new mineralized zone found ... hyena, page-26

Bannerman Resources Intersects New Mineralised Zone At Etango Uranium Project, Namibia

Published: 22-Oct-2009

Bannerman Resources Limited (Bannerman Resources) has intersected a new mineralized zone named Hyena located 1 km south of the primary Anomaly A prospect within its Etango uranium project in Namibia. The newly discovered mineralised zone at Hyena contains alaskite-hosted uranium mineralization similar to other Etango project deposits. To date, results have been returned from 42 RC drillholes at Hyena with 20 of these drillholes intersecting significant mineralization.
In particular, the intersections in drillholes GHYRC0007 and GHYRC0008 are shallow, broad and high grade. In addition, Bannerman Resources announces further encouraging infill resource definition drilling results within the Onkelo and Oshiveli Prospects at Etango.

The results reported in this news release reflect drilling completed since Bannerman Resources’s previous update on September 15, 2009. The identification of the mineralised zone at Hyena has occurred during the initial phases of exploration drilling to the south of the Anomaly A deposit.

Onkelo - Results of the infill resource definition drilling program from a further seven diamond and 16 RC drillholes have confirmed the near-surface broad zones of uranium mineralisation encountered in previous drilling. The drilling has also largely filled the previously undrilled gap between the Onkelo and Oshiveli Prospects.

Len Jubber, Bannerman Resources' chief executive officer said: “The identification of the mineralised zone at Hyena is an exciting addition to the Etango Uranium Project, being only 1km south of the Anomaly A resource. The proximity of Hyena to the existing resource indicates the potential for additional mineralisation to be incorporated into the Etango resource estimate. The infill drilling results at Onkelo and Oshiveli are also very encouraging, indicating further near-surface and higher grade mineralisation which could be incorporated into the mining plans.”

“Bannerman is on target to report the preliminary feasibility study results over the coming months, and in the meantime continues to undertake resource definition, sterilisation and near-project exploration drilling programs.”

The Hyena, Oshiveli and Onkelo Prospects form part of Bannerman’s Etango Project (refer Figure 1). Drilling at Hyena represents Bannerman’s initial efforts to test drilling targets located away from the known deposits in the southern portion of the Etango Project licence area. The drilling at Oshiveli and Onkelo was designed to infill the previous results and has now succeeded in closing much of the previously undrilled gap between the two deposits.

There has been no recent work within the Anomaly A deposit area, other than diamond core drilling for metallurgical samples as part of the ongoing preliminary feasibility study testwork being undertaken in Perth.

Drilling Program

Bannerman Resources has to date completed 42 RC drillholes for 6,835 metres at the Hyena Prospect, 92 RC drillholes for 18,984 metres at the Onkelo Prospect and 142 RC drillholes for 37,614 metres at the Oshiveli Prospect, for a total of 63,433 metres of RC drilling (excluding Anomaly A). There are now also 8 diamond drillholes for 1,835 metres at the Onkelo Prospect and 3 diamond drillholes for 1,129 metres at the Oshiveli Prospect, for a total of 2,964 metres of diamond drilling. The drillhole collar locations and selected intercepts reported in this drilling release are shown in Figures 2, 5 and 6, with the intercepts fully tabulated in the Attachment to this release.

Hyena

The Hyena mineralised zone was discovered by the pattern drilling of lines of vertical exploration drillholes across the general strike of the stratigraphy in the area immediately to the south of Anomaly A, which is all under desert sand cover. Both of the two lines drilled have intersected significant uranium mineralization occurring in up to two or three separate zones in each line. The exploration in this area is at an early stage and for much of the mineralization the orientation cannot be determined until further drilling has been completed.

To date results have been returned from 42 RC drillholes at Hyena with 20 of these holes intersecting significant mineralization. In particular, the intersections in drillholes GHYRC0007 and GHYRC0008 are shallow, broad and high grade.

Onkelo

Results have also been received from a further seven of the infill diamond drillholes being completed at Onkelo. All of these drillholes have returned significant intersections in areas beyond the previous drill coverage, and therefore outside of the current mineral resource model. Further diamond drillholes will be completed at Onkelo prior to updating the resource estimate in early 2010.