Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

March 25, 2008 08:43 ET

Bannerman Resources Reports RC Drilling at Goanikontes Nears Completion

PERTH, AUSTRALIA--(Marketwire - March 25, 2008) - Bannerman Resources Ltd (TSX:BAN)(ASX:BMN) an Australian based uranium exploration and development company, is finalising the drilling of its first resource, the Goanikontes Anomaly A deposit uranium project in Namibia. The following is an update of results from ongoing drilling to extend the known resource at Anomaly.

Highlights:

- 100m x 50m pattern RC drilling completed

- 320 RC holes for 90,000m drilled

- Two Diamond core rigs continue drilling to 400m vertical

- Further exceptional drill intercepts returned;

78m @ 216 ppm, 74m @ 413 ppm, 71m @ 269 ppm,

69m @ 293 ppm, 60m @ 369 ppm U3O8

- Regional Exploration to begin as rigs to move onto the Oshiveli, Ompo, Rossingburg and Ombuga prospects

Reverse Circulation (RC) Drilling

The RC drilling programme is completing the 100m x 50m pattern to a nominal depth of 300m over the entire 2.3 kilometre length of the Anomaly A deposit. A total of 320 RC holes were completed in the pattern drillout for approximately 90,000 metres.

The three RC drill rigs are currently undertaking the northern contact drilling. Following this, one rig will move to the Oshiveli deposit immediately north of Goanikontes Anomaly A, a second rig will move to Ompo, Rossingburg 13 or Ombuga South depending on site preparation and the third rig will complete some areas of infill drilling as identified in the resource update and subsequent geological modelling.

Assay results continue to be received and confirm the excellent widths of the mineralised alaskites at the deposit. All grades returned from these intercepts are higher than that reported in the recent resource upgrade and give further confidence in the resource. A summary of the intercepts are reported in the table below.



Significant RC Drill Intercepts - Goanikontes Anomaly A

--------------------------------------------------------------------
Collar Position (m) Downhole Depth (m) Grade
-------------------------------------- Interval U3O8
Hole ID North East From To (m) ppm
--------------------------------------------------------------------
GARC048 7487919 482369 236 305 69 293
--------------------------------------------------------------------
GARC131 7488100 482389 159 176 17 302
--------------------------------------------------------------------
GARC132 7488650 482349 41 71 30 270
--------------------------------------------------------------------
" " 119 162 43 242
--------------------------------------------------------------------
GARC133 7488600 482168 284 332 48 306
--------------------------------------------------------------------
GARC134 7488100 482293 148 194 46 325
--------------------------------------------------------------------
GARC139 7488350 482332 241 254 13 353
--------------------------------------------------------------------
" " 283 296 13 426
--------------------------------------------------------------------
GARC164 7488500 482450 146 201 55 242
--------------------------------------------------------------------
GARC167 7488500 482350 43 71 28 276
--------------------------------------------------------------------
GARC175 7488200 482000 61 78 17 346
--------------------------------------------------------------------
GARC176 7488500 482200 295 330 35 250
--------------------------------------------------------------------
GARC184 7488900 482445 318 378 60 369
--------------------------------------------------------------------
" " 390 420 30 281
--------------------------------------------------------------------
GARC185 7488800 482355 111 137 26 218
--------------------------------------------------------------------
" " 181 213 32 207
--------------------------------------------------------------------
GARC190 7488800 482150 346 396 50 224
--------------------------------------------------------------------
GARC200 7488201 482340 153 178 25 386
--------------------------------------------------------------------
" " 313 323 10 356
--------------------------------------------------------------------
GARC202 7488000 482402 55 74 19 266
--------------------------------------------------------------------
" " 217 291 74 413
--------------------------------------------------------------------
GARC206 7487900 482427 129 207 78 216
--------------------------------------------------------------------
" " 221 280 59 260
--------------------------------------------------------------------
" " 311 343 32 389
--------------------------------------------------------------------
GARC214 7487900 482469 47 118 71 269
--------------------------------------------------------------------
GARC215 7487900 481840 210 230 20 298
--------------------------------------------------------------------
GARC217 7487800 482527 38 75 37 366
--------------------------------------------------------------------
" " 88 102 14 283
--------------------------------------------------------------------
" " 117 174 57 303
--------------------------------------------------------------------
GARC219 7487700 482550 95 140 45 228
--------------------------------------------------------------------
GARC223 7487600 482555 150 182 32 274
--------------------------------------------------------------------
GARC228 7487700 482446 200 230 30 267
--------------------------------------------------------------------
All holes drilled at 60 degrees towards 105 degrees (magnetic east).


Diamond Drilling

Drilling is continuing and to date 34 diamond holes have been commenced for approximately 13,000 metres. This drilling is testing the depth extensions of the uraniferous alaskites to 400 metres vertical. Results from the diamond programme will be incorporated in the final resource estimate.

There are currently two diamond rigs operating at Goanikontes Anomaly A and following the completion of the deep drilling programme these rigs will be utilised to complete metallurgical and geotechnical drilling as part of the impending Bankable Feasibility Study.

Summary

Drilling is progressing according to schedule with the 100m x 50m RC drilling completed. Approximately 85,000m of RC drilling has already been completed by the Company with the deep diamond programme continuing at Goanikontes Anomaly A.

Bannerman is progressing towards entering the ranks of developers and is on course to becoming a significant uranium producer by 2011, making it one of the leaders of the new generation of uranium miners.

For further information please visit Bannerman Resources' website at: www.bannermanresources.com

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 utilise 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.

Contact Information