Bannerman Resources Limited

Bannerman Resources Limited

May 04, 2010 20:41 ET

Bannerman Appoints Dr David Smith as Chairman

PERTH, AUSTRALIA--(Marketwire - May 4, 2010) - The Board of Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) ("Bannerman" or the "Company") is pleased to announce the appointment of Non-Executive Director Dr David Smith as Chairman of the Board, with immediate effect. Dr Smith - who has extensive minerals industry experience - resides in Perth, Western Australia and will work closely with Bannerman's Perth-based management team to complete the Definitive Feasibility Study (DFS) for the Company's Etango Uranium Project.

Dr Smith said "Bannerman remains firmly focussed on its key objective to develop a world-class uranium mine in Namibia. I look forward to working with the very experienced Bannerman Board and the excellent team employed by the Company to deliver this objective and to work closely with all stakeholders."

Dr Smith, who joined the Bannerman Board in November 2009, gained more than 30 years' experience in technical, operational and senior management roles with the Rio Tinto organisation. His roles included: President of Rio Tinto Atlantic covering the Simondou Project in Guinea, West Africa; Managing Director of Rio Tinto's extensive Pilbara iron ore operations in Western Australia: and Chief Executive Officer of Rössing Uranium Limited in Namibia responsible for annual sales of over 5 Mlbs of uranium oxide to power utilities worldwide. Dr Smith is also a Non-Executive Director of Western Australian iron ore producer Atlas Iron Limited and Australian mine and construction contracting group Macmahon Holdings Limited.

Incumbent Chairman Mr Geoff Stanley will remain on the Board as a Non-Executive Director. Mr Stanley, who resides in New York, USA, joined the Board as Chairman in 2008 and has overseen a number of significant achievements during his tenure. These achievements include completion of extensive feasibility study activities for the Etango Project; execution of successful capital raising activities in a challenging and highly competitive global financial market; and broadening the Board's skill-set in line with the Company's move towards development of its key asset. The Board sincerely thanks Mr Stanley for his leadership as Chairman and looks forward to his continued contribution.

Bannerman CEO Len Jubber added his thanks to the outgoing Chairman. "We thank Mr Stanley for his significant contributions and greatly welcome the opportunity to work closely with Dr Smith who has provided valuable input and guidance since joining the Bannerman Board. His relevant operational, development and leadership experience, coupled with his accessibility in Perth, will be of significant value to the Bannerman management team."

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 Rössing 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

Regulatory Disclosures:

Bannerman 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'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 Bannerman'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 Bannerman's various statutory reports, including its Annual Information Form available on the SEDAR website, Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman 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.

ABN 34 113 017 128

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