TORONTO, May 29 /PRNewswire-FirstCall/ - Banro Corporation ("Banro" or
the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce final
results from the Company's pre-feasibility, core drilling program at its
wholly-owned Twangiza project, located on the Twangiza-Namoya gold belt in
the Democratic Republic of the Congo (the "DRC").
Assay results have been received for an additional 28 core holes
drilled at the Twangiza North and Twangiza Main deposits since the last
drilling update in April 2008.
Highlights include:
- Hole TDD194 intersected 16.00 metres grading 5.19 g/t Au from
0.00 metres
- Hole TDD198 intersected 15.90 metres grading 6.84 g/t Au from
49.00 metres
- Hole TDD200 intersected 27.00 metres grading 3.68 g/t Au from
86.00 metres
- Hole TDD203 intersected 24.70 metres grading 3.72 g/t Au from
9.30 metres
- Hole TDD203 intersected 16.60 metres grading 8.03 g/t Au from
75.00 metres
- Hole TDD208 intersected 19.00 metres grading 3.25 g/t Au from
86.00 metres
- Hole TDD212 intersected 16.40 metres grading 3.58 g/t Au from
166.60 metres
- Hole TDD217 intersected 47.00 metres grading 2.38 g/t Au from
0.00 metres
These results complete the pre-feasibility drilling undertaken at
Twangiza with the objective of upgrading the mineral resources into the
Measured and Indicated Resource categories so that ore reserves can be
determined as part of the pre-feasibility study which is due for completion
in June 2008. The six drilling rigs currently operating at Twangiza have
commenced infill drilling as part of the full feasibility study as well as
commencing drilling on other new prospects on the Twangiza property.
At present, Twangiza has an estimated Measured Mineral Resource of
1,315,000 ounces of gold (14,510,000 tonnes grading 2.82 g/t Au), Indicated
Mineral Resource of 2,558,000 ounces of gold (39,119,000 tonnes grading
2.03 g/t Au) and Inferred Mineral Resource of 2,705,000 ounces of gold
(46,188,000 tonnes grading 1.82 g/t Au). Reference is made to Banro's press
release dated January 15, 2008 (a copy of which can be obtained from SEDAR
at http://www.sedar.com).
Commenting on these drilling results at Twangiza, Mike Prinsloo,
President and C.E.O. of the Company, said: "These encouraging drilling
results, which include significant intersections at shallow depth, complete
the pre-feasibility drilling at Twangiza and will be incorporated into a
revised mineral resource calculation and used to determine ore reserves as
part of the pre-feasibility study. Our focus will now be on-infill drilling
as part of the full feasibility study as well as on commencing initial
drilling on other promising prospects, such as Mufwa and Luhindja, which
have been delineated in close proximity to the existing Twangiza Main and
Twangiza North deposits."
A locality plan of the reported drill holes is found accompanying this
press release on the Company's web site at
http://www.banro.com/i/pdf/2008-05-29_NRM.pdf.
Results from the core holes are tabulated in the following table:
-------------------------------------------------------------------------
MINERALIZATION
-----------------------------
HOLE EASTING NORTHING AZIMUTH INCLINATION FROM TO WIDTH Au
(UTM) (UTM) (degrees) (degrees) (m) (m) (m) (g/t)
-------------------------------------------------------------------------
TDD190 693403 9682843 70 -60 19.46 23.20 3.74 2.46
-----------------------------
33.32 38.00 4.68 1.03
-----------------------------
45.00 46.00 1.00 2.31
-----------------------------
133.00 136.00 3.00 0.70
-----------------------------
141.00 142.00 1.00 1.05
-----------------------------
144.00 145.00 1.00 1.25
-----------------------------
147.60 156.00 8.40 2.21
-----------------------------
166.30 169.00 2.70 7.94
-----------------------------
174.00 175.00 1.00 1.08
-----------------------------
182.00 183.00 1.00 17.60
-------------------------------------------------------------------------
TDD191 693364 9682709 70 -55 32.00 33.83 1.83 0.92
-----------------------------
45.14 51.04 5.90 2.11
-----------------------------
63.75 65.06 1.31 1.86
-----------------------------
67.32 72.16 4.84 2.18
-----------------------------
202.00 205.00 3.00 0.72
-------------------------------------------------------------------------
TDD192 693341 9682573 70 -55 9.00 10.00 1.00 1.02
-----------------------------
41.00 43.00 2.00 0.90
-----------------------------
63.00 64.00 1.00 0.71
-----------------------------
99.00 107.00 8.00 3.04
-----------------------------
110.00 116.00 6.00 1.39
-----------------------------
135.00 144.00 9.00 1.25
-----------------------------
146.95 150.00 3.05 0.83
-----------------------------
156.00 158.00 2.00 0.81
-----------------------------
162.00 181.00 19.00 1.77
-----------------------------
253.00 256.00 3.00 2.33
-------------------------------------------------------------------------
TDD193 693299 9682601 70 -55 32.00 33.00 1.00 3.25
-----------------------------
38.00 39.00 1.00 1.35
-----------------------------
43.00 44.00 1.00 4.54
-----------------------------
99.32 101.00 1.68 3.81
-----------------------------
106.00 111.00 5.00 1.85
-----------------------------
151.48 178.20 26.72 2.00
-------------------------------------------------------------------------
TDD194 693349 9682370 70 -56 0.00 16.00 16.00 5.19
-----------------------------
27.00 29.00 2.00 2.55
-----------------------------
37.00 45.00 8.00 2.14
-----------------------------
50.00 59.00 9.00 1.52
-----------------------------
62.04 64.00 1.96 0.60
-----------------------------
68.00 86.00 18.00 1.29
-----------------------------
175.00 181.76 6.76 0.77
-----------------------------
189.66 192.08 2.42 0.56
-----------------------------
194.80 199.36 4.56 1.17
-----------------------------
210.00 217.00 7.00 1.22
-----------------------------
282.56 285.90 3.34 2.35
-----------------------------
287.90 288.90 1.00 1.07
-----------------------------
295.90 296.90 1.00 1.03
-----------------------------
332.00 335.41 3.41 0.56
-----------------------------
429.00 436.00 7.00 1.25
-----------------------------
439.00 440.00 1.00 1.01
-----------------------------
450.00 468.40 18.40 0.96
-----------------------------
475.00 476.00 1.00 1.92
-----------------------------
491.55 492.00 0.45 2.30
-----------------------------
504.00 505.00 1.00 2.49
-----------------------------
515.00 525.00 9.50 0.91
-------------------------------------------------------------------------
TDD195 693346 9682533 70 -54 9.00 11.00 2.00 0.65
-----------------------------
89.18 90.69 1.51 0.56
-----------------------------
109.73 122.00 12.27 3.59
-----------------------------
124.76 126.31 1.55 1.67
-----------------------------
144.20 157.00 12.80 1.22
-----------------------------
169.00 181.00 12.10 2.60
-----------------------------
284.00 285.00 1.00 1.45
-----------------------------
288.00 289.00 1.00 5.03
-----------------------------
332.00 335.74 3.74 1.12
-----------------------------
343.00 348.00 5.00 0.62
-----------------------------
381.00 383.00 2.00 0.72
-------------------------------------------------------------------------
TDD196 693467 9682243 70 -51 11.00 16.00 5.00 0.85
-----------------------------
19.00 22.00 3.00 1.12
-----------------------------
30.00 68.60 38.60 0.85
-----------------------------
72.00 73.00 1.00 1.91
-----------------------------
79.80 81.00 1.20 1.67
-----------------------------
117.00 119.00 2.00 1.12
-----------------------------
123.00 126.00 3.00 0.93
-----------------------------
130.00 133.50 3.50 1.88
-----------------------------
137.00 139.00 2.00 0.79
-----------------------------
152.00 156.65 4.65 2.33
-----------------------------
177.00 181.00 4.00 1.42
-----------------------------
183.00 186.44 3.44 3.00
-----------------------------
191.00 247.00 56.00 1.27
-----------------------------
256.00 271.00 15.00 1.22
-----------------------------
274.00 295.69 21.69 1.17
-----------------------------
298.69 299.69 1.00 2.32
-----------------------------
311.50 312.50 1.00 1.77
-----------------------------
318.50 329.35 10.85 0.84
-----------------------------
333.00 339.00 6.00 3.92
-----------------------------
346.00 348.00 2.00 0.74
-----------------------------
376.54 378.54 2.00 0.73
-------------------------------------------------------------------------
TDD197 692807 9684703 70 -54 63.00 73.00 10.00 2.76
-----------------------------
76.00 81.00 5.00 0.98
-----------------------------
90.53 100.37 9.84 2.16
-----------------------------
151.00 152.00 1.00 2.66
-----------------------------
161.00 162.00 1.00 1.14
-------------------------------------------------------------------------
TDD198 692886 9684450 34 -50 49.00 64.90 15.90 6.84
-------------------------------------------------------------------------
TDD199 692842 9684772 70 -53 7.00 10.20 3.20 1.52
-----------------------------
15.90 18.00 2.10 4.13
-----------------------------
21.00 24.35 3.35 0.74
-------------------------------------------------------------------------
TDD200 692886 9684449 34 -73 63.72 65.20 1.48 0.87
-----------------------------
75.00 78.51 3.51 1.01
-----------------------------
86.00 113.00 27.00 3.68
-----------------------------
129.00 130.58 1.58 1.10
-------------------------------------------------------------------------
TDD201 692845 9684666 70 -50 23.00 31.00 8.00 3.40
-----------------------------
36.00 43.00 7.00 0.87
-----------------------------
46.00 47.00 1.00 3.79
-------------------------------------------------------------------------
TDD202 692850 9684638 70 -53 27.00 33.00 6.00 2.76
-----------------------------
36.00 45.00 9.00 1.23
-------------------------------------------------------------------------
TDD203 692841 9684773 29 -53 9.30 34.00 24.70 3.72
-----------------------------
37.00 41.45 4.45 3.15
-----------------------------
44.45 45.45 1.00 4.34
-----------------------------
75.00 91.60 16.60 8.03
-------------------------------------------------------------------------
TDD204 692833 9684750 70 -50 38.30 49.00 10.70 4.27
-----------------------------
52.00 53.00 1.00 4.32
-----------------------------
57.00 61.00 4.00 1.56
-----------------------------
66.70 74.00 7.30 1.63
-------------------------------------------------------------------------
TDD205 692786 9684817 70 -63 76.00 79.00 3.00 24.99
-----------------------------
82.00 96.00 14.00 1.46
-------------------------------------------------------------------------
TDD206 692798 9684820 70 -50 38.00 47.00 9.00 0.71
-----------------------------
50.00 57.00 7.00 1.37
-----------------------------
64.00 73.00 9.00 5.01
-------------------------------------------------------------------------
TDD207 692822 9684547 70 -56 21.00 22.00 1.00 1.68
-----------------------------
42.00 43.00 1.00 3.00
-----------------------------
101.00 102.23 1.23 1.11
-------------------------------------------------------------------------
TDD208 692822 9684547 70 -56 6.00 8.00 2.00 0.58
-----------------------------
68.00 70.00 2.00 1.39
-----------------------------
86.00 105.00 19.00 3.25
-----------------------------
115.06 116.06 1.00 44.50
-------------------------------------------------------------------------
TDD209 693376 9682857 70 -59 23.61 36.40 12.79 4.78
-----------------------------
55.60 57.40 1.80 1.28
-------------------------------------------------------------------------
TDD210 693323 9683017 70 -61 12.00 15.00 3.00 1.20
-----------------------------
29.00 31.00 2.00 4.33
-----------------------------
42.00 48.00 6.00 1.36
-----------------------------
53.00 60.80 7.80 1.63
-----------------------------
70.00 81.00 11.00 1.44
-------------------------------------------------------------------------
TDD211 692893 9684090 70 -55 59.00 61.00 2.00 0.58
-----------------------------
77.10 79.00 1.90 0.61
-----------------------------
115.00 117.00 2.00 2.21
-----------------------------
165.90 172.00 6.10 2.23
-------------------------------------------------------------------------
TDD212 693281 9682920 70 -57 78.00 87.78 9.78 1.54
-----------------------------
104.00 105.00 1.00 1.34
-----------------------------
122.65 130.56 7.91 0.86
-----------------------------
138.38 140.30 1.92 2.20
-----------------------------
143.30 146.22 2.92 2.85
-----------------------------
161.54 163.54 2.00 0.76
-----------------------------
166.60 183.00 16.40 3.58
-------------------------------------------------------------------------
TDD213 693324 9683016 70 -64 42.50 45.00 2.50 2.96
-----------------------------
61.40 66.00 4.60 1.40
-------------------------------------------------------------------------
TDD214 693634 9682454 70 -50 0.00 32.00 32.00 2.38
-----------------------------
39.00 59.00 20.00 1.29
-----------------------------
62.00 86.00 24.00 0.72
-----------------------------
130.00 133.00 3.00 0.62
-------------------------------------------------------------------------
TDD215 693267 9683033 70 -59 45.00 60.00 15.00 1.44
-----------------------------
125.00 127.87 2.87 2.42
-----------------------------
150.00 154.00 4.00 1.11
-----------------------------
165.00 171.00 6.00 2.44
-------------------------------------------------------------------------
TDD216 693261 9683084 70 -60 21.00 36.00 15.00 1.78
-----------------------------
52.00 54.00 2.00 0.85
-----------------------------
142.00 148.16 6.16 0.87
-----------------------------
157.00 160.90 3.90 1.21
-------------------------------------------------------------------------
TDD217 693635 9682185 70 -53 0.00 47.00 47.00 2.38
-----------------------------
51.00 86.00 35.00 2.00
-----------------------------
102.00 107.00 5.00 0.59
-----------------------------
137.00 185.00 48.00 1.61
-----------------------------
193.00 195.00 2.00 4.18
-----------------------------
203.00 214.00 11.00 1.12
-----------------------------
217.00 220.00 3.00 0.50
-----------------------------
228.00 237.00 9.00 0.78
-------------------------------------------------------------------------
Holes are uncut.
Core holes were inclined at between minus 50 and 73 degrees and
averaged 205.78 metres in depth with a maximum down hole depth of 525.00
metres. Core recovery for these holes averaged 90.4% within the mineralized
zones. It is estimated that the true widths of the mineralized zones vary
between 80% and 95% of the intersected widths in the holes. Drill hole
spacing was on 40 metre sections.
The mineralized sections of the Twangiza North and Twangiza Main
deposits are hosted within a series of mineralized feldspar porphyry sills
and low grade, pelitic metasediments along a northerly trending anticlinal
structure. The gold mineralization is associated with pyrite and
arsenopyrite sulfides and silicic, carbonate and potassic alteration.
Drill cores for assaying were taken at a maximum of one metre intervals
and were cut with a diamond saw with one-half of the core placed in sealed
bags and sent to the Company's sample preparation facility in Bukavu, DRC.
The core samples were then crushed down to minus 2 mm, and split with half
of the sample pulverised down to 90% passing 75 microns. Approximately 150
grams of the pulverised sample was then shipped to the SGS Laboratory
(which is independent of the Company) in Mwanza, Tanzania where the samples
were analysed for gold by fire assay using a 50g charge. As part of the
Company's QA/QC procedures, which adhere to internationally recognised
standards, duplicates and blanks were inserted into the sample batches.
Additional information with respect to the Twangiza project is
contained in the technical report dated September 13, 2007 and entitled
"Preliminary Assessment NI 43-101 Technical Report, Twangiza Gold Project,
South Kivu Province, Democratic Republic of Congo". A copy of this report
can be obtained from SEDAR at http://www.sedar.com.
Banro is a Canadian-based gold exploration company focused on the
development of four major, wholly-owned gold projects along the 210
kilometre-long Twangiza-Namoya gold belt in the South Kivu and Maniema
provinces of the DRC. Led by a proven management team with extensive gold
and African experience, Banro's strategy is to unlock shareholder value by
increasing and developing its significant gold assets in a socially and
environmentally responsible manner.
Qualified Person
----------------
The exploration results disclosed by this press release have been
reviewed, verified (including sampling, analytical and test data) and
compiled by the Company's geological staff based in Bukavu, DRC, under the
supervision of Daniel K. Bansah who is a Member of The Australasian
Institute of Mining and Metallurgy (Aus.I.M.M), the Company's Vice
President, Exploration and a "qualified person" (as such term is defined in
National Instrument 43-101).
Cautionary Note to U.S. Investors: The United States Securities and
Exchange Commission (the "SEC") permits U.S. mining companies, in their
filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. Certain terms are
used by the Company, such as "measured", "indicated", and "inferred"
"resources", that the SEC guidelines strictly prohibit U.S. registered
companies from including in their filings with the SEC. U.S. Investors are
urged to consider closely the disclosure in the Company's Form 40-F
Registration Statement, File # 001-32399, which may be secured from the
Company, or from the SEC's website at http://www.sec.gov/edgar.shtml.
Forward-Looking Statements: This press release contains forward-looking
statements. All statements, other than statements of historical fact, that
address activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future (including, without
limitation, statements regarding the estimation of mineral resources,
exploration results, potential mineralization, potential mineral resources
and the Company's exploration and development plans with respect to
Twangiza) are forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of the Company based on
information currently available to the Company. Forward-looking statements
are subject to a number of risks and uncertainties that may cause the
actual results of the Company to differ materially from those discussed in
the forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on the Company. Factors
that could cause actual results or events to differ materially from current
expectations include, among other things, failure to establish estimated
mineral resources (the mineral resource figures referred to in this press
release are estimates and no assurances can be given that the indicated
levels of gold will be produced), the possibility that future exploration
results will not be consistent with the Company's expectations, gold
recoveries for Twangiza being less than those indicated by the
metallurgical testwork carried out to date (there can be no assurance that
gold recoveries in small scale laboratory tests will be duplicated in large
tests under on-site conditions or during production), changes in world gold
markets and equity markets, political developments in the DRC, fluctuations
in currency exchange rates, inflation, changes to regulations affecting the
Company's activities, uncertainties relating to the availability and costs
of financing needed in the future, the uncertainties involved in
interpreting drilling results and other geological data and the other risks
disclosed under the heading "Risk Factors" and elsewhere in the Company's
annual information form dated March 28, 2008 filed on SEDAR at
http://www.sedar.com. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
|
!["Link]("http://www.prnewswire.com/images/link_bottom.gif")
!["Back]("http://www.prnewswire.com/images/backtotop.gif")