Bannerman Resources Limited Completes A$15 Million Financing

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

PERTH, AUSTRALIA -- (Marketwire - Dec. 20, 2010) - Bannerman Resources Limited (TSX: BAN) (ASX: BMN) (NSX: BMN) ("Bannerman" or the "Company") is pleased to confirm completion of the A$15 million share placement financing announced on December 14, 2010. Bannerman has today issued 30 million ordinary shares at A$0.50 per share primarily to existing and new institutional shareholders, to raise total proceeds of A$15 million.

The Company's cash balance is now approximately A$23 million placing Bannerman in a strong position to advance the Etango Project feasibility study and exploration programs on its prospective regional landholdings in early 2011.

Bannerman CEO, Len Jubber, said: "With the uranium price increasing, we are seeing a significantly higher level of corporate activity as uranium mining companies and end-user utilities anticipate further demand increases and supply constraints. Bannerman is actively pursuing the development of a globally significant and low risk uranium project which continues to show growth potential in a politically favourable jurisdiction. Completion of the recent financing, largely from institutional investors, reflects the financial community's recognition of the strategically valuable asset being developed by Bannerman."


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