Etango

Location:	35 km east of Swakopmund
Area:	500 km² (50,027 ha)
Resource Reported at Lower Cut-off of 100 ppm U3O8:	Measured: 3.8 mt @ 240 ppm for 2.0 milion lbs of metal (U3O8) Indicated 231.2 mt @ 207 ppm for 105.7 million lbs of metal (U3O8) Inferred: 120.7 mt @ 197 ppm for 52.4 million lbs 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	Continuation of Anomaly A mineralisation
Onkelo	Continuation of Oshiveli mineralisation
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 updated July 2009 mineral resource estimate for the Etango Project, comprising the Anomaly A and adjacent Oshiveli and Onkelo uranium deposits, is summarised below at a range of cut-off grades. Bannerman reports its resource estimates at a cut-off grade of 100 ppm U3O8.

The drillhole database used in the July 2009 resource estimate comprises a total of approximately 200,000 metres in 685 reverse circulation (RC) and 72 diamond drillholes. The strike length of the resource model boundaries now totals approximately five kilometres.

The plan below shows the drilling completed to date within each of the Anomaly A, Oshiveli and Onkelo deposits. Drilling completed since the previous mineral resource estimate in February 2009 is highlighted in blue.

The drillhole database used in the July 2009 resource estimate comprises a total of approximately 200,000 metres in 685 reverse circulation (RC) and 72 diamond drill holes. The strike length of the resource model boundaries now totals approximately five kilometres.

The diagram below is a graphical depiction of the July 2009 resource model zone outlines viewed from the southwest, with a draft pit shell estimated for the preliminary feasibility study, based on the previous February 2009 resource estimate.