Bannerman Resources Releases March Quarter Activities Report

PERTH, AUSTRALIA, Apr 20 (MARKET WIRE) --
Bannerman Resources Limited (TSX: BAN)(ASX: BMN) ("Bannerman" or the
"Company"), an Australian-based uranium mine development and exploration
company, today releases its March 2009 quarterly activities report in
accordance with the Australian Securities Exchange Listing Rules.

Highlights

- Increase of 33% in the Etango Project Indicated Resource estimate to
195.5 million tonnes ("Mt") at an average grade of 207 parts per million
("ppm") for 89.2 million pounds ("Mlbs") of U3O8, plus Inferred Resources
of 87.0Mt at 195 ppm for 37.4Mlbs U3O8, reported at a cut-off grade of
100 ppm U3O8. As reported in the Company's news release of February 12,
2009, the updated mineral resource estimate was completed in accordance
with National Instrument 43-101 by Coffey Mining Pty Ltd, an independent
geological consultant to the Company.

- Broad and higher grade near-surface drilling results achieved within
the Oshiveli and Onkelo areas. Drilling at Onkelo highlighted both the
substantial width of the mineralised zones (including 119 metres at 249
ppm U3O8 from surface, and 94 metres at 263 ppm U3O8 from 3 metres
downhole) and higher grade zones within 200 metres of surface (including
11 metres at 1143 ppm U3O8 from 180 metres downhole, 30 metres at 513 ppm
U3O8 from 161 metres downhole, and 49 metres at 429 ppm U3O8 from 70
metres downhole).

- The preliminary feasibility study is on track for completion at the end
of the current quarter. Metallurgical testwork has been advanced on
selected processing routes, including the beneficiation of higher grade
uranium concentrates for agitated leach recovery, and on heap leaching.
Heap leach testwork on High Pressure Grinding Roll crushed fine product
has achieved recoveries of 85-91%, with acid consumption at the lower end
of expectations at approximately 20 kg/tonne.

- The executive team has been further strengthened with the appointment
of Mr Ivan Saracik as Study Manager - Etango Project. Mr Saracik is a
mechanical engineer with over 30 years global experience as a feasibility
study and development project manager.

- Cash resources as at 31 March 2009 of A$4.6 million in addition to
which the Company had VAT/GST receivables of A$1.4 million due for
receipt in May. The Company has the option to draw down on the second
A$10 million tranche of the Resource Capital Funds convertible note
facility on or before 16 June 2009. Bannerman is evaluating alternative
sources of funding to supplement existing working capital given the
currently substantially higher share price compared to the conversion
price associated with the second tranche.

- A General Meeting of shareholders was held in Perth on Thursday 16
April 2009 where approval was obtained for all of the resolutions
including those relating to recent financing and other transactions,
providing the Company with financing flexibility going forward.

The quarterly activities report is available on the Company's website at
www.bannermanresources.com.au, on the Australian Securities Exchange
website at www.asx.com.au, and can also be accessed on SEDAR at
www.sedar.com.

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 and most significant asset is
its 80% interest in the Etango Project situated southwest of Rio Tinto's
Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich
mine. 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.au.

The information in this report that relates to the Mineral Resources of
the Etango Project is based on a resource estimate completed by Mr Neil
Inwood who is a full time employee of Coffey Mining Pty Ltd. Mr Inwood is
a Member of The Australasian Institute of Mining and Metallurgy and 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 is an independent consultant to
Bannerman Resources and a Qualified Person as defined by NI 43-101. Mr
Inwood consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.

The information in this report that relates to the metallurgical test
work undertaken on Etango Anomaly A Deposit samples was completed by Mr
Gary Jobson who was a consulting metallurgist to Independent
Metallurgical Operations Pty Ltd during the period. Mr Jobson is a Member
of The Australasian Institute of Mining and Metallurgy and has extensive
experience relevant to the activity which is being undertaken. Mr Jobson
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.

The information in this report 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 report 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 report, 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.

Contacts:
Bannerman Resources Limited
Perth, Western Australia
Len Jubber, Chief Executive Officer
+61 (0)8 9381 1436
info@bannermanresources.com

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
(416) 388-7247
ann@bannermanresources.com

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