Project updated resource estimate in
the current quarter.

Seven holes were drilled in a ground radiometric target located at the
southern extent of the Ondjamba prospect during the quarter. Promising
intercepts were recorded between 20-200 metres below surface, with
grades ranging from 150ppm to 200ppm and downhole intervals up to 50
metres. Follow-up work, including structural geological interpretation
of the drilling results from this previously untested area, is planned
in the current quarter.

The exploration plan to the end of the June 2009 quarter in the
Ondjamba area includes two drilling phases for a total of 17,000
metres. A follow-on phase of 19,000 metres is planned in the September
quarter.

In addition, approximately 7,700 metres of drilling in two phases is
scheduled at Onkelo to the end of the June 2009 quarter. The area has
been the target of previous exploration which included ground work
(geological mapping and drilling) as well as aerial and ground based
geophysical investigations. Geological exposure in the area is very
good and recent mapping has confirmed extensive strike lengths (�
1.3km) of both D and E-type alaskites.

SWAKOP RIVER PROJECT (Bannerman 80%)

The Swakop River licence surrounds Paladin Energy Ltd's Langer Heinrich
Uranium mine on three sides. The project area contains extensive
palaeodrainage channel targets with uranium documented in calcretised
sediments. Field reconnaissance in the area has confirmed the presence
of these sediments, which are similar in tenor to that hosting uranium
mineralisation in the adjacent Langer Heinrich palaeo-channel.

No exploration activities were conducted at the project during the
quarter. Drilling of approximately 40 holes (1,600 metres) at the
Bloedkoppie prospect is scheduled for the March quarter.

BOTSWANA URANIUM PROJECTS (BMN 100%)

Bannerman controls three Prospecting Licences (131/2005 to 133/2005)
for uranium, precious metals, base metals and platinum group minerals
in Botswana. These licences are referred to as the Serule South, Serule
North and Dukwe Licences and are located in the Foley and Sua Pan
regions in Botswana. The tenements cover an area of 2,308km2.

Preliminary drilling at both the Serule and Dukwe projects in Botswana
was completed during the quarter. The drilling targeted uranium and
copper anomalies identified from an earlier soil sampling program.
Results are pending.

2009 Activities

The focus of Bannerman in 2009 will be to advance and complete the
prefeasibility and bankable feasibility studies of the Etango Project
and to concurrently pursue resource and regional exploration drilling
to increase the Company's mineral resources.

The Etango Project prefeasibility study is well advanced with work
focusing on an updated mineral resource estimate and key processing
options. Prefeasibility results are scheduled to be released in the
June 2009 quarter prior to commencement of bankable feasibility study
activities. Completion of the bankable feasibility study is expected in
the final quarter of the year.

Bannerman has scheduled a range of 2009 resource and exploration
programs, of which a number are already underway. Given the exploration
successes achieved to date, results will be constantly reviewed through
the year with the objective of accelerating the drilling programs where
possible.

Following recent completion of the Resource Capital Funds convertible
note facility, the Company's liquidity is robust. The Company will
investigate available funding sources to provide additional financing
flexibility and to accelerate exploration and resource extension
drilling activities. Also, a review of the longer term funding
alternatives has been initiated. Industry interest in uranium
development opportunities remains high and this presents numerous
strategic project financing alternatives aside from conventional debt
and equity sources, which will also be considered.

Corporate

Executive and Board Appointments

Mr Len Jubber was appointed Chief Executive Officer with effect from 17
November 2008. Mr Jubber brings substantial project development and
operating experience to the Company.

Bannerman continues to build its executive management team reflecting
the important stage of the Company's development and the expanded skill
base necessary to grow and finance its projects. Following the end of
the Quarter, the Company appointed Mr Peter Kerr to the position of
Chief Financial Officer. Mr Kerr is a Chartered Accountant with over 15
years' experience within and as an advisor to the mining industry in
Australia and Canada. Mr Mike Robbins will take on the role of
Commercial Manager.

Following the successful completion of the convertible note facility
with Resource Capital Funds, Mr James McClements was appointed to the
Board on 17 December 2008.

Also during the quarter, Mr Nathan McMahon resigned from the Board. The
Company wishes to acknowledge the positive contribution Mr McMahon has
made during his tenure as a director.

Cash Position

The Company's cash balance as at 31 December 2008 was A$13.2 million
following the drawdown on 17 December 2008 of the first A$10 million
tranche of the three year A$20 million convertible note facility agreed
with Resource Capital Funds (refer announcement dated 17 November
2008). The Company has the option to draw down the second tranche of
A$10 million on or before 16 June 2009.

Resource Capital Funds, based in Denver, Colorado, is a specialist
mining private equity manager that invests across a diversified range
of commodities in projects located throughout the world. Its funds
represent US$890 million in committed capital sourced primarily from US
based institutional investors.

Settlement of Savanna Litigation

On 17 December 2008, Bannerman announced that its Namibian subsidiary,
Bannerman Mining Resources (Namibia) (Pty) Ltd, entered into an
agreement to settle the litigation brought by Savanna Marble CC
("Savanna") and certain associated parties. Under the terms of the
settlement agreement, Savanna has agreed to discontinue the review
application in the High Court of Namibia by which Savanna had sought a
declaration that the grant by the Minister of Mines and Energy of
Namibia of the Company's EPL 3345, on which the Etango Project is
situated, was void. This settlement has removed a very real threat to
the Company's timetable for the development of the Etango Project and
any possibility of losing the licence.

Under the terms of the settlement agreement, in consideration for the
termination of the proceedings, Savanna is entitled to receive up to
A$3.5 million cash and 9.5 million fully paid ordinary shares in
Bannerman. The initial payment of A$3 million and 5.5 million shares
was made to Savanna following the end of the quarter and the further
payment of A$0.5 million and 4.0 million shares (subject to shareholder
approval) is contingent on the grant of the Etango Project mining
licence.

General Meeting

A General Meeting is being scheduled for March 2009 to seek shareholder
approval for the Resource Capital Funds convertible note facility, the
Savanna litigation settlement and the issue of options to Mr Jubber as
previously announced. The Notice of Meeting will be dispatched to
shareholders in due course.

Len Jubber
Chief Executive Officer
30 January 2009

About Bannerman

Bannerman Resources Limited is an emerging uranium development company
with interests in two properties in Namibia, an African country
considered to be a premier uranium mining jurisdiction. Bannerman's
principal and most significant asset is its 80% interest in the Etango
Project situated southwest of Rio Tinto's R�ssing uranium mine and to
the east of Paladin Energy Ltd's Langer-Heinrich mine. Bannerman is
focused on accelerating the feasibility assessment and development of a
large uranium operation at Etango. More information is available on the
Company's website at www.bannermanresources.com.au.

For further information please contact:

Len Jubber
Chief Executive Officer
Perth, Western Australia
Tel: +61 (0)8 9381 1436

Ann Gibbs
Investor Relations
Toronto, Ontario, Canada
Tel: +1 416 388 7247
ann@bannermanresources.com

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, South Africa. 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 Company's Etango Project mineral resources, reported at a cut-off
grade of 100ppm U3O8, comprise indicated resources of 145 million
tonnes at 209ppm for 66.9 million pounds of contained U3O8 and inferred
resources of 91.6 million tonnes at 197ppm for 39.7 million pounds of
U3O8 as set out in its technical report dated 19 September 2008 and
entitled "National Instrument 43-101 Technical Document -- Etango
Project, Namibia, Anomaly A -- August 2008 Resource Update" and
authored by Mr Neil Inwood and Mr Harry Warries of Coffey Mining Pty
Ltd and Mr Gary Jobson of Independent Metallurgical Operations Pty Ltd.


The information in this report that relates to the Mineral Resources at
the Etango Anomaly A Deposit is based on a resource estimate completed
by Mr Neil Inwood who is a full time employee of Coffey Mining Pty Ltd.
Mr Inwood is a Member of The Australasian Institute of Mining and
Metallurgy and 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 is an
independent consultant to Bannerman Resources and a Qualified Person as
defined by NI 43-101. Mr Inwood consents to the inclusion in the report
of the matters based on his information in the form and context in
which it appears.

The information in this report that relates to the metallurgical test
work undertaken on Etango Anomaly A Deposit samples was completed by Mr
Gary Jobson who is a consulting metallurgist to Independent
Metallurgical Operations Pty Ltd. Mr Jobson is a Member of The
Australasian Institute of Mining and Metallurgy and has extensive
experience relevant to the activity which is being undertaken. Mr
Jobson consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.

The information in this report that relates to the exploration results
of the projects owned by Bannerman Resources Ltd is based on
information compiled by Mr Andrew Cunningham, who is a full time
employee of the Company. Mr Cunningham is a Member of The Geological
Society of South Africa, a Recognised Overseas 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 Cunningham consents to the inclusion in the report
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 report, 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.

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Copyright (c) 2009 BANNERMAN RESOURCES LIMITED (BAN)  All rights
reserved.  For more information visit our website at
http://www.bannermanresources.com/ or send
mailto:questions@bannermanresources.com
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