Banro Corporation intersects significant gold mineralisation on its Namoya project
May 26 2005 - 10:16AM
PR Newswire (US)
Banro Corporation intersects significant gold mineralisation on its
Namoya project Adit sampling results include 15 metres grading 5.02
g/t, 13 metres at 5.95 g/t and 24 metres of 2.22 g/t TORONTO, May
26 /PRNewswire-FirstCall/ -- Banro Corporation ("Banro" or the
"Company") (AMEX - "BAA"; TSX Venture Exchange - "BAA") is pleased
to announce positive initial results from the ongoing adit sampling
program on the Company's wholly-owned Namoya project, located on
the Twangiza-Namoya gold belt in the Democratic Republic of the
Congo (the "DRC"). Results include 15 metres grading 5.02 g/t from
adit KK1200NE-W, 13 metres at 5.95 g/t from adit KK1240NS-W and 24
metres of 2.22 g/t from adit NS1. A comprehensive mapping and adit
sampling program commenced in February with the objective of
mapping and resampling a proportion of the 103 adits, which total
8,530 metres along the 2.5 kilometre long Mount Mwendamboko-
Kakula-Namoya mineralized trend, where Banro's independent
geological consultant, Steffen, Robertson and Kirsten (UK) Ltd.
("SRK"), had previously outlined an Inferred Mineral Resource of
10,210,000 tonnes grading 3.6 g/t Au, equivalent to 1,170,000
ounces of contained gold (see the Company's press release dated
February 28, 2005). This Inferred Resource estimate was based on
historical data, principally from adits and core drilling along a
series of ridges. Due to the extensive, previous adit development,
the Company's objective is to upgrade a significant proportion of
the current plus one million ounce Inferred Resource at Namoya into
the higher confidence Measured and Indicated Resource categories
once the previous adit sampling assay results are verified.
Significant results, including multiple adit intersections, are
summarised below for the Kakula and Namoya Summit deposits that are
located 700 metres apart along the mineralised trend. A complete
set of the Namoya adit results received to date, together with
locality level plans, will be found accompanying this press release
on the Company's website (http://www.banro.com/).
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PROSPECT ADIT NAME FROM TO LENGTH Au (g/t) (metres)
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Kakula KK1200NS-W 125 139 14.00 1.94
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Kakula KK1200NS-W 179 192 13.00 4.12
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Kakula KK1200NS-W 260 269 9.00 2.06
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Kakula KK1200NS-W 283 287 4.00 3.51
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Kakula KK1200NE-W 1 16 15.00 5.02
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Kakula KK1200NE-W 35 52 17.00 1.97
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Kakula KK1240NS-WA 40 45 5.00 4.19
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Kakula KK1240NS-WA 48 57 9.00 2.55
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Kakula KK1240NS-W 0 13 13.00 5.95
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Kakula KK3N-E 7 18 11.00 3.38
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Kakula KTBNW-WS 0 16.2 16.2 1.71
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Namoya Summit NS7 9 26 17 4.52
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Namoya Summit NS1 51 75 24 2.22
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These adits are approximately perpendicular to strike and vary from
30 to 70 metres below surface. Gold mineralization is found within
steeply dipping quartz veins and stockworks hosted in sericitic
schists. The initial results from Kakula highlight a broad
mineralised envelope up to 80 metres in width with multiple plus
1.0 g/t intersections. The above adit sampling was undertaken at
approximately one metre intervals and the assay composites are
uncut. The samples were analysed for gold by fire assay using a 50g
sample at S.G.S.'s Mwanza Geochemical Laboratory in Tanzania.
Internationally recognised analytical laboratory standards and
blanks were inserted as part of the Company's QA/QC analytical
procedures. At Namoya, 118 line kilometres of gridding and the
collection of 2,704 soil samples have also been completed on an 80
by 40 metre grid spacing covering the principal 2.5 kilometre long
Mount Mwendamboko-Kakula-Namoya mineralized trend. At Banro's
wholly-owned Lugushwa project, 140 line kilometres of gridding and
soil sampling have now been completed on an 80 by 40 metre spacing,
covering the 3.2 kilometre long Mapale G7-Lugushwa
D18/19-G20/21-Simali D8 mineralized trend. The main focus of
attention is at the Lugushwa D18/19 and G20/21 prospects where a
broad zone of 900 metres by 240 metres has extensive artisanal
workings in oxidised, quartz veins and stockworks in sericitic
schists. Assay results are awaited. A previous study by SRK on
historic data at Lugushwa outlined an Inferred Resource of
37,000,000 tonnes grading 2.3 g/t, equivalent to 2,735,000 ounces
of gold (see the Company's press release dated February 28, 2005).
Commenting on these initial results at Namoya, Peter Cowley,
President and C.E.O. of the Company, said: "It is encouraging that
these initial adit sampling results at Namoya compare well with the
previous historical data. The Company's objective is to upgrade a
significant proportion of the current 1.17 million ounce Inferred
Resource into the higher Measured and Indicated Resource
categories." Additional information with respect to both the Namoya
and Lugushwa properties is contained in SRK's report dated February
2005. A copy of this report can be obtained from SEDAR at
http://www.sedar.com/ and from the Company's website at
http://www.banro.com/. Banro is a Canadian-based gold exploration
company focused on the development of its four wholly-owned
properties in the South Kivu and Maniema provinces of the DRC.
Qualified Person ---------------- Peter Cowley, F.I.M.M., Banro's
President and C.E.O., and a "qualified person" as defined by
National Instrument 43-101, reviewed the technical information in
this release. 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 in this press release,
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 No. 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 that are based on
the Company's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as "plan,"
"expect," "project," "intend," "believe," "anticipate", "estimate"
and other similar words or statements that certain events or
conditions "may" or "will" occur, and include, without limitation,
statements regarding potential mineralization and resources,
exploration results and future plans and objectives of the Company.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ materially from estimated or anticipated events
or results implied or expressed in such forward-looking statements.
Factors that could cause such differences include changes in world
gold markets and equity markets, political developments in the DRC,
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 ecological data and the other risks
involved in the gold exploration and development industry. Any
forward-looking statement speaks only as of the date on which it is
made and, subject to complying with 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. 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. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
DATASOURCE: Banro Corporation CONTACT: please visit our website at
http://www.banro.com/, or contact Peter Cowley, President and
C.E.O., United Kingdom, Tel: (44) 790-454-0856; Arnold T. Kondrat,
Executive Vice-President, Toronto, Ontario, or Martin Jones,
Vice-President, Corporate Development, Toronto, Ontario, Tel: (416)
366-2221
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