Bannerman Resources Announces 31% Metal Increase at Etango Project

Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BMN) has announced that an updated and substantially larger mineral resource estimate has been completed for the Etango Project.

Highlights:

• 31% increase in total contained metal.

• Measured and Indicated resources total 336.2Mt at 201ppm for 148.7Mlbs U₃O₈, and Inferred resources total 164.6Mt at 176ppm for 63.9Mlbs U₃O₈. The estimate is reported at a cut-off grade of 100ppm U₃O₈.

• The updated resource estimate includes Inferred resources for the Ondjamba and Hyena satellite deposits for the first time.

• Adoption of Ordinary Kriging methodology, resulting in more tonnes at a lower grade than the previous estimate, is considered a more prudent approach for modeling the Etango deposit.

• The increased resource estimate has the potential to extend the total Project mine life.

"The 31% increase in the Etango resource follows the recent successful application of the RadonX™ exploration method in areas where desert sand cover has rendered the more frequently used radiometric methods ineffective," said Mr Len Jubber, Bannerman's CEO. "The discovery of the Ondjamba and Hyena deposits has encouraged our confidence in the targets identified from the RadonX™ survey. We continue to investigate other prospects that could potentially continue to expand the size of the Etango Project."

"Importantly, we have taken the prudent decision to revert to the Ordinary Kriging resource modeling approach following a review of the study activities to date. It should however be noted that radiometric truck scanning technology in use at existing hard rock open pit uranium mines presents the opportunity to conduct selective mining, and hence optimise the project economics."

"The continued resource growth comes as no surprise and the globally significant scale, demonstrably low technical risk and excellent location of the Etango Project underpins our belief in its strategic value at a time when the nuclear energy sector is growing rapidly" highlighted Mr Jubber.