Bannerman Resources Limited
TSX : BAN
ASX : BMN
NSE : BAN

Bannerman Resources Limited

May 20, 2009 10:21 ET

Bannerman Confirms Formal Renewal of Etango Project Exploration Licence

PERTH, AUSTRALIA--(Marketwire - May 20, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BAN) ("Bannerman"), an Australian-based uranium mine development and exploration company, is pleased to confirm that the Namibian Ministry of Mines and Energy has today granted the formal renewal of the Etango Project Exclusive Prospecting Licence ("EPL") 3345 for an additional two year period.

The EPL is owned by Bannerman's 80% subsidiary, Bannerman Mining Resources (Namibia) (Pty) Ltd. The Etango uranium project area lies wholly within EPL 3345.

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.au.

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