Bannerman Provides Update Regarding Epangelo Discussions

Bannerman Provides Update Regarding Epangelo Discussions 
PERTH, AUSTRALIA -- (Marketwire) -- 08/09/12 -- Bannerman Resources
Limited (TSX:BAN)(ASX:BMN)(NAMIBIAN:BMN) ("Bannerman") provides the
following update regarding its discussions with Namibian state-owned
mining company Epangelo Mining Company (Pty) Ltd ("Epangelo"). 
As previously disclosed, Bannerman and Epangelo signed a Term Sheet
in April this year setting out the terms and conditions offered to
Epangelo for it to acquire an initial 5% interest (plus a follow-on
option for an additional 5% interest) in Bannerman's 80%-owned
Namibian subsidiary, the sole owner of the Etango Uranium Project.
The Term Sheet required certain conditions to be satisfied within
four months (ending today), including Epangelo completing its due
diligence investigations and obtaining its acquisition finance. 
Since that time, Epangelo has completed technical due diligence
investigations to its satisfaction and confirmed its recognition of
the importance of the Etango Project to Namibia. However, the parties
have been unable to complete a mutually acceptable agreement
reflecting the commercial substance of the Term Sheet. 
Bannerman is in a solid position in the current weak equity and
uranium markets, with good cash reserves (A$9.6 million as at 30 June
2012) and a recently-completed Definitive Feasibility Study on the
Etango Project. Monthly expenditures will now be low and, whilst
Bannerman is under no compulsion to transact the Etango Project at
cyclically low prices, Bannerman will continue to pursue local
Namibian and international development partners in a manner which
will deliver fair value to shareholders. 
About Bannerman - Bannerman Resources Limited is an emerging uranium
development company with interests in Namibia, a southern African
country considered to be a premier uranium mining jurisdiction.
Bannerman's principal asset is its 80%-owned Etango Uranium 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 development of a large open pit uranium mining and processing
operation at Etango. More information is available on the Company's
web
site at www.bannermanresources.com.  
Certain disclosures in this release, 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. 
ABN 34 113 017 128
Contacts:
Bannerman Resources Limited
Len Jubber
Chief Executive Officer
Perth, Western Australia
+61 (0)8 9381 1436
admin@bannermanresources.com.au 
Bannerman Resources Limited
Tim Haughan
Investor Relations Manager
Perth, Western Australia
+61 (0)8 9381 1436
thaughan@bannermanresources.com.au 
Spyros Karellas
Investor Relations
Toronto, Ontario, Canada
+1 416 800 8921
skarellas@bannermanresources.com.au
www.bannermanresources.com