BANNERMAN ANNOUNCES EXPANDED AND HIGHER CONFIDENCE ETANGO MINERAL RESOURCE ESTIMATE
Perth, Australia � March 31, 2010 � Bannerman Resources Limited (ASX: BMN, TSX: BAN, NSX: BMN) ("Bannerman" or the �Company�) continues to advance towards development its 80%-owned Etango Uranium Project in Namibia, southern Africa, today announcing an updated mineral resource estimate. An expanded version of this announcement which includes graphics, an updated resource table and detailed technical information is available on the company website at www.bannermanresources.com.au and SEDAR at www.sedar.com.
Highlights include:
� The Etango mineral resource estimate now comprises Measured & Indicated Resources of 142.1Mlbs U3O8 at an average grade of 223ppm U3O8, and Inferred Resources of 20.0Mlbs U3O8 at an average grade of 216ppm U3O8. Overall metal content has increased 7%.
� Measured Resources increase to 26.8Mlbs U3O8 at an average grade of 221ppm U3O8, equating to 17% of the total mineral resource estimate versus 1% previously.
� 38% increase in Measured & Indicated Resources from 102.8Mlbs to 142.1Mlbs U3O8, accounting for 88% of the total mineral resource estimate.
� Approximately two thirds of the total mineral resource estimate is located within 200 metres of the surface.
� Resource extension drilling continues and a further resource update is expected in the September 2010 quarter as part of the definitive feasibility study which is now underway.
Note: Mineral resources are reported at a lower cut-off of 100ppm U3O8.
Bannerman CEO, Len Jubber said the Company has now defined the Etango mineral resource to a definitive feasibility standard with 88% of the resource in the Measured and Indicated categories.
�In addition, almost five years of production in the initial years of the project life have been defined to Measured Resource classification, the highest level of estimation confidence. Drilling has confirmed a contiguous mineral resource approximately 6 kilometres in length, which will form the basis of the definitive feasibility study mining review scheduled to be completed by mid year.�
�The near project and regional exploration program initiated in the March quarter will focus on target generation on the Etango tenement using radon cup surveys and ground-based geophysics. The Etango licence area is highly prospective as it contains the bulk of Bannerman�s known prospects and anomalies, and lies in the heart of the well-defined hard-rock uranium mineralisation corridor. Target generation activities will also progress mid-year onto the Swakop River and Botswana projects.�
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 R�ssing 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 Bannerman�s website at www.bannermanresources.com.
For further information please contact:
Len Jubber
Chief Executive Officer
Perth, Western Australia
Tel: +61 (0)8 9381 1436
admin@bannermanresources.com.au |
Peter Kerr
Chief Financial Officer
Perth, Western Australia
Tel: +61 (0)8 9381 1436
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Ann Gibbs
Investor Relations
Toronto, Ontario, Canada
Tel: +1 416 388 7247
ann@bannermanresources.com
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Regulatory Disclosures:
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.
The information in this release relating to the geology and exploration results of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Kieron Munro, Head of Geology of 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 a 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 Canadian National Instrument 43-101. 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 information in this release relating to the Mineral Resources of the Etango Project is based on a resource estimate completed by Mr Neil Inwood and Mr Brian Wolfe who are full time employees of Coffey Mining Pty Ltd. Each of Messrs. Inwood and Wolfe are Members of The Australasian Institute of Mining and Metallurgy and have 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 a Competent Person as defined in the 2004 Edition of the �Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves�, and are independent consultants to Bannerman and Qualified Persons as defined by Canadian National Instrument 43-101. Messrs. Inwood and Wolfe consent to the inclusion in this release of the matters based on their information in the form and context in which it appears.
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