Bannerman Resources Limited

Bannerman Resources Limited

September 15, 2009 05:15 ET

Bannerman Reports Further Drilling Results at the Etango Uranium Project

PERTH, AUSTRALIA--(Marketwire - Sept. 15, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BAN) ("Bannerman" or the "Company") is pleased to report further drilling results at the Oshiveli and Onkelo Prospects within the Etango Uranium Project in Namibia, southern Africa. A full report complete with details of this recently completed drill program including supporting tables and graphics is available on the Company's website,; ASX,; and SEDAR,

Bannerman CEO Len Jubber said: "These new infill and extensional drilling results reflect the contiguous nature of the Etango deposit and the potential to ultimately extend the proposed open pit from Anomaly A to Onkelo. Importantly, the drilling program is achieving the objective of adding additional near-surface resources along the 6 kilometres of strike length."

An additional 35 reverse circulation ("RC") drillholes at the Oshiveli and Onkelo Prospects have returned further consistent results, with much of this mineralisation being at shallow depths. These drilling results are from the continuing program at the Oshiveli and Onkelo Prospects and are directed towards the completion of a further mineral resource estimate as part of the ongoing feasibility study work for the Etango Project. Highlights include:

Drillhole No. From Depth Interval Grade
(m downhole) (m) (ppm U3O8)
GSHRC0112 137 27 379
GSHRC0113 117 36 247
GSHRC0115 123 78 230
GSHRC0117 93 36 416
including 99 5 2,037
GSHRC0121 161 23 292
GSHRC0122 310 38 379
including 320 15 531
GSHRC0124 178 51 255
GNKRC0060 72 30 230
GNKRC0066 149 13 543
GNKRC0069 9 11 287
GNKRC0071 71 49 226
GNKRC0074 13 24 251
GNKRC0077 23 21 365
" 50 20 540

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 Andrew Cunningham, who is a full time employee of the Company. Mr Cunningham is a Member of The Geological Society of South Africa, a Recognised Overseas 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 Cunningham 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, 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.

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

ABN 34 113 017 128

Contact Information

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