Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

July 20, 2009 09:00 ET

Bannerman Significantly Expands the Etango Project Mineral Resource Estimate

PERTH, AUSTRALIA--(Marketwire - July 20, 2009) - Australian-based uranium mine development and exploration company, Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN)("Bannerman"), continues to advance development of its Etango Uranium Project in Namibia, southern Africa, today announcing an updated mineral resource estimate.

Highlights include:

- 21% increase in Measured & Indicated Resources from 89.2Mlbs to 107.7Mlbs U3O8 at an average grade of 208ppm U3O8.

- 40% increase in Inferred Resources from 37.4Mlbs to 52.4Mlbs U3O8 at an average grade of 197ppm U3O8.

- 67% of the total resource estimate is in the Measured & Indicated categories.

- Two thirds of the total resource estimate is located within 200 metres of surface.

- Increased mineral resource for the Oshiveli deposit comprising Indicated Resources of 12.4Mlbs U3O8 and Inferred Resources of 8.3Mlbs U3O8. Inaugural mineral resource for the Onkelo deposit comprising Inferred Resources of 20.2Mlbs U3O8.

- Resource extension drilling continues at the Oshiveli and Onkelo deposits.

Note: Mineral resources are reported at a lower cut-off of 100ppm U3O8.

Bannerman CEO Len Jubber said: "This substantial increase in the mineral resource estimate continues to elevate the Etango deposit in the ranking of globally significant uranium deposits. The 5km long mineral resource at Etango occurs over a broad width and at shallow depth with approximately two thirds of the resource located within 200 metres from surface."

"Bannerman is continuing with resource extension drilling and is also well advanced with a feasibility study into an open pit uranium mining operation at Etango. Results from the ongoing resource extension drilling will be released as they become available during the second half of 2009," he added.

Mineral Resource Update

The July 2009 Etango Project mineral resource estimate, at a cut-off grade of 100 parts per million ("ppm") U3O8, represents a 26% increase in the contained uranium content compared with the previous February 2009 estimate. Indicated Resources have increased 18% from 89.2 million pounds ("Mlbs") to 105.7Mlbs U3O8 and Inferred Resources have increased 40% from 37.4Mlbs to 52.4Mlbs U3O8. For the first time, part of the resource estimate is within the Measured category which currently totals 2.0Mlbs U3O8.

The updated July 2009 mineral resource estimate for the Etango Project, comprising the Anomaly A and adjacent Oshiveli and Onkelo uranium deposits, is summarised below at a range of cut-off grades. Bannerman reports its resource estimates at a cut-off grade of 100ppm U3O8.



Updated Mineral Resource Estimate - July 2009

MEASURED & INDICATED RESOURCES INFERRED RESOURCES
--------------------------------------------------------------------------

Lower
Cut- Tonnes Grade Contained U3O8 Tonnes Grade Contained U3O8
off ----------------- ----------------
(ppm) (Mt)(ppm U3O8)(Tonnes) (Mlbs) (Mt)(ppm U3O8)(Tonnes) (Mlbs)
--------------------------------------------------------------------------
100 235.0 208 48,900 107.7 120.7 197 23,800 52.4
--------------------------------------------------------------------------
150 176.8 234 41,500 91.3 89.7 221 19,800 43.6
--------------------------------------------------------------------------
200 105.7 275 29,000 64.0 50.2 257 12,900 28.4
--------------------------------------------------------------------------
Note: Figures have been rounded; bulk density of 2.63t/m3; Ordinary Kriged
estimate based on cut 3m (Anomaly A and Oshiveli) and 2m (Onkelo)
U3O8 composites; Block dimensions of 25mNS x 25mEW x 10mRL
(Anomaly A and Oshiveli) and 50mY x 30mX x 10mRL (Onkelo)


Updated Mineral Resource Estimate - July 2009
(Reported at a lower cut-off of 100ppm U3O8)

MEASURED & INDICATED RESOURCES INFERRED RESOURCES
----------------------------------------- --------------------------------

Etango Tonnes Grade Contained U3O8 Tonnes Grade Contained U3O8
Project --------------- ---------------
Deposit (Mt)(ppm U3O8) (Mlbs) (Mt)(ppm U3O8) (Mlbs)
----------------------------------------- --------------------------------
Anomaly A 206.3 210 95.3 54.2 200 23.9
----------------------------------------- --------------------------------
Oshiveli 28.7 196 12.4 19.6 193 8.3
----------------------------------------- --------------------------------
Onkelo - - - 47.0 195 20.2
----------------------------------------- --------------------------------
Total 235.0 208 107.7 120.8 197 52.4
----------------------------------------- --------------------------------
Note: Figures have been rounded; bulk density of 2.63t/m3; Ordinary Kriged
estimate based on cut 3m (Anomaly A and Oshiveli) and 2m (Onkelo) U3O8
composites; Block dimensions of 25mNS x 25mEW x 10mRL (Anomaly A and
Oshiveli)and 50mY x 30mX x 10mRL (Onkelo).


The mineral resource estimate has been prepared for Bannerman in accordance with the Australian JORC Code guidelines and Canadian National Instrument 43-101 by Coffey Mining Pty Ltd, an independent geological consultant to Bannerman.

The plan below shows the drilling completed to date within each of the Anomaly A, Oshiveli and Onkelo deposits. (A map is available at the following link: http://media3.marketwire.com/docs/Drill0720.pdf) Drilling completed since the previous mineral resource estimate in February 2009 is highlighted in blue.

The drillhole database used in the July 2009 resource estimate comprises a total of approximately 200,000 metres in 685 reverse circulation (RC) and 72 diamond drillholes. The strike length of the resource model boundaries now totals approximately 5km.

Further details regarding the July 2009 Etango resource estimate, including the specifics of the separate mineral resource estimates for each of the deposits within the Etango Project, are available as an attachment to this announcement on the website, www.bannermanresources.com

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. Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich uranium mine. Etango is one of the world's largest undeveloped uranium deposits. Bannerman is focused on resource extension drilling and the feasibility assessment of a large open pit mining operation at Etango. More information is available on Bannerman's website at www.bannermanresources.com.au.

Regulatory Disclosures:

The information in this news release that relates to the Mineral Resources of the Anomaly A and Oshiveli deposits is based on a resource estimate completed by Mr Neil Inwood and the information in this news release that relates to the Mineral Resources of the Onkelo deposit is based on a resource estimate completed by both Mr Iain Macfarlane and Mr Neil Inwood who are full time employees of Coffey Mining Pty Ltd. Messrs. Inwood and Macfarlane are Members of The Australasian Institute of Mining and Metallurgy and have 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 are independent consultants to Bannerman and Qualified Persons as defined by Canadian National Instrument 43-101. Messrs Inwood and Macfarlane consent to the inclusion in this news release of the matters based on their information in the form and context in which it appears.

Bannerman 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'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, 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.au
    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
    www.bannermanresources.com
    or
    Professional Public Relations Pty Ltd
    Perth, Western Australia
    David Tasker, Media Relations
    +61 (0)8 9388 0944
    david.tasker@ppr.com.au
    or
    Professional Public Relations Pty Ltd
    Perth, Western Australia
    Jasmine Green, Media Relations
    +61(0)433 112 936
    jasmine.green@ppr.com.au