🕐21.01.10 - 02:44 Uhr

Quarterly Activities Report for Period Ended 31 December 2009



COMPANY ANNOUNCEMENT 21 January 2010 QUARTERLY ACTIVITIES REPORT for PERIOD ENDED 31 DECEMBER 2009 Highlights Completion of the Etango Uranium Project Preliminary Feasibility Study demonstrating the technical and economic viability of the Project at long term contract uranium prices: Production estimated to commence in late 2013 with modelled output of 5-7Mlbs U3O8 per annum over a +16 year mine life.

Extensive Measured & Indicated resources of 102.8Mlbs U3O8 at an average grade of 227ppm U3O8, and Inferred resources of 49.2Mlbs U3O8 at an average grade of 217ppm U3O8 (reported at a cut-off grade of 100ppm U3O8).

Subject to final confirmatory metallurgical testwork, processing is to be undertaken by agitated-tank leaching of a high-grade (3,500-4,000 ppm U3O8) flotation concentrate for overall uranium processing recoveries of +90%.

The Definitive Feasibility Study is underway: Key opportunities are being pursued to improve project economics and extend mine life through a range of resource expansion, mining improvement, processing flowsheet optimisation and other initiatives.

The next phase of metallurgical locked-cycle testwork is underway and results are expected by the end of January.

Final pilot plant testwork is scheduled to start in February and be completed by quarter end.

An update of the mineral resource estimate incorporating drilling completed since mid-2009 is due for release later in the current quarter.

Drilling is ongoing at Etango and totaled 283,000 metres at the end of 2009, providing geological confidence and extending the Etango deposits contiguous strike length to 6km.
Etango Project Mining Licence application lodged with the Namibian Government.

No substantial legislative, environmental or social impediments for project development have been identified, and local community support has been received.
Cash reserves as at 31 December 2009 of A$23.2 million.


Appointment of former Rio Tinto senior mining executive Dr David Smith to the Board.
Download full copy of the Announcement, here > http://esp.gewru.com/download/files/12414/1056718/20100121.pdf
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. Bannermans principal asset is its 80%-owned Etango Project situated southwest of Rio Tintos Rössing uranium mine and to the west of Paladin Energys Langer-Heinrich mine.

Etango is one of the worlds 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 Companys website at www.bannermanresources.com.


For further information please contact: Len Jubber Chief Executive Officer Perth, Western Australia Tel: +61 (0)8 9381 1436
Peter Kerr Chief Financial Officer Perth, Western Australia Tel: +61 (0)8 9381 1436 Investor Relations Ann Gibbs Toronto, Ontario, Canada Tel: +1 416 388 7247
Australasian Media David Tasker Professional Public Relations Tel: +61 (0)433 112 936
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