Banro to Begin Second Stage Exploration on its Twangiza Project
September 14 2005 - 10:50AM
PR Newswire (US)
TORONTO, Sept. 14 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX Venture Exchange -
"BAA") is pleased to announce that it is commencing the second
phase of exploration on its wholly- owned Twangiza project located
along the Twangiza-Namoya gold belt in the Democratic Republic of
the Congo (the "DRC"). The objective of the Twangiza program is to
increase the current resource base, while upgrading the resource to
accommodate scoping and pre-feasibility studies. This will include
approximately 18,000 meters of core drilling at Twangiza by
year-end 2006, with a budgeted US$6.4 million allocated to the
Twangiza exploration program. This represents approximately 27% of
the Company's total proposed exploration budget of US$22.3 million
for all four properties through to the end of 2006. The Company is
currently establishing an exploration camp on site, with ground
exploration scheduled to begin in early October. Banro has also
begun repairing roadwork and bridges along the 50 kilometer road
between the city of Bukavu, the site of the Company's exploration
office, and the Twangiza project area, which in addition to
improving logistics for the exploration program, should attract
other benefits for the local area. This second phase of the
exploration program will focus on upgrading the current resource
and extensions along strike of the Twangiza deposit, and will
consist initially of a soil geochemical survey covering
approximately five kilometers of strike immediately to the north of
the current resource. The soil geochemical grid will be established
on 40 meter line spacing and at a sample spacing of 40 meters. A
detailed mapping and trenching program will also be conducted at
this time. The infill diamond drilling program will commence in
October with the objective of initially converting the Inferred
gold resource at Twangiza to the Measured and Indicated categories.
This will be followed by a step-out drilling program with the
objective of identifying additional resources along strike and to
the north of the known Twangiza deposit. Twangiza is the most
advanced of the Company's four wholly-owned projects. Located in
South Kivu Province of the DRC, the property consists of six
Exploitation Permits covering 1,164 square kilometers. The project
was the subject of a National Instrument 43-101 report by CME
Consulting Ltd. dated April 30, 2003, which outlined the following
Mineral Resource estimates for Twangiza using a 1.0 g/T cut-off
grade:
-------------------------------------------------------------------------
Measured Indicated
-------------------------------------------------------------------------
Tons Au g/t Oz gold Tons Au g/t Oz gold
-------------------------------------------------------------------------
2,601,000 3.20 268,000 27,785,000 1.95 1,742,000
-------------------------------------------------------------------------
--------------------------------- Inferred
--------------------------------- Tons Au g/t Oz gold
--------------------------------- 19,241,000 1.90 1,175,000
--------------------------------- A copy of this report on Twangiza
can be obtained from SEDAR at http://www.sedar.com/. Reference is
also made to the Company's press release of September 16, 2003
which can also be obtained from SEDAR. Peter Cowley, President and
C.E.O. of the Company, said: "Twangiza is the most developed of
Banro's properties, with the largest total resource. Our plan at
Twangiza, as with the Company's other three major projects of
Namoya, Lugushwa and Kamituga, is to progressively convert Inferred
Resource ounces to higher confidence categories, while locating new
zones of mineralization through exploration beyond the known
deposits." 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
---------------- Peter Cowley, F.I.M.M.M., Banro's President and
C.E.O. and a "qualified person" as defined in 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, 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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