Bannerman Releases March 2012 Quarterly Activities Report

PERTH, AUSTRALIA -- (Marketwire) -- 04/30/12 -- Bannerman Resources Limited (ASX: BMN)(TSX: BAN)(NAMIBIAN: BMN) ("Bannerman") is pleased to announce highlights from its March 2012 Quarterly Activities Report released today. The full report is available on Bannerman's website at www.bannermanresources.com and on SEDAR (www.sedar.com).

Highlights:

--  Completion of the Etango Uranium Project DFS in early April 2012,
    confirming the viability of a long life and large scale uranium mining
    project:

    --  80% conversion of Measured and Indicated Mineral Resources into
        Proved and Probable Ore Reserves totalling 279.6 million tonnes at
        an average grade of 194ppm U3O8 for 119.3 Mlbs of contained U3O8;

    --  Production of 7-9 Mlbs U3O8 per year for the first five years and 6-
        8 Mlbs U3O8 per year thereafter, for a minimum mine life of 16
        years, which would rank Etango as a global top 10 pure uranium
        project; and

    --  Positioning Bannerman to take advantage of expected higher uranium
        prices and facilitating advancement of discussions with potential
        development and off-take partners.

--  Signing of a milestone binding Term Sheet with Namibian state-owned
    mining company Epangelo Mining Company (Proprietary) Limited (Epangelo)
    pursuant to which Epangelo may acquire an initial 5% interest and
    subsequent additional 5% interest in Bannerman's Namibian subsidiary,
    the sole owner of the Etango Uranium Project.

--  Intersection of mine-grade mineralisation in the first phase of resource
    expansion drilling adjacent to the northern part of the Etango deposit.
    The results indicate the potential to expand the pit design and extend
    the mine life. Further drilling is now underway.

--  Completion of financing initiatives commenced in the previous quarter:

    --  Share Purchase Plan raising the maximum proceeds of A$4 million;

    --  Follow-on institutional share placement to a number of existing
        institutional shareholders in Australia, Asia and the UK raising
        gross proceeds of A$1.8 million; and

    --  Receipt of shareholder approvals for the follow-on institutional
        share placement and a refinancing and extension of the existing
        convertible note to 31 March 2014.

--  Cash holdings of A$13.2 million as at 31 March 2012.

Len Jubber, Chief Executive Officer

April 30, 2012

About Bannerman - Bannerman Resources Limited is an emerging uranium development company with uranium interests in Namibia, a southern African country which is a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rossing 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.

Technical and Cautionary Disclosures

Certain disclosures in this report, including management's assessment of Bannerman'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 Bannerman'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 Bannerman'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 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.

Mineral Resources which are not Ore Reserves do not have demonstrated economic viability.

The information in this report relating to the Mineral Resources of the Etango Project is based on a resource estimate compiled or reviewed by Mr Brian Wolfe, a full time employee of Coffey Mining Pty Ltd. Mr Wolfe is a Member of the Australian Institute of Geoscientists and 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 is an independent consultant to Bannerman and a Qualified Person as defined by Canadian National Instrument 43-101. Mr Wolfe consents, and provides corporate consent for Coffey Mining Pty Ltd, 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 Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Harry Warries, a full time employee of Coffey Mining Pty Ltd. Mr Warries is a Fellow of The Australasian Institute of Mining and Metallurgy and 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 is an independent consultant to Bannerman and a Qualified Person as defined by Canadian National Instrument 43-101. Mr Warries consents, and provides corporate consent for Coffey Mining Pty Ltd, to the inclusion in this report of the matters based on his information in the form and context in which it appears.

ABN 34 113 017 128

Contacts:

Bannerman Resources Limited - Perth, Western Australia

Len Jubber

Chief Executive Officer

+61 (0)8 9381 1436


Bannerman Resources Limited - Perth, Western Australia

Tim Haughan

Investor Relations Manager

+61 (0)8 9381 1436
admin@bannermanresources.com.au
www.bannermanresources.com


Media

David Tasker

Professional Public Relations

+61 (0)433 112 936
david.tasker@ppr.com.au


Spyros Karellas

Investor Relations

Toronto, Ontario, Canada

+1 416 800 8921
spyros@pinnaclecapitalmarkets.ca