Bannerman Releases September 2012 Quarterly Activities Report

PERTH, AUSTRALIA--(Marketwire - Oct. 31, 2012) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NAMIBIAN:BMN) ("Bannerman") is pleased to announce highlights from its September 2012 Quarterly Activities Report released today. The full report is available on Bannerman's website at www.bannermanresources.com and on SEDAR (www.sedar.com).

HIGHLIGHTS

• Evaluating business development opportunities that have the potential to add to the Company's project asset base.
  
  
• Environmental approval received for the Etango Project from the Namibian Ministry of Environment and Tourism, a key milestone to obtaining a mining licence for the Etango Project.
  
  
• Lodged the Etango Definitive Feasibility Study ("DFS") with the Ministry of Mines and Energy in support of the existing Mining Licence application.
  
  
• David Smith announced his retirement as Non-Executive Chairman, to be replaced by current Non-Executive Director Ronnie Beevor. The change will take effect from the completion of the Annual General Meeting on 21 November 2012.
  
  
• Completion of the DFS and review in overhead costs has resulted in significant reduction in monthly expenditure.
  
  
• Cash of A$7.4 million as at 30 September 2012.
  
  

During the quarter, Bannerman achieved another milestone in gaining environmental approval for the Etango Project from the Namibian Ministry of Environment and Tourism. Shortly thereafter the DFS was submitted to the Ministry of Mines and Energy in support of the existing mining licence application.

Importantly, completion of the DFS coupled with the environmental approval provides prospective development partners with the requisite quality of information to consider investing in the project. Our Etango Project development strategy remains based on our firm belief that uranium prices will increase in the medium to long term.

Bannerman is also actively evaluating new business opportunities. The initial focus is in Namibia given the existing regional exploration and technical evaluation expertise, infrastructure and relationships developed over the past six years, and are not constrained to uranium.

Len Jubber, Chief Executive Officer

October 31, 2012

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

Technical and Cautionary Disclosures

Certain disclosures in this report, 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. 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.

Mineral Resources which are not Ore Reserves do not have demonstrated economic viability.

The information in this report that relates to the exploration results of the projects owned by Bannerman is based on information compiled by Mr Martinus Prinsloo, Exploration Superintendent of Bannerman. Mr Prinsloo is a Member and a Chartered Professional of the Australasian Institute of Mining and Metallurgy, a Recognised 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 a 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 Prinsloo 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 relating to the Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Harry Warries, a full time employee of Coffey Mining Pty Ltd. Mr Warries is a Fellow 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 a 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 and a Qualified Person as defined by Canadian National Instrument 43-101. Mr Warries consents, and provides corporate consent for Coffey Mining Pty Ltd, to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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