=======================================================================
Re:   News Releases - Monday, November 17, 2008
      Bannerman appoints highly qualified CEO and secures A$20M funding
      facility
=======================================================================

For Immediate Release

Perth, Australia - 17 November 2008 -- Bannerman Resources Ltd (ASX:
BMN, TSX:BAN, NSX:BMN) ("Bannerman" or the "Company"), an
Australian-based uranium exploration and mine development company with
assets in Namibia, advises that Mr. Len Jubber has accepted the
position of Chief Executive Officer of the Company, effective
immediately. As a consequence, Mr. Clive Jones will stand down as
Interim Managing Director and remain as a Director of the Company.

Mr Jubber, a mining engineer with a post graduate degree in business
administration, has extensive experience in the minerals industry both
in Australia and overseas. He was Managing Director and Chief Executive
Officer of Perilya Limited from May 2005 to March 2008, during a period
of record profitability for the base metals miner. He also worked for
seven years with Oceana Gold Limited, ultimately becoming Chief
Operating Officer and an Executive Director of the company.

Prior to Oceana Gold, Len spent eight years in southern Africa with
R�ssing Uranium Limited, a subsidiary of Rio Tinto and operator of the
R�ssing uranium mine, located less than 20km to the north-east of
Bannerman's Etango Project. R�ssing is the world's largest open-cut
uranium mine.

Bannerman believes the appointment of a CEO with a successful project
development and operating background comes at an important time for
Bannerman, with the Etango Project reaching a number of critical
milestones in its development schedule.

"We are very pleased to have attracted a candidate having the
experience and credentials of Mr Jubber.  Len's previous experiences in
leading the development of major mining projects and his time at
R�ssing is highly valuable and relevant to the Company as we drive the
Etango project towards development," Bannerman Chairman, Mr. Geoff
Stanley said.

Mr. Jubber said Bannerman's two key projects in the established uranium
district in Namibia can play an important role in meeting the demands
of the world's energy markets in the future.

"Despite the short-term challenges to junior miners posed by the global
credit crunch and weakening commodities prices, the longer-term
fundamentals for the uranium sector remain sound.  I am delighted to be
joining the Bannerman team at this exciting point in its development,"
Mr Jubber said.

"Nuclear power is a critical component in the future global energy mix,
as the world struggles to reconcile the demand created by population
growth and urbanisation, particularly in developing nations, with
widespread concern over carbon emissions.

"Bannerman is one of the few prospective miners to have delineated a
truly world-class resource at its Etango Project and while there is
still a considerable amount of work to be done, the Company is well
placed to become a major supplier at a time of an expected global
uranium production shortfall."

Further details of Mr. Jubber's remuneration arrangements are set out
in the annexure to this announcement.
 
Interim Financing
Bannerman also announces that it has executed a term sheet with
Resource Capital Funds IV LLP ("RCF IV") for a secured convertible note
facility ("Facility") for up to A$20 million. Bannerman will draw down
a minimum of A$10 million and has the option of drawing down a further
A$10 million at any time during the 6 months following drawdown of the
first tranche.

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.

Resource Capital Funds has a series of funds that represent US$890
million in committed capital sourced primarily from US based
institutional investors.

The conversion price for the first A$10 million tranche under the
Facility is A$0.612 per share, a 76.2% premium to the 30 day volume
weighted average market price of A$0.347 per share on 14 November 2008.
 The conversion price for the standby tranche would be the lesser of
A$0.612 and a 20% premium to the 30 day volume weighted average price
of Bannerman shares at the time of drawdown of that tranche, subject to
a minimum conversion price of A$0.45. As noted above, drawdown of the
standby tranche is at the election of Bannerman.

The Facility carries a coupon of 8% per annum, payable quarterly in
arrears.  Bannerman can elect to pay the coupon in the form of
Bannerman shares rather than cash, based on prevailing market prices.

Drawdown under the Facility is subject to a range of conditions
precedent including completion of definitive documentation.
Documentation is well advanced and Bannerman is confident that the
funds will be available by the end of November.

Subject to the conclusion of definitive documentation, shareholder
approval to authorise conversion under the standby facility, together
with the issue of shares (at the election of Bannerman) in satisfaction
of coupon payments and certain other fees, will be sought at an
extraordinary general meeting to be held in Q1 2009. Full details will
be provided in the notice of the meeting.

Under the terms of the Facility, RCF IV will be entitled to nominate
one member to the Board of Directors of Bannerman. 

Funds raised under the Facility will be directed towards definitive
feasibility studies as described in the Company's quarterly activity
report for the quarter ended 30 September 2008 and for general
corporate and working capital purposes.

Bannerman Chairman Mr. Geoff Stanley believes that concluding a
financial agreement of this nature, despite the significant financial
sector downturn, provides further evidence as to the credentials of
Bannerman's Namibian assets.

"The Board was pleased to have been able to negotiate these interim
financing terms in an environment which is extremely challenging for
junior companies such as Bannerman," Mr Stanley said. 

 "Critically, this funding will allow the Company to progress
feasibility studies for the Etango Project to a point where funding
options - and therefore value to shareholders - are able to be greatly
enhanced," he said.

Etango Project - Funding and Development work
As noted in its September quarterly activities report, the Company has
appointed leading independent Australian investment and advisory house
Gresham Advisory Partners to assist it in reviewing funding and
development options for the Etango Project. 

The Company has been encouraged by the expressions of interest it has
received in the Etango Project from a number of parties and remains
committed to moving towards production as expeditiously as possible.


Geoff Stanley
Chairman


For further information please contact:

Australia:
Len Jubber
Chief Executive Officer
Bannerman Resources Limited
Tel: (08) 9381 1436
E:info@bannermanresources.com
 Geoff Stanley
Chairman
Bannerman Resources Limited
E:geoff@bannermanresources.com

David Tasker
Professional Public Relations
Tel: (08) 9388 0944
       0433 112 936
E:david.tasker@ppr.com.au


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

Website: www.bannermanresources.com


 
Annexure -- Overview of CEO's appointment terms

Appointment

Mr. Jubber has been appointed to the position of CEO on an evergreen
basis.

Termination

Mr. Jubber may terminate his employment at any time by giving three
months' notice in writing or such shorter period of notice as agreed in
writing with Bannerman. 

Bannerman may terminate the employment of Mr Jubber by giving three
months' notice in writing or payment in lieu of notice (or a
combination of notice and payment in lieu of notice).

Remuneration Package

Fixed remuneration of $400,000 per annum (inclusive of GST and
superannuation), increasing in accordance with the achievement of
specified milestones.

In addition to fixed remuneration, Bannerman will grant to Mr. Jubber
up to 5.5 million options to subscribe for Bannerman ordinary shares,
on the following terms and conditions:
o 2.5 million options vesting 1 year from commencement subject to
finalisation of a Prefeasibility Study for the Etango Project, with an
exercise price of A$0.434 (being 125% of the 30 day volume weighted
average market price of $0.347 per share on 14 November) ("Tranche 1
Exercise Price")
o 1.5 million options vesting 2 years from commencement subject to the
board approval of a positive Bankable Feasibility Study for the Etango
Project, with an exercise price of $0.543 (being 125% of the Tranche 1
Exercise Price)
o 1.5 million Options vesting 3 years from commencement subject to
finalising project development financing, with an exercise price of
$0.678 (being 125% of the Tranche 2 Exercise price)
 
All options have a 3 year term from the date of grant.

=======================================================================
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 Mon Nov 17, 2008 at 4:25:26 AM Pacific Time
=======================================================================
.