Bannerman Resources Limited

TSX : BAN
ASX : BMN
NAMIBIAN : BMN


Bannerman Resources Limited

May 24, 2012 07:08 ET

Bannerman Files 43-101 Technical Report for Etango Uranium Project DFS

PERTH, AUSTRALIA--(Marketwire - May 24, 2012) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NAMIBIAN:BMN) ("Bannerman" or the "Company") advises that it has today filed a Technical Report on the Company's Etango Uranium Project with the Canadian securities regulators in accordance with the Company's ongoing disclosure obligations for its Toronto Stock Exchange listing.

The Technical Report is a comprehensive summary of the recently-completed Definitive Feasibility Study ("DFS") on the Etango Uranium Project in Namibia and has been prepared by independent consulting firms AMEC and Coffey Mining in accordance with Canadian National Instrument 43-101. The DFS has demonstrated Etango to be a globally significant uranium project with forecast production of 6-9 million pounds of U3O8 per year over a minimum 16 year mine life, and located in a premier uranium mining jurisdiction with nearby infrastructure and demonstrated political and social support for uranium mining operations.

The Etango Uranium Project is now one of the few advanced large-scale uranium projects with a completed DFS, positioning Bannerman to take full advantage of expected higher uranium prices.

Bannerman is now focused on advancing its previously-announced agreement with Namibian state-owned mining company Epangelo Mining Company (Pty) Ltd, pursuing discussions with potential development and financing partners, and securing the required environmental and mining licences. In addition, Bannerman has recently commenced a focused resource expansion drilling program to test the potential for mine life extensions, with initial results scheduled to be reported this quarter.

A copy of the Technical Report can be obtained from the Canadian Securities Administrators SEDAR filing system at www.sedar.com or from Bannerman's website at www.bannermanresources.com.

About Bannerman - Bannerman Resources Limited is an emerging uranium mine development company with interests in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Uranium 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 future development of a large open pit uranium mining operation at Etango. More information is available on Bannerman's website at www.bannermanresources.com.

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, sedar.com. 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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