Bannerman Resources Limited

Bannerman Resources Limited

December 05, 2007 22:17 ET

Bannerman Resources Limited Intercepts 0.0389% eU3O8 Over 235 Metres at Goanikontes

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2007) - Bannerman Resources Ltd. (TSX:BAN)(ASX:BMN) is pleased to announce drill results from Goanikontes Anomaly A which have shown the presence of significant mineralization at depth and in places, at an increasing width and grade. Bannerman is finalizing the drill program of its first resource at Anomaly A.

Highlights of the drill program:

- Spectacular intercept from Anomaly A: 235m @ 389 ppm eU3O8

- Mineralisation confirmed at deeper levels from diamond drilling
57m @ 375 eppm U3O8 from 398 to 450m vertical.

- Numerous higher grade and wide intercepts from infill drilling;
111m @ 269 ppm, 144m @ 223 ppm, 33m @ 612 ppm, 18m @ 583 ppm,
36m @ 447 ppm U3O8

The drilling programme has already completed the first pass of RC drilling on a 100m x 100m pattern to a nominal depth of 300m over the entire 2.3 kilometre length of the Anomaly A deposit.

Currently three RC drill rigs are undertaking infill resource drilling to complete a 100m x 50m pattern across the entire 2.3km length of the deposit. This information will then be used to produce a second interim resource. It is anticipated this second interim resource will be completed in January 2008.

The current deep drilling programme is designed to test the alaskite mineralization to a nominal vertical depth of 400m. To achieve this, two diamond drill rigs are currently re-entering RC holes to test for continuations of the alaskite bodies beyond the 300m vertical range of the RC rigs to 400m vertical depth, and beyond if required.

The result from the first of these holes has confirmed the depth continuation of the alaskites with GOADH023, intersecting alaskite mineralisation from 428 to 485m down-hole (398 - 450m vertical). This intercept of 57m returned a grade of 375 eppm U3O8 (please visit website,, for table with complete drill results). Results from the deep diamond programme will be incorporated in the final resource estimate.

Aside from these new large and deep intercepts, infill drilling is progressing according to schedule with mineralised intercepts in line with Company expectations. In excess of 62,000m of drilling has already been completed by Bannerman this year at Goanikontes Anomaly A. The Company looks forward to the release of the Second Interim Resource which will include mineralisation to 300m vertical due to be reported in January 2008 and the subsequent Final Resource Model to a nominal depth of 400m vertical expected later in the year.

About Bannerman

Bannerman Resources Limited is an emerging international uranium producer with operating projects in Namibia and Botswana and licenses in Australia. The Company's major focus is on the exploration and development of uranium projects in Namibia and Botswana.

Bannerman is currently focused on accelerating the development of its primary asset, the Goanikontes uranium project located in the world-class uranium country of Namibia and situated on a trend southwest of the Rio Tinto Rossing mine. To date, the company has defined a JORC compliant Inferred Resource of 55.0 million tonnes grading 0.02% U3O8. A bankable feasibility study is planned for 2008, and the company expects to bring its Goanikontes deposit into production by late 2010.

For further information please visit Bannerman Resources' website at:

The information in this report 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' Mr Batten consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Gamma logging is a common method used to estimate uranium grade from drilling where the radiation contribution from thorium and potassium is very small. Alaskite hosted primary deposits in Namibia are usually of this type. There are two main gamma logging methods used, spectral gamma logging and total count gamma logging. Bannerman utilises both methods.

The gamma radiation from potassium, uranium and thorium is dominated by gamma rays at specific energy levels. These energy levels are sufficiently well separated such that they can be measured independently of each other. They are typically measured as narrow energy bands that contain the specific energy levels. Bands are used because the measuring systems do not have the resolution to target a specific energy wavelength. There is some scattering of higher energy gamma radiation, e.g. thorium, into lower energy radiation, e.g. uranium and potassium. This scattered radiation can be calculated from suitable calibration procedures and removed from the lower energy level measurements. This method is termed spectral gamma logging and the results are expressed as eppm U3O8. Bannerman uses the consulting services of Terratec Geoservices that use a Natural Gamma Spectroscopy Sonde that is calibrated at the Pallindaba Radiation centre in Johannesburg and validated on site using test holes and assay results.

Total count gamma logging does not account for energy derived from thorium and potassium (as does spectral gamma logging) but is calibrated on the uranium band and factor applied to account for the average effect of thorium and potassium and thus the result is expressed as an equivalent value or ppm eU308. Bannerman Resources uses an Auslog Natural Gamma Probe which is calibrated at the PIRSA (Primary Industry & Resources South Australia) test pits and then subjected to annual recalibration to ensure the integrity of the probe instrument. Bannerman runs regular checks to validate the accuracy of probe data using test holes located on site and regular comparisons against the Terratec probe.

Uranium mineralisation grades through this report annotated with a sub-prefix 'e' have been reported as uranium equivalent grades derived from down-hole gamma ray logging results and should be regarded as approximations only.

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