Bannerman Resources Limited Announces A$15 Million Financing

"NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION INTO THE UNITED STATES"

PERTH, AUSTRALIA -- (Marketwire - Dec. 13, 2010) - Bannerman Resources Limited (TSX: BAN) (ASX: BMN) (NSX: BMN) ("Bannerman") announces that it is in the process of completing a private placement offering of ordinary shares (the "Placement") pursuant to the approval obtained from its shareholders at its general meeting held on November 23, 2010.

The Placement is being undertaken with Argonaut Securities out of Australia. The bidding process has been over-subscribed, including participation by a range of new and existing institutional investors, at an issue price of A$0.50 per share, for total proceeds of A$15 million.

Trading in Bannerman's shares has been temporarily halted on the Australian Securities Exchange (ASX) pending finalisation of the Placement, which is expected shortly.

Proceeds from the placement will be used to advance Bannerman's feasibility study on its 80%-owned flagship Etango Uranium Project in Namibia, for regional exploration activities, and for general corporate and administrative purposes.


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 Bannerman's website at www.bannermanresources.com.


This announcement does not constitute an offer of securities for sale in the United States or to "US persons" (as defined in Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")) ('US Person") and may not be sent or disseminated in, directly or indirectly, the United States or to any US Person or any person acting for the account or benefit of any US Person in any place. Bannerman shares have not been and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered, sold or otherwise transferred in the United States or to or for the account or benefit of any US Person except in compliance with the registration requirements of the Securities Act and any other applicable state securities laws or in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and applicable state securities laws.

ABN 34 113 017 128



For more information, please contact

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