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Bannerman Resources Limited: Bannerman Announces Etango Project Resource Upgrade

PERTH, AUSTRALIA--(Marketwire - Feb. 11, 2009) - Bannerman Resources Limited (TSX:BAN)(ASX:BMN) ("Bannerman" or the "Company"), an Australian-based uranium mine development and exploration company, today releases the following updated mineral resource estimate for the Etango uranium project in Namibia, Africa.

Highlights

- Largest uranium resource owned outside the major uranium companies.

- 33% increase in Indicated Resources from 66.9Mlbs to 89.2Mlbs U3O8.

- Inferred Resources of 37.4Mlbs U3O8.

- 70% of total resource estimate is in the Indicated category versus 63% previously.

- Chemical assays make up 99% of total drill results in the resource model.

- Deposit is open along strike and at depth, and further resource updates are expected in 2009.

- Includes an Indicated Resource of 2.2Mlbs and Inferred Resource of 7.3Mlbs for the Oshiveli deposit to the immediate north of the Anomaly A deposit.

- The resource estimate is responsive to cut-off grade providing mine planning flexibility.

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

Mineral Resource Update

The updated mineral resource estimate for the Etango Project, comprising the Anomaly A and adjacent Oshiveli uranium deposits, is tabulated below at a range of lower cut-off grades. Bannerman prefers to report its resource estimates at a cut-off grade of 100 parts per million ("ppm") U3O8.

 Updated Resource Estimate - February 2009

 ---------------------------------------------------------------------
 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)
---------------------------------------------------------------------------
100 195.5 207 40,500 89.2 87.0 195 17,000 37.4
---------------------------------------------------------------------------
150 146.2 234 34,200 75.4 63.2 221 13,900 30.7
---------------------------------------------------------------------------
200 86.7 275 23,900 52.6 34.5 259 8,900 19.7
---------------------------------------------------------------------------
Note: Figures have been rounded; bulk density of 2.62t/m3; Ordinary
 Kriged estimate based on cut 3m U3O8 composites; block dimensions of
 25mNS x 25mEW x 10mRL.


 Previous Resource Estimate - August 2008

 ---------------------------------------------------------------------
 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)
---------------------------------------------------------------------------
100 145.0 209 30,400 66.9 91.6 197 18,000 39.7
---------------------------------------------------------------------------
150 112.3 233 26,200 57.7 65.5 224 14,700 32.3
---------------------------------------------------------------------------
200 69.4 269 18,700 41.2 34.5 268 9,300 20.4
---------------------------------------------------------------------------
Note: Figures have been rounded; bulk density of 2.62t/m3; Ordinary
 Kriged estimate based on cut 3m U3O8 (composites; block dimensions
 of 25mNS x 25mEW x 10mRL.)

The updated resource estimate has been prepared for Bannerman in accordance with Canadian National Instrument 43-101 by Coffey Mining Pty Ltd, an independent geological consultant to the Company.

The updated estimate represents a 33% increase in the contained metal content of the Indicated Resource category compared with the previous August 2008 estimate. Indicated Resources now represent 70% of the total estimate compared with 63% previously.

The estimate includes the Oshiveli deposit which is located immediately adjacent and to the north of the Anomaly A deposit. The resource estimate for Oshiveli, above a lower cut-off grade of 100ppm, comprises Indicated Resources of 5.5Mt at 182 ppm for 2.2Mlbs of contained U3O8 and Inferred Resources of 17.6Mt at 187 ppm for 7.3Mlbs of contained U3O8.

Bannerman prefers to report its resource estimates at a cut-off grade of 100 ppm U3O8. Lifting the cut-off grade, as shown in the tables above, has the potential to materially increase the average grade of the resource while still maintaining a substantial resource tonnage and metal content. For example, an increase in the cut-off grade from 100 ppm to 200 ppm U3O8 results in the average grade of the Indicated Resource increasing 33% from 207 ppm to 275 ppm U3O8. This characteristic of the deposit is expected to provide increased mining and economic flexibility for the Etango Project.

Resource Growth

Bannerman has now completed four resource estimates since commencing drilling activities at the Etango Project in late 2006. These estimates are depicted below (using a lower cut-off grade of 100 ppm U3O8) and demonstrate the growth potential of the Etango Project's resources.

To view a chart of the "Bannerman Resources Limited Growth in Etango Project Mineral Resources," please visit the following link:

[ http://media3.marketwire.com/docs/BAN0211a.pdf ]

Drilling activities at Anomaly A in 2008 largely focused upon infill programs with the objective of increasing deposit confidence and converting Inferred Resources to Indicated status for the feasibility study. Drilling programs along the strike extents of the deposit are now targeting resource increases.

Drilling

Drilling since the last resource update in August 2008 has focused on infill programs at the Anomaly A deposit to increase the confidence in the resources within modelled pit shells, and upon extensional drilling at the Oshiveli deposit immediately adjacent to the northern boundary of Anomaly A.

A total of 22,716 metres in 83 new and 8 extensional reverse circulation ("RC") drillholes was added to the resource database. Of these new drillholes, 11,054 metres (in 46 RC drillholes) related to Anomaly A and 11,662 metres (in 45 RC drillholes) related to Oshiveli. Refer the following drillhole location plan.

To view a map of the "Drillhole Location Plan for February 2009 Resource Update," please visit the following link:

[ http://media3.marketwire.com/docs/BAN0211b.pdf ]

The following cross section (marked AB in the drillhole location plan on the previous page) shows the typical sectional interpretation and indicates the broad widths of the mineralisation, in particular in the top 200 metres below surface.

To view a map of "Etango Project - Anomaly A Deposit Sectional Interpretation (7,488,800mN)," please visit the following link:

[ http://media3.marketwire.com/docs/etangod.pdf ]

About Bannerman

Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, an African country considered to be a premier uranium mining jurisdiction. Bannerman's principal and most significant asset is its 80% interest in the Etango Project situated southwest of Rio Tinto's Rossing uranium mine and to the east of Paladin Energy Ltd's Langer-Heinrich mine. Bannerman is focused on accelerating the feasibility assessment and development of a large uranium operation at Etango. More information is available on the Company's website at [ www.bannermanresources.com ].