Etango

Location:	35 km east of Swakopmund
Area:	500 km² (50,027 ha)
Resource Reported at Lower Cut-off of 100 ppm U3O8:	Measured: 62.7mt @ 205ppm for 28.3Mlbs of metal (U3O8) Indicated 273.5mt @ 200ppm for 120.4Mlbs of metal (U3O8) Inferred: 164.6mt @ 176ppm for 63.9Mlbs of metal (U3O8)
Lease Granted:	EPL3345 renewed April 2009 for a two-year term.

Main Prospects:

Anomaly A	Resource drilling completed; feasibility study in progress
Oshiveli	Resource drilling near completion
Onkelo	Resource drilling completed
Ompo	Highest amplitude "bulls eye" on the project
Rossingburg	22 holes completed for 4455 m; Further exploration drilling planned
Hyena	Potential satellite open pit in Etango area

The October 2010 mineral resource estimate, reported at a cut-off grade of 100 parts per million (“ppm”) U₃O₈, comprises Measured and Indicated resources of 336.2 million tonnes (“Mt”) at 201ppm for 148.7 million pounds (“Mlbs”) of contained U₃O₈, and Inferred resources of 164.6Mt at 176ppm for 63.9Mlbs of contained U₃O₈.

Bannerman reports its resource estimates at a cut-off grade of 100ppm U₃O₈.

Bannerman has drilled at the Etango Project since 2006 and in that time has extended the drilled area to its current size of approximately 6km in strike length and up to 1km in width.

RADON CUP SURVEY:

We have had very encouraging results from the regional exploration program developed to generate new uranium discoveries on our Etango exploration licence.

In addition, positive results from further infill diamond drillholes at Oshiveli continue to support the geological interpretation and grade assessments in this area. The addition of the intersected mineralisation is expected to add to the size and classification of the existing resource estimate of the Company’s key asset, the Etango Uranium Project in the world-class Erongo uranium province in Namibia. The increase will be reported in the next resource estimate update due in the September quarter.

Exploration to the west, east and south of the Etango deposit has confirmed the presence of highly anomalous radon occurrences, suggesting the presence of concealed uranium mineralisation in close proximity to the proposed pit area at Etango. We are very pleased with this early success.

The radon cup survey method has not previously been used on Bannerman’s licences, and is considered to be an effective method for identifying the potential for uranium mineralisation down to a depth of up to 100 metres beneath the desert sands. The presence of cover has previously prevented detection of uranium mineralisation through field mapping or radiometric geophysics. However, the Radon Cup survey has revealed some high radon readings encompassing the Etango project that have never been drilled.

With the first large radon cup survey now complete, the Bannerman geological team is now fully engaged in regional exploration with a focus on developing drilling plans to test the identified anomalies.