Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

May 01, 2008 11:41 ET

Bannerman Resources Announces Spectrometer Readings of Historic Holes at Rossingburg With Highlights 85m at 240eppm U308, 45m at 247eppm U3O8

PERTH, AUSTRALIA--(Marketwire - May 1, 2008) - Bannerman Resources Ltd. (TSX:BAN)(ASX:BMN) ("Bannerman" or the "Company"), an Australian-based uranium mine development company, is pleased to announce new spectrometer readings from nine historic drill holes at the Rossingburg site. A reverse circulation (RC) drill rig has been commissioned and exploration drilling will commence on these nine targets.

"We expect that the Rossingburg exploration program which is one of several exploration programs planned beyond the Goanikontes resource area at Anomaly A, could enhance the uranium potential for the whole project. These spectrometer readings indicate that there is likely more than one uranium deposit within the one licence," says Peter Batten, Managing Director for Bannerman Resources Ltd. "Mineralisation over 4 to 6 kilometres of strike at Rossingburg was clearly defined by ground radiometrics. The results from Bannerman's probing of the nine historically drilled holes has returned consistent grades over a 100m wide zone to a vertical depth of 150m with mineralisation still open at depth. These results are encouraging and will help to define the initial grid orientation and spacing for the first pass drilling planned to commence next week."

In preparation for drilling, the Company located and probed nine historic holes with the Company's Auslog total count gamma ray spectrometer. These historic holes were drilled before the creation of NI 43-101.

The radiometric counts were converted to represent eppm U3O8 and these results are tabled below.



Table 1: Rossingburg spectrometry readings from historical drill holes

----------------------------------------------------------------------------
Collar Position (m) Downhole Depth (m) Interval Grade U3O8
Hole ID ---------------------------------------- -----------
North East From To (m) eppm
----------------------------------------------------------------------------
R13OLD001 7498597 484303 0 45 45 247
----------------------------------------------------------------------------
R13OLD002 7498480 484777 NSR
----------------------------------------------------------------------------
R13OLD003 7498616 484346 1 8 7 342
----------------------------------------------------------------------------
R13OLD004 7498705 484204 NSR
----------------------------------------------------------------------------
R13OLD005 7498633 484394 NSR
----------------------------------------------------------------------------
R13OLD006 7498548 484371 2 74 72 181
----------------------------------------------------------------------------
" " including 31 64 33 221
----------------------------------------------------------------------------
" " 84 139 55 151
----------------------------------------------------------------------------
R13OLD007 7498413 484423 58 74 16 189
----------------------------------------------------------------------------
" " 93 178 85 240
----------------------------------------------------------------------------
" " including 154 172 18 407
----------------------------------------------------------------------------
R13OLD008 7498349 484447 NSR
----------------------------------------------------------------------------
R13OLD009 7498479 484397 5 89 84 169
----------------------------------------------------------------------------
" " including 37 69 32 215
----------------------------------------------------------------------------
" " 187 195 8 163
----------------------------------------------------------------------------
No downhole surveys available. Field collars indicate all holes drilled at
-55 / 340


The Rossingburg prospect is a 4.5km long anomaly with a proximal extension of up to six kilometres as outlined in a ground radiometric survey completed in late 2007. A nine kilometre long area commencing at the nose of a red granite dome had been selected for the radiometric survey. The area was identified as anomalous from an earlier regional aerial radiometrics survey.

Of the nine historic holes discovered on the ground, data from three holes have been identified from historic reports completed by Rio Tinto in the 1970s (they are not NI 43-101 compliant). Of these three holes, the report highlights one hole with an intercept of 57.2m at a grade of 230 ppm U3O8.

Ground reconnaissance was conducted to determine the nature of the radiometric highs. It was concluded that the radiometric highs coincided with areas of pronounced outcropping alaskites, represented as small hills or ridges.

Supporting maps and graphics are available at www.bannermanresources.com.

The information in this press release that relates to the Exploration Results, Mineral Resources or Ore Reserves of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Peter Batten, who is a Member of The Australasian Institute of Mining and Metallurgy and 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 Batten consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

About Bannerman

Bannerman Resources Limited is an emerging uranium producer with interests in two properties in Namibia and a number of properties in Botswana and Australia. Its principal and most significant asset is its 80% interest in the Goanikontes project located in Namibia and situated on a trend southwest of the Rio Tinto Rossing uranium mine.

Bannerman is currently focused on accelerating the development of the Goanikontes uranium mine project and a bankable feasibility study is planned for early 2009. The company expects to bring its Goanikontes deposit into production by 2011.

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