Banro Corporation intersects significant gold mineralisation in trenches on its Lugushwa project
July 08 2005 - 11:22AM
PR Newswire (US)
Banro Corporation intersects significant gold mineralisation in
trenches on its Lugushwa project Trench sampling results at
Lugushwa include 99 metres grading 4.39 g/t, 83.6 metres at 1.97
g/t and 96 metres at 1.7 g/t of gold TORONTO, July 8
/PRNewswire-FirstCall/ -- Banro Corporation ("Banro" or the
"Company") (AMEX - "BAA"; TSX Venture Exchange - "BAA") is pleased
to announce positive initial exploration results from the Company's
wholly owned Lugushwa project, located on the Twangiza-Namoya gold
belt in the Democratic Republic of the Congo (the "DRC"). Initial
trench results received from the G20 prospect at Lugushwa are 99
metres grading 4.39 g/t in trench LG-T4, 83.6 metres at 1.97 g/t
from LG-T5 and 96 metres grading 1.70 g/t from trench LG- T3. The
Lugushwa trench results received to date, together with locality
plans, are found accompanying this press release on the Company's
website (http://www.banro.com/).
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PROSPECT TRENCH FROM TO LENGTH Au (g/t) (metres)
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G20 LG-T3 0 96 96.00 1.70
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including 16 25 9.00 2.28
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37 46 9.00 3.25
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58 65 7.00 3.18
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G20 LG-T4 0 99 99.00 4.39
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including 2 49 47.00 6.24
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G20 LG-T5 19 102.6 83.6 1.97 including 34 42 8.00 2.53 82.6 102.6
20.00 3.90
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Banro's current focus of attention on the Lugushwa project is the
two kilometre-long, northeast trending G20, G21, D18, D19 and
Mapale G7 prospect trend, where the Company is evaluating artisanal
workings in oxidised, quartz veins and stockworks in quartz
sericitic schists, as well as historical trenching and adits. The
three trenches referred to above are located on Prospect G20, which
together with Prospects G21, D18 and D19, form a series of
prominent hills extending to the northeast over a distance of 1,000
metres. The three north-orientated trenches are 50 metres apart
over a strike length of 100 metres, with mineralization open along
strike. Gold mineralization is related to quartz veins and
stockworks, with principal northwest and northeast orientation
directions. The mineralization appears to represent a northeast
trending mineralised stockwork with a width in excess of 100
metres. The above trench sampling was undertaken at approximately
one metre intervals and the above assay composites are uncut. The
samples were analysed for gold by fire assay using a 50g sample at
S.G.S.'s accredited Mwanza Geochemical Laboratory in Tanzania.
Internationally recognised standards and blanks were inserted as
part of the Company's QA/QC analytical procedures. Trenching is
continuing at G20 and G21 and will then be undertaken at D18, D19
and Mapale G7 prospects to better define the mineralised trend
prior to drilling later in the year. Adit sampling of historical
and artisanal workings is also being undertaken at G20, D18 and
Simali. Ongoing soil sampling and geological mapping are continuing
on the 3.2 kilometre long Mapale G7, D18, D19, G20, G21 and Simali
mineralised trend. The Company has completed 140 kilometres of
gridding and collected a total of 2,630 soil samples. Soil sample
results received to date confirm the known prospects and highlight
an extension to the west of more than 150 metres to the known D18
mineralised zone. A 400 by 150 metre soil anomaly has also been
outlined 500 metres to the northeast of the D19 prospect towards
Mapale G7. A previous study by Steffen, Robertson and Kirsten (UK)
Ltd. ("SRK") of 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
Lugushwa, Peter Cowley, President and C.E.O. of the Company, said:
"It is encouraging that these initial trench assay results are
consistent with the historical data but indicate more extensive
zones of gold mineralization compared to the previous data."
Additional information with respect to the Lugushwa property 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/. In other Banro
developments in the DRC, a mobile sample preparation facility has
arrived in Bukavu and is being commissioned. This facility should
result in a much reduced turnaround time for assay results. 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 ----------------
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, which includes a
"qualified person" (as such term is defined in National Instrument
43-101), Peter Cowley, F.I.M.M.M., the Company's President and
C.E.O. 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 "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, 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. 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 or
1-800-714-7938
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