Bannerman Resources

Published : September 22nd, 2008

Etango Project: Resource Report & Preliminary Metallurgical Testwork Results

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Keywords :   Australia | Diamond | Uranium |
=======================================================================
Re:   News Releases - Monday, September 22, 2008
      Etango Project: Resource Report & Preliminary Metallurgical
      Testwork Results
=======================================================================

Perth, Australia - 22 September 2008 - Bannerman Resources Ltd (ASX:
BMN, TSX: BAN) ("Bannerman" or the "Company"), an Australian-based
uranium exploration and mine development company, has received a
National Instrument 43-101 Technical Document for the Etango Project
Anomaly A deposit prepared by Coffey Mining Pty. The resource update
was previously reported on August 5, 2008. The full report may be
accessed on the company website www.bannermanresources.com.
 
The resource increased the total contained uranium at the project
relative to the previous resource estimate for the project (January
2008) as summarised below;

--------------------------------------------------
               Indicated Resources
--------------------------------------------------
Low Cut      Tonnes    Grade      Metal (U3O8)
(U3O8 ppm)     t        ppm   tonnes        lbs
--------------------------------------------------
100        145,000,000  209   30,300    66,900,000
150        112,300,000  233   26,200    57,700,000
200         69,400,000  269   18,700    41,200,000
--------------------------------------------------
                Inferred Resources 
--------------------------------------------------
Low Cut      Tonnes    Grade      Metal (U3O8)
(U3O8 ppm)     t        ppm   tonnes        lbs
--------------------------------------------------
100         91,600,000  197   18,000    39,700,000
150         65,500,000  224   14,600    32,300,000
200         34,500,000  268    9,300    20,400,000
--------------------------------------------------
         Note: Figures have been rounded
--------------------------------------------------

The project has been renamed the Etango project.  Etango replaces the
previous names Goanikontes or Welwitschia.  Etango is the local
Oshivambo word meaning "Sun" or "Energy".

The NI 43-101 report also includes initial results from metallurgical
test work conducted as part of the ongoing feasibility studies which
are considering the potential development of a uranium mine. Testing to
date has been completed on selected HQ drill core and included initial
mineralogical, comminution, beneficiation and leach investigations. A
summary of these results follows.

Mineralogy

Preliminary mineralogical identification and mineral deportment has
been investigated via Scanning Electron Microscope (SEM).  The host
rock was confirmed to be biotite granite (uraniferous alaskite) with
uranium mineralisation occurring along cleavage planes and within
fractures, indicating that the ore could be expected to be
substantially liberated at a relatively coarse grind size.  The
granitic nature of the rock - associated with feldspar and biotite with
little evidence of major acid consuming minerals - indicates the
appropriateness of a sulphuric acid leach to extract uranium.

The dominant acid soluble minerals were identified as uraninite (UO2)
and uranothorite ((Th,U)SiO4).  Only minor components of the complex
and typically refractory double oxides brannerite ((U,Ca,Ce)(Ti,Fe)2O6)
and polycrase ((Y,Ca,Ce,U,Th)(Ti,Nb,Ta)2O6) were also identified.

Comminution

Comminution (crushing and grinding) testing has been completed on
selected drill core intervals.  Previous testing completed as part of
the 2007 scoping study was completed on RC chip samples which have an
intrinsically finer size distribution than expected from a full scale
comminution (milling) circuit.

The testwork conducted to date includes:

- Unconfined Compressive Strength (UCS) testing.
- Bond suite testing including impact crushing index, Rod Mill, Ball
Mill and Abrasion index determinations.
- JK SMC testing on each interval, calibrated via a Drop Weight Index
determination performed using a single composite over all intervals.

The results of the testing of some of the key parameters are summarised
as follows:

-----------------------------------------------------------------------
                             Etango Project
         Comminution Characterisation Testwork Results Summary
-----------------------------------------------------------------------
Testwork Parameter                Unit       Average          Range
-----------------------------------------------------------------------
Unconfined Compressive Strength   MPa          90.3         83.8 - 97.5
Impact Crushing Work Index        kWh/t         8.7          5.2 - 15.7
Bond Rod Mill Work Index          kWh/t        12.3         12.1 - 12.7
Bond Ball Mill Work Index         kWh/t        14.3         13.8 - 15.0
Abrasion Index                     -          0.341       0.324 - 0.358
-----------------------------------------------------------------------

In summary, the comminution testwork results indicate a generally soft
to moderate ore type with demonstrated amenability to standard
comminution processing via multiple stage crushing and ball milling or
SAG milling approaches.

Beneficiation

Preliminary assessment of beneficiation approaches has been undertaken
as follows:

- Radiometric sorting by the upgrade of (nominal) -200 mm/+40 mm
crusher product size fractions by radiometric measurement and sorting.
Radiometric sorting was considered as a potential option in the scoping
study (2007).    Given the requirement to conduct very large scale
trials on a range of potential ore types and crush sizes to obtain data
consistent with feasibility study accuracy levels, testing of the
radiometric sorting approach has been postponed until production is
underway.

- Screening - upgrading by rejecting coarse low grade fraction.
Several crush size (19 mm to 2 mm) samples were tumbled and the
products sized and assayed.  Only marginal upgrades were achieved (for
the finer size tests) but some further testing at even finer
preparation sizes is planned.

- Density separation - upgrading by rejecting low density fraction.
Some amenability to this approach has been demonstrated and further
testing is also planned.

Leaching

To date only limited results from leach optimisation testing has been
received. These interim results have confirmed the amenability to acid
leaching and a general insensitivity to grind size and temperature.
The results also indicate the potential for a substantial reduction in
acid consumption compared to previously tested RC chip samples. The
leach test work is ongoing.

Drilling rigs have recently been remobilised back to the Anomaly A
region to focus primarily on the drilling of inferred resource blocks
in the model to upgrade their status to an indicated level. This is
required so that economic resource optimisations can be conducted as
part of the ongoing feasibility studies. Additionally, Diamond core
drilling is continuing to collect data for geotechnical, metallurgical
and hydrological studies whilst a programme of sterilisation drilling
is being conducted over the proposed plant and tailings dam areas.

Yours Faithfully

Clive Jones
Managing Director

The information in this press release 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 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 press release 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.

Please visit the Company website at www.bannermanresources.com
For further information please contact:
 
Clive Jones
Managing Director
Bannerman Resources Ltd.
Tel: +61 (08) 9381 1436       
E: clive@bannermanresources.com.au

North America
Ann Gibbs
Investor Relations
Bannerman Resources Ltd
Tel: +1 416 388 7247
E: ann@bannermanresources.com

=======================================================================
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
=======================================================================
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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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