Bannerman Resources Limited
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Bannerman Resources Limited

May 20, 2009 09:17 ET

Bannerman Drilling Update Broad Higher Grade Results at Etango

PERTH, AUSTRALIA--(Marketwire - May 20, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BAN) ("Bannerman" or the "Company"), an Australian-based uranium mine development and exploration company, is pleased to announce the latest set of chemical assay results from the resource extension drilling program currently underway at the Oshiveli prospect within Bannermans Etango uranium project in Namibia, southern Africa.

Chemical assay results for a further 25 reverse circulation (RC) drillholes have been received which confirm the presence along strike of broad higher grade mineralised zones often close to or directly from surface, further extending the known Etango mineralisation at Oshiveli along strike to the north. Highlights include 43 metres at 514 ppm U3O8 from 148 metres downhole, 77 metres at 314 ppm U3O8 from 19 metres downhole, and 22 metres at 332 ppm U3O8 from 15 metres downhole.

Surface exploration and drilling undertaken to date has confirmed the presence of wide mineralised alaskite bodies along strike within the current Oshiveli prospect. Oshiveli is part of a 3.0km long alaskite accumulation located immediately adjacent and to the north of the Anomaly A deposit, which to date comprises the majority of the Etango project resource estimate.

"These results continue to confirm that a substantial portion of the Etango deposit is located within 200 metres of surface and this therefore augurs well for providing mine scheduling flexibility and enhancing project economics early in the mine life", commented Mr Len Jubber, CEO. "Oshiveli is contiguous with the Anomaly A deposit and the drilling is extending the known mineralisation boundaries which will ultimately be incorporated into the Etango project mineral resource estimate."

Reported drilling results include the following (all are chemical assays):



----------------------------------------------------------------------------
Drillhole From Depth Downhole Intercept Grade
(metres downhole) (metres) (ppm U3O8)
----------------------------------------------------------------------------
GSHRC0050 85 36 239
195 22 345
including 196 8 643
----------------------------------------------------------------------------
GSHRC0052 15 22 332
including 26 4 780
----------------------------------------------------------------------------
GSHRC0057 28 32 260
including 32 5 626
" 52 2 869
----------------------------------------------------------------------------
GSHRC0059 62 11 393
including 64 4 438
----------------------------------------------------------------------------
GSHRC0060 19 77 314
including 89 7 1371
----------------------------------------------------------------------------
GSHRC0061 120 14 250
148 43 514
including 166 19 847
----------------------------------------------------------------------------
GSHRC0063 32 53 205
92 64 214
----------------------------------------------------------------------------
GSHRC0064 Surface 23 247
including 17 2 822
----------------------------------------------------------------------------
GSHRC0069 46 13 292
----------------------------------------------------------------------------
GSHRC0071 77 45 259
including 112 4 1015
----------------------------------------------------------------------------
GSHRC0072 84 23 347
including 85 8 685
161 35 288
including 173 5 406
----------------------------------------------------------------------------
GSHRC0075 72 27 260
----------------------------------------------------------------------------
GSHRC0076 55 21 248
----------------------------------------------------------------------------
GSHRC0078 19 16 224
----------------------------------------------------------------------------


Bannerman has to date completed 45 RC drillholes for 9,900 metres as part of the resource definition drilling program at Oshiveli. One RC drilling rig will continue to operate at Oshiveli as part of this program with the aim of extending known mineralised zones along strike and to the west. Drilling is done on an approximate 50 x 50 metre grid with scissor holes along these sections for improved coverage which will allow the addition of these zones to the known resource at a higher level of confidence.

The drilling continues at Oshiveli and the data from the current drilling program will be incorporated into the Oshiveli resource estimate in the September 2009 quarter.

The current resource estimate for Oshiveli, reported at a cut-off grade of 100ppm U3O8, comprises Indicated Resources of 5.5 million tonnes ("Mt") at 182 parts per million ("ppm") for 2.2 million pounds ("Mlbs") of contained U3O8 and Inferred Resources of 17.6Mt at 187 ppm for 7.3Mlbs of contained U3O8.

The total Etango Project resource estimate, including the Oshiveli estimate, comprises Indicated Resources of 195.5Mt at an average grade of 207 ppm for 89.2Mlbs of U3O8, plus Inferred Resources of 87.0Mt at 195 ppm for 37.4Mlbs U3O8, reported at a cut-off grade of 100 ppm U3O8. A detailed report including tabulations of the reported drilling results and explanatory maps and diagrams is available on Bannermans website at www.bannermanresources.com.

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, South Africa. 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.

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. Bannermans principal and most significant asset is its 80% interest in the Etango Project situated southwest of Rio Tintos R?ssing uranium mine and to the west of Paladin Energys 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 Companys website at www.bannermanresources.com.

The information in this report 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 report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resources of the Etango Project is based on a resource estimate completed by Mr Neil Inwood who is a full time employee of Coffey Mining Pty Ltd. Mr Inwood is a Member of The Australasian Institute of Mining and Metallurgy and 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 is an independent consultant to Bannerman Resources and a Qualified Person as defined by NI 43-101. Mr Inwood consents to the inclusion in the report 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 report, including management's assessment of Bannerman Resources Ltds plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannermans 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 Companys 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
    +1 416 388 7247
    ann@bannermanresources.com