June 24, 2008
Bannerman Resources’ Resource Drilling Finalised at Anomaly A
PERTH, AUSTRALIA--(Marketwire - June 24, 2008) - Bannerman Resources Ltd. (TSX:BAN)(ASX:BMN) ("Bannerman" or the "Company"), a uranium exploration and mine development company focused on projects in Namibia, is pleased to report that resource drilling has now been completed at Goanikontes' Anomaly A and that senior geological staff have mobilised to the Perth Company office to begin final resource estimation work.
Drill rigs have now been mobilised to explore prospects which have been identified beyond the principle uranium deposit at Goanikontes' Anomaly A. In all, fifteen prospects have been identified to date with targets prioritised based on historic drill results (where available), ground and airborne radiometric surveys and geological mapping. This marks the commencement of an exciting new exploration phase for the Company. It is the Company's intention to define additional significant uranium resources with proximity to the Anomaly A deposit.
Additional Uranium deposits could provide for;
- Enhanced and additional ore to supplement the Anomaly A project,
- Additional resources to underpin a possible Stage 2 expansion beyond the envisaged 15Mt p.a. mining and milling operation at Anomaly A,
- A much larger resource base for an additional stand alone plant elsewhere on the lease, utilising shared infrastructure and management capabilities.
Drilling at Anomaly A totalled 441 RC holes for 117,198 metres and 47 Diamond Core holes for 18,123 metres over the 2.3 kilometre strike that has been defined for the resource estimate. This represents the culmination of over 18 months of continuous drilling and has identified one of the world's largest known uranium deposits.
The Company expects to announce an updated resource estimate in Q3 2008. To this end, the completion of resource drilling and the mobilisation of senior geological staff to the Perth office to work with RSG Coffey Mining are major milestones.
The final resource will mostly comprise chemical assay data, including results from significant width and depth extensions that were not included in the interim resource estimate announced in January, 2008 and will also include core and RC drill hole results from infill drilling completed on a 50 metre by 50 metre grid.
This new resource estimate will be the basis of the definitive feasibility study being completed by GRD Minproc, however, mineralisation at Anomaly A remains open to the North, South, West and at depth. One diamond core rig will remain in the area testing these extensions and collecting samples for geotechnical and metallurgical test work for the feasibility study currently under commission.
Peter Batten, Managing Director says, "It is important to recognise that the Anomaly A project is in fact a single pit that does not yet include all the known mineralisation. The geological sequence hosting the Anomaly A Project is known to continue and in some cases repeat itself along strike and down dip. It would be more accurate to describe Anomaly A as the first open pit in the Project area."
Bannerman is currently establishing a sample preparation laboratory, to be run by an independent commercial laboratory firm, in Swakopmund for the exclusive use of the Company. It is expected that this facility will greatly expedite the processing of drill samples.
Exploration drilling on the other prospects has now commenced with drilling being conducted at Oshivelli, Rossingberg and at Ombuga South.
Bannerman Resources Limited is an emerging uranium producer with interests in two properties in Namibia, an African country considered to be a premier mining jurisdiction. Its principal and most significant asset is its 80% interest in the Goanikontes project situated on a trend southwest of the Rio Tinto Rossing uranium mine.
Bannerman is focused on accelerating the development of one of a very large uranium deposit at Goanikontes, Namibia. A mine plan is contemplating low cost uranium production using proven processing techniques. The scoping study completed in December 2007 describes robust project economics using conservative uranium prices. A definitive feasibility study is currently underway by GRD Minproc. The company expects to bring its starter asset at the Goanikontes deposit into production by 2011.
As well, the area offers tremendous exploration potential. Exploration of an initial fifteen identified targets has commenced and will continue through the development stages of the Goanikontes starter asset.
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" and as a Qualified Person for purposes of National Instrument 43-101 of the Canadian Securities Administrators.. 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.
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