Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

December 10, 2009 05:07 ET

Bannerman Announces Further Infill and Exploration Drilling Results

PERTH, AUSTRALIA--(Marketwire - Dec. 10, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman" or the "Company") is pleased to announce further encouraging infill and exploration drilling results from within its Etango Uranium Project in Namibia, southwestern Africa. A full report is available on the Company website, www.bannermanresources.com and SEDAR, www.sedar.com.

This news release reports chemical assay results received from drilling completed since Bannerman's last drilling update on October 22, 2009. Drilling activities since that time have concentrated at the Hyena, Oshiveli, Onkelo and Ondjamba Prospects within the Etango Project.

Strong infill drilling results continue to come from Oshiveli and Onkelo which support previous higher grade and near-surface intersections. The results from this drilling will be incorporated into a resource update scheduled for the March 2010 quarter and are expected to have a positive impact on the Etango Project mine plan. The new Hyena Prospect has again delivered some encouraging grades that merit evaluation before determining a follow-up drill plan. Drill result highlights include:

  • Hyena - The recently discovered Hyena Prospect mineralisation comprises two parallel zones which are located between 1-2km south of the Anomaly A Prospect. A number of new anomalous intersections have been returned from further reverse circulation ("RC") drilling in this area, including:
Drillhole No.From Depth
(m downhole)
Downhole Interval
(m)
Grade
(ppm U3O8)
GHYRC002414614287
including1475553
GHYRC003313917605
including13933,060
 1712792
GHYRC00365810234
GHYRC00392813241
"1252597
GHYRC00425512327
including622433
GHYRC00449325410
including955448
Including10961,038
  • Onkelo – Drilling of a further two infill diamond drillholes has continued to intersect multiple higher grade lodes in this area of the deposit, as tabulated below:
Drillhole No.From Depth
(m downhole)
Downhole Interval
(m)
Grade
(ppm U3O8)
GNKDD00092.03.0494
"53.313.1274
"94.233.5183
"134.22.0470
GNKDD001050.03.0464
"103.724.4205
  • Oshiveli - Drilling of a further four infill diamond drillholes and nine infill RC drillholes has returned above-average resource grade mineralisation, including the following intersections:
Drillhole No.From Depth
(m downhole)
Downhole Interval
(m)
Grade
(ppm U3O8)
GSHDD000463.510.7312
including69.54.0408
 164.915.3262
 188.020.1297
including203.03.0531
 217.429.7320
including239.16.0639
 278.83.41,464
GSHDD000676.662.5172
"192.617.1317
including195.25.6450
including204.05.7430
GSHDD00091.03.0983
GSHDD001029.912.0394
including32.95.1667
GSHRC0143332532
"5652348
including7220612
GSHRC01441537300
including178564
including296574
GSHRC01478419206
including1942704
 24213776
including24361,451
GSHRC0151172489
"17210323

Bannerman CEO Len Jubber said: "As hoped, further drilling outside of the initial pit defined at Anomaly A has indicated that the Etango Project has the potential to expand and continues to prove itself as a world-class project. Bannerman currently has five drilling rigs on site undertaking exploration and resource definition drilling programs."

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 Rossing 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 the Company's website at www.bannermanresources.com.

Regulatory Disclosures:

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 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 information in this release that relates to the exploration results of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Kieron Munro, Head of Geology for 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 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 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 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.

Contact Information

  • Bannerman Resources Limited
    Len Jubber
    Chief Executive Officer
    Perth, Western Australia
    +61 (0)8 9381 1436
    admin@bannermanresources.com.au
    or
    Bannerman Resources Limited
    Peter Kerr
    Chief Financial Officer
    Perth, Western Australia
    +61 (0)8 9381 1436
    or
    Bannerman Resources Limited
    Ann Gibbs
    Investor Relations
    Toronto, Ontario, Canada
    +1 416 388 7247
    ann@bannermanresources.com