Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

January 30, 2008 10:02 ET

Bannerman Resources Reports Update of Resource Estimates on its Goanikontes Anomaly a in Namibia

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2008) - Bannerman Resources Ltd. (TSX:BAN)(ASX:BMN) is pleased to report an updated resource statement received from its resource consultants, Coffey Mining ("Coffey"), for the Goanikontes Anomaly A uranium deposit in Namibia. Bannerman is pleased to announce a significant increase in total mineral resources.

The new National Instrument 43-101 ("NI 43-101") mineral resource estimates, using a cut off grade of 100 ppm U3O8, now consist of 25 million tonnes of Indicated Mineral Resources grading 234 ppm U3O8, and 136.4 million tonnes of Inferred Mineral Resources grading 197 ppm U3O8, determined from all data available to December, 2007.

The resource has been estimated using 223 RC and 19 Diamond core holes drilled by the Company up to about mid-December into Anomaly A over a strike extent of approximately 2.2km.

A combination of chemical assays and radiometric data was used for the estimation. Drill spacings were from 50m by 50m, 50m by 100m and 100m by 100m. The bulk of the resource was modeled down to about 300m vertical. Drilling continues at the deposit with a view to producing a final resource to approximately 400 metres down.

Under Coffey's advisement in accordance with JORC guidelines, more weight has been given to chemical assays over radiometric data. Since many chemical assays are still pending, a large proportion of the resource has been modeled using radiometric data, and consequently, Coffey has categorised the greater proportion of the resource as Inferred. A small area of closer spaced drilling with largely chemical assay results has been classified as Indicated.

Coffey also re-calibrated the radiometric data based upon a statistical study by firstly reducing values by 30 to 40 ppm and then applying a factor of 0.85 to the result. Several factors affect the determination of true grade for both the radiometric and chemical data. For example, the presence of secondary uranium minerals such as uranophane may not be suitably collected by RC drilling.

There are currently, approximately 20,000 drill samples pending chemical analysis at the laboratory.

The Company, with Coffey, is conducting further studies to determine the optimal approach to determining grades for the deposit.



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Indicated Resources
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Low Cut Tonnes Grade Metal (U3O8)
(U3O8 ppm) t ppm tonnes 1,000 lbs
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100 25,000,000 234 5,853 12,900
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150 20,300,000 260 5,263 11,600
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200 13,900,000 298 4,174 9,200
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Inferred Resources
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Low Cut Tonnes Grade Metal (U3O8)
(U3O8 ppm) t ppm tonnes 1,000 lbs
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100 136,400,000 197 26,906 59,300
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150 95,900,000 227 21,779 48,000
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200 52,300,000 271 14,201 31,300
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Note: Figures have been rounded
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The resource was modeled using a range of upper and lower cuts. The 100 ppm cut quoted is the same as that used by Rossing and akin to the 60ppm cut used by Forsys Metals Corporation for its Valencia deposit, both alaskite hosted uranium deposits. Block dimensions used were 50m by 25m by 10m with sub-cells to 12.5m by 6.25m by 2.5m. A density of 2.65 t/m3 was used based upon the analysis of 200 density samples. The grade was estimated using Ordinary Kriging on cut 3m composite samples.

Drilling is continuing onsite with the aim to produce a final resource estimate sometime in the second quarter 2008. Studies into the optimal method of grade estimation are ongoing and testing of the amenability of the ore to HPGR is due to commence in the next quarter. Base case optimisation of the resource is currently being undertaken.

"The Company is particularly pleased to see the resource grow to such a level. The resource has been greatly increased and now includes some 25M tonnes of Indicated Resource in addition to the 136M tonnes of Inferred Resource. Clearly the deposit is world class and with drilling ongoing, is expected to grow even further," says Peter Batten, Managing Director of Bannerman Resources.

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. A bankable feasibility study is planned for 2008, and the company expects to bring its Goanikontes deposit into production by early 2011.

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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