“Building a World Class Uranium Project”

MineAfrica Presents:Investing in African Mining - December

2008

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This presentation contains certain forward-looking information about the Company that is intended to be covered by the safe harbour for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Safe Harbour

The information in this press release that relates to the Mineral Resources at the Etango Anomaly A Deposit is based on a resource estimate completed by Mr Neil Inwood who is a full time employee of Coffey Mining Ltd. Mr Inwood is a Member 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 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 Resources and a Qualified Person as defined by NI 43-101. Mr Inwood consents to the inclusion in the press release of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the metallurgical test work undertaken on Etango Anomaly A Deposit samples was completed by Mr Gary Jobson who is a consulting metallurgist to Independent Metallurgical Operations Pty Ltd. Mr Jobson is a Member of The Australasian Institute of Mining and Metallurgy and has extensive experience relevant to the activity which is being undertaken. Mr Jobson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Exploration Results, is based on information reviewed by Mr. Clive Jones, who is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’. Mr Jones is a non-executive Director of the company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.”

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Identified new resource growth areas

Increased Mineral Resource from 26.9 to 106Mlb U3O8

Strengthened Board & Management capability

Commenced Feasibility Studies

Established Namibian infrastructure and country head

Raised over A$20 million

Signed term sheet for an additional A$20 million capital raising

Appointed CEO with operational and project development experience

Highlights of 2008 Activity

An emerging world class uranium producer

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The Nuclear Future

RössingRössing

Neckarwestheim, GermanyNeckarwestheim, Germany

Lungmen, TaiwanLungmen, Taiwan

Obrigheim, GermanyObrigheim, Germany

Uranium market not immune to the global credit crisis

Recent Spot price movements lead by Hedge fund redemptions

Spot Prices just now beginning to rebound

Production shortfall of ~10mlbs expected this year

Long term pricing still high, more relevant to Etango

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Capital Structureas at 20 Nov 2008

Issued & Outstanding Shares 167 million

Share Price - ASX:BMN

- TSX:BAN

A$0.48

C$0.40

Options: Management & Directors 17.3 million

Fully Diluted Shares 185 million

Market Capitalisation A$89m (US$74m)

Convertible Note Facility A$20 million

Management & Directors’ Ownership (fully diluted) 20%

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Management & Board

Geoffrey Stanley, Non-executive Chairman• New York based, 25 years experience as a highly ranked analyst in Australia, Canada and US equity markets

Len Jubber, Chief Executive Officer• Mining engineer with 20 years operations and leadership experience including an 8-year career launch at Rössing

Mine, followed by 7 years as COO at Oceana Gold and most recently as MD and CEO for Perilya Clive Jones, Non-executive Director

• 25 years experience in mineral exploration; strong record of corporate and technical successes Nathan McMahon, Non-executive Director

• Proven track record of successful mining ventures; specialised in project negotiations and acquisitions Alastair Clayton, Non-executive Director

• UK based, financial, technical and corporate experience in the mining sector David Tucker, Non-executive Director

• 39 years industry experience largely as former Director for Homestake Gold’s Australian subsidiaries; and Barrick Mining Company (Australia) and Barrick Gold. Experience in uranium exploration.

Peter Christians, Chief Operating Officer

• Namibian national, mining engineer with experience on large scale international projects. Also previously worked at Rössing uranium mine

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Namibia

Modern, politically stable country with a long history of resource development & mining

World class uranium province along mid-coastal region – produces ~8% of the world’s uranium

Current uranium mining projects / operations include: • Rössing Mine commenced in ‘76 (69% Rio Tinto)• Langer Heinrich Mine commenced in ‘05 (Paladin)• Trekkopje Project (Areva/CGNC) - in construction• Valencia Project (Forsys / GFI) – near construction• Etango Project (Bannerman) – feasibility study• Rössing South Project (Extract/RIO) – resc drilling

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Erongo Uranium Province

Johannesburg

Windhoek

Europe

Nth America

Asia

ETANGO (106 Mlbs+)ETANGO (106 Mlbs+)

Bannerman Tenements

Road

Power Line

Primary Uranium Deposit

Railway

Secondary Uranium Deposit

Valencia (63 Mlbs)Valencia (63 Mlbs)

Rossing (+300 Mlbs)Rossing (+300 Mlbs)

Trekkopje (238 Mlbs)Trekkopje (238 Mlbs)

Rossing South (Nil)Rossing South (Nil)

Langer Heinrich (208 Mlbs)Langer Heinrich (208 Mlbs)

Cape Town

0 50Kilometres

Etango EPL3345Etango EPL3345

Swakop River EPL3346Swakop River EPL3346

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ETANGO PROJECT

WORLD CLASS URANIUM PROJECTWORLD CLASS URANIUM PROJECT

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In excess of 100Mlbs U3O8

Alaskite (granite) hosted mineralisation analogous to Rössing

Over 37km of highly prospective stratigraphy

First target explored, yielded world class resource

Simple, low-cost, proven processing flow sheet

Long-life potential

Etango Project

Etango

2.5km long, 100m wide

Target 150M lbs U3O8

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Block Model & Pit Shell Snapshot

Ondjamba

Oshiveli extensionsIncludes; 81m @309,83m @ 213 &30m @552ppm U3O8

Mineralisation from near surface over 2.6km

Large tonnage provides economies of scale

Moderate to low strip ratio

Mineralisation open at depth and to N, W and S.

Higher grade ‘starter’ pit zones available

Western extensions

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Etango Resource Estimate as at August 2008

Total Resource of 145mt for 66.9mlbs (Indicated) & 91.6mt for 39.7mlbs (Inferred)

505 holes completed for 140,558m over a 2.6 km strike length

Large amounts of metal also present at the higher cut-offs

67% Indicated & 33% Inferred - drilling ongoing to further upgrade confidence

Current scale and mineral resource classification adequate to support full Feasibility Study

Indicated Resources1 Inferred Resources1

Low Cut (U3O8 ppm)

Tonnes(mt)1

Grade (ppm)

Metal (U3O8) (mt)1 (mlbs)

Low Cut (U3O8 ppm)

Tonnes (mt)1

Grade(ppm)

Metal (U3O8)(mt)1 (mlbs)

100 145 209 30.3 66.9 100 91.6 197 18.0 39.7

150 112.3 233 26.2 57.7 150 65.5 224 14.6 32.3

200 69.4 269 18.7 41.2 200 34.5 268 9.3 20.4 1 “(Mt)” refers to metric million tonnes equivalent to 2.204 mlbs. Reported at various cut offs using a bulk density of 2.62t/m3. Ordinary kriged estimate based upon 3m cut U3O8 composites. Block dimensions of 25m NS by 25m EW by 10m RL

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Project Focus – Recent Activity

Updated resource estimate at the Etango open pit

Advanced feasibility studies underway

• Excellent preliminary metallurgical results• High recoveries at coarse grind sizes (~1000µm)• Low to moderate acid consumption (15- 20 kg/t) is highly probable• Recoveries up to 90% deemed achievable at ambient pressures and temperature• Potential for processing via Heap Leach being investigated

• Geotechnical, hydrological, infrastructure studies underway• Environmental & Social Impact Studies

Exploration commenced to build resource pipeline

• Exploration re-focused to near pit environment

Community and Stakeholder meetings undertaken

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Etango Pit Environs

Highly prospective targets adjacent to Etango pit area

If proven, new resources here would significantly improve the project’s economics

Numerous alaskite outcrops ranging from 1.3 to 3 km long over 22 km

Recent Oshiveli drilling; 81m@309, 83m@213 & 30m@552ppm U3O8

Ondjamba zone equivalent to the “Rössing position”

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Etango Development Timetable

2006 2010200920082007 2011

Licences Granted

EPA Approvals

Scoping Study

Res. Drilling (Etango)

2012 Mining

EIA and Feasibility Studies

Construction & Development

Interim Res.

TSX Listing

…Rapidly progressingtowards production

To become a Top 10 World Producer

The Aim…

‘A’

Resource Finalised

‘A’

Expand Exploration

Resource Base increasing

Financing & permitting

‘A’Resource upgrade

Capital Raising

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Exploration – Targets Galore

Over 37 km of prospective alaskite stratigraphy

Etango Pit A: First target drilled

15 targets already identified

Numerous large look-alike outcropping alaskite intrusions identified in region• Oshiveli – Onkelo• Rossingburg• Ombuga• Ompo• Ombepo etc…

Ondjamba

SE flank of dome

extensive area under cover

‘Ompo’

>2km long, 100m wide

Target ??M lbs U3O8

“Oshiveli” & ‘Onkelo’

2 Bodies; 1.2 & 3km long, ~100m wide each

Target ??M lbs U3O8

Etango

2.5km long, 100m wide

Target 150M lbs U3O8

Rossingburg ’13’

Rio 57.2m @ 230 ppm

Target ??M lbs U3O8

‘Ombuga’

2 x 2km long each

Target ??M lbs U3O8

‘Gohare’

2km long Target ??M lbs U3O8

‘Ombepo’

2km long, ~100m wide

Target ??M lbs U3O8

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Exploration: Swakop River Project

Surrounds Paladin Resources’ LANGER HEINRICH U deposit

Bloedkoppie Prospect;•Extension of Langer Heinrich orebody•Extensive exposed areas of carnotite bearing calcretised sediments•Fieldwork confirms several square kilometers of potential•Outstanding target, not yet drilled

Langer Heinrich

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Summary

Resource base in excess of 100mlbs U3O8 Advanced feasibility study Fully funded to development decision Building development & operations capability Sole remaining independent company with

major uranium project in established region First mine could project Bannerman into the top 10 U producers Substantial exploration upside at Etango and Swakop projects

BUILDING A WORLD CLASS URANIUM PROJECTBUILDING A WORLD CLASS URANIUM PROJECT