Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

June 04, 2009 08:02 ET

Bannerman Announces Dispatch of Share Purchase Plan Documents

PERTH, AUSTRALIA--(Marketwire - June 4, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION INTO THE UNITED STATES

Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BAN) (Bannerman), an Australian-based uranium exploration and mine development company, has today sent to eligible shareholders documentation for its Share Purchase Plan (SPP). This follows Bannerman's announcement of the SPP on 29 May 2009 supplementing the A$30 million equity financing announced on 28 May 2009.

The SPP provides eligible shareholders with an opportunity to subscribe for up to A$15,000 worth of new Bannerman ordinary shares at A$1.00 per share without paying brokerage costs. The total which may be raised under the SPP is capped at A$7.5 million. If the total value of applications is more than A$7.5 million, applications will be scaled back.

The SPP offer is open to shareholders who were registered holders of fully paid ordinary shares in Bannerman (or persons expressly noted on the register as a beneficiary of shares held by a trustee or nominee) on the record date of 28 May 2009 with a registered address in Australia, New Zealand or Canada, or who are otherwise eligible to participate under the SPP terms and conditions.

The SPP opens on 5 June 2009 and is scheduled to close on 23 June 2009. A copy of the SPP information booklet dispatched today to eligible shareholders is available on the Company's website www.bannermanresources.com.

Shareholders are encouraged to read the SPP terms and conditions carefully and if in any doubt about whether or not to accept the offer, to consult a professional adviser.

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 and most significant asset is its 80% interest in the Etango Project situated southwest of Rio Tinto's Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. 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:

This announcement does not constitute an offer of securities for sale in the United States or to "US persons" (as defined in Regulation S under the US Securities Act of 1933, as amended (the "Securities Act"))("U.S. Person") and may not be sent or disseminated in, directly or indirectly, the United States or to any U.S. Person or any person acting for the account or benefit of any U.S. Person in any place. Bannerman shares have not been and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered, sold or otherwise transferred in the United States or to or for the account or benefit of any U.S. Person except in compliance with the registration requirements of the Securities Act and any other applicable state securities laws or in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and applicable state securities laws.

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 report, including management's assessment of Bannerman Resources Limited'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.

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