Bannerman Resources Quarterly Activities Report for Period Ending September 2010

PERTH, AUSTRALIA--(Marketwire - Oct. 28, 2010) - Bannerman Resources Limited (TSX: BAN) (ASX: BMN) (NSX: BMN) ("Bannerman" or the "Company") is pleased to announce highlights from the Company's Quarterly Report. The complete report is available on the company website at www.bannermanresources.com and on SEDAR (www.sedar.com).

During the September 2010 quarter, Bannerman completed resource extension drilling and regional exploration activities, and advanced the feasibility study on its 80%-owned Etango Project in Namibia, including an update of the mineral resource estimate. Bannerman also engaged in discussions with potential strategic partners regarding participation in Etango, one of the world's largest undeveloped uranium projects.


HIGHLIGHTS

* Updated mineral resource estimate for the Etango Project with total contained U3O8 increasing 31%:

o The resource estimate, reported at a cut-off grade of 100ppm U3O8, now comprises Measured and Indicated resources of 336.2Mt at 201ppm for 148.7Mlbs U3O8, plus Inferred resources of 164.6Mt at 176ppm for 63.9Mlbs U3O8;

o Includes an initial Inferred resource estimate for the Ondjamba and Hyena satellite deposits;

o The 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; and

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


* Additional high grade intersections were returned from infill and resource definition drilling. Highlights include 29 metres at 494ppm U3O8 (from 104 metres downhole) and 23 metres at 454ppm U3O8 (from 74 metres downhole) at Ondjamba, and 17 metres at 342ppm U3O8 (from 117 metres downhole) at Hyena.


* The Etango Project feasibility study has progressed significantly, further de-risking the Project:

o Testwork and cost estimate studies indicate that a heap leach processing route is likely to have lower capital and operating costs compared with a tank-based process route, and greater flexibility to take maximum advantage of the uniform, fast leaching and geotechnically stable agglomerated Etango ore;

o Whilst flotation testwork has added considerably to the understanding of the acid leaching performance, the addition of a flotation circuit in the tank leach flowsheet is not considered economically beneficial, and accordingly the flotation testwork has now ceased;

o Further engineering and cost estimation work has significantly increased the estimate accuracy of the current phase of the feasibility study. However, the identified operating cost savings are now anticipated to be offset by the more prudent resource modelling approach and general industry cost pressures in southern Africa, particularly for water and power; and

o A detailed update regarding the Etango Project feasibility study is scheduled for release to the market in the December 2010 quarter.


* Appointment of Ms Monica Kalondo to the Board of Bannerman's Namibian subsidiary.


* Cash reserves at quarter end of A$12.1 million (30 June 2010: A$16.6 million).


Investors can access a Boardroom Radio interview by Bannerman CEO, Len Jubber, in relation to the quarterly report by typing brr.com.au/event/71021 into their web browser.


Len Jubber
Chief Executive Officer

28 October 2010



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 asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rössing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. Etango is one of the world's largest undeveloped uranium deposits. 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.


Technical Disclosures

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, 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.

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.

The information in this report relating to the geology and exploration results of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Kieron Munro, Head of Geology of Bannerman and a full time consultant to the Company. Mr Munro is a Member of the Australian Institute of Geoscientists, a Recognised 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 a 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 Canadian National Instrument 43-101. Mr Munro consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report relating to the Mineral Resources of the Etango Project is based on a resource estimate completed by Mr Neil Inwood, and the information in this report relating to the Mineral Resources of the Ondjamba and Hyena deposits is based on a resource estimate completed by Mr Neil Inwood and Mr Steve Le Brun. Both Mr Inwood and Mr Le Brun are full time employees of Coffey Mining Pty Ltd. Each of Messrs. Inwood and Le Brun are Members of The Australasian Institute of Mining and Metallurgy and have 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 a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves", and are independent consultants to Bannerman and Qualified Persons as defined by Canadian National Instrument 43-101. Messrs. Inwood and Le Brun consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

ABN 34 113 017 128



For more information, please contact

Bannerman Resources Limited - Perth, Western Australia
Len Jubber
Chief Executive Officer
+61 (0)8 9381 1436
admin@bannermanresources.com.au
or
Bannerman Resources Limited - Perth, Western Australia
Peter Kerr
Chief Financial Officer
+61 (0)8 9381 1436
or
Bannerman Resources Limited - Toronto, Ontario, Canada
Ann Gibbs
Investor Relations
+1 416 388 7247
ann@bannermanresources.com
www.bannermanresources.com
or
Australasian Media: Professional Public Relations
David Tasker
+61 (0)433 112 936
david.tasker@ppr.com.au
or
Namibian Media - Windhoek, Namibia
Brandon Munro
GM, Corporate Development
+264 61 226 621