Bannerman Reports Further Drilling Results at the Etango Uranium Project

• Press Release
• Source: Bannerman Resources Limited
• On 5:15 am EDT, Tuesday September 15, 2009

PERTH, AUSTRALIA--(Marketwire - 09/15/09) - Bannerman Resources Limited (TSX:BAN - News)(ASX:BMN - News)(NSX: BAN) ("Bannerman" or the "Company") is pleased to report further drilling results at the Oshiveli and Onkelo Prospects within the Etango Uranium Project in Namibia, southern Africa. A full report complete with details of this recently completed drill program including supporting tables and graphics is available on the Company's website, www.bannermanresources.com; ASX, www.asx.com.au; and SEDAR, www.sedar.com.

Bannerman CEO Len Jubber said: "These new infill and extensional drilling results reflect the contiguous nature of the Etango deposit and the potential to ultimately extend the proposed open pit from Anomaly A to Onkelo. Importantly, the drilling program is achieving the objective of adding additional near-surface resources along the 6 kilometres of strike length."

An additional 35 reverse circulation ("RC") drillholes at the Oshiveli and Onkelo Prospects have returned further consistent results, with much of this mineralisation being at shallow depths. These drilling results are from the continuing program at the Oshiveli and Onkelo Prospects and are directed towards the completion of a further mineral resource estimate as part of the ongoing feasibility study work for the Etango Project. Highlights include:

�

----------------------------------------------------------------------------
                                             Downhole
Drillhole No.            From Depth          Interval                 Grade
                        (m downhole)               (m)            (ppm U3O8)
----------------------------------------------------------------------------
GSHRC0112                       137                27                   379
GSHRC0113                       117                36                   247
GSHRC0115                       123                78                   230
GSHRC0117                        93                36                   416
 including                       99                 5                 2,037
GSHRC0121                       161                23                   292
GSHRC0122                       310                38                   379
 including                      320                15                   531
GSHRC0124                       178                51                   255
GNKRC0060                        72                30                   230
GNKRC0066                       149                13                   543
GNKRC0069                         9                11                   287
GNKRC0071                        71                49                   226
GNKRC0074                        13                24                   251
GNKRC0077                        23                21                   365
"                                50                20                   540
----------------------------------------------------------------------------

Regulatory Disclosures:

Bannerman Resources Limited ("Bannerman") manages its drilling and assaying activities in accordance with industry standard quality assurance/quality control (QA/QC) procedures. Samples are collected by Bannerman personnel and prepared in accordance with specified procedures at the relevant assay laboratories. The primary assay laboratory is SGS in Johannesburg Laboratory site reviews are undertaken. Assay QA/QC involves the use of assay standards (sourced from African Mineral Standards (AMIS) in Johannesburg, made from Bannerman pulp rejects and cross-checked through umpire laboratories for which the round robin reports are available), field duplicates, blanks and barren quartz flushes. A third party "umpire" laboratory (Genalysis in Perth) is used to cross-check and validate approximately 5% of the assay results in accordance with standard procedures. Sample coarse rejects are retained and approximately 5% of samples are re-submitted for further assay verification. All sample pulps are retained at a storage facility in Johannesburg and half-core and rock-chip samples are retained at site.

The information in this release that relates to the exploration results of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Andrew Cunningham, who is a full time employee of the Company. Mr Cunningham is a Member of The Geological Society of South Africa, a Recognised Overseas Professional Organisation by the Australasian Joint Ore Reserves Committee, 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 Cunningham consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

The Company 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 release, including management's assessment of Bannerman Resources Ltd'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 the Company'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 the Company'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.

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 mine. Etango is one of the world's largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on the Company's website at www.bannermanresources.com.

ABN 34 113 017 128

 
Contacts:
Bannerman Resources Limited
Perth, Western Australia
Len Jubber
Chief Executive Officer
+61 (0)8 9381 1436
admin@bannermanresources.com.au
Bannerman Resources Limited
Perth, Western Australia
Peter Kerr
Chief Financial Officer
+61 (0)8 9381 1436
Bannerman Resources Limited
Toronto, Ontario, Canada
Ann Gibbs
Investor Relations
+1 416 388 7247
ann@bannermanresources.com