Banro intersects significant gold mineralisation from its initial drilling results at Namoya
November 10 2005 - 8:00AM
PR Newswire (US)
Drilling results include 19.22 metres grading 10.54 g/t Au, 26.54
metres at 5.96 g/t Au, 20.21 metres at 4.45 g/t Au and 39.37 metres
averaging 3.63 g/t Au TORONTO, Nov. 10 /PRNewswire-FirstCall/ --
Banro Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX -
"BAA") is pleased to announce initial drilling results from the
Company's wholly-owned Namoya project, located on the
Twangiza-Namoya gold belt in the Democratic Republic of the Congo
(the "DRC"). Assay results have been received from the first seven
core holes drilled at Namoya that are part of a 7,000 metre
drilling program. These results are from the Mwendamboko prospect
which forms part of a 2.5 kilometre long mineralised trend at
Namoya. Highlights include: - Hole NDD002 intersected 19.22 metres
grading 10.54 g/t Au from 71.61 metres including 4.00 metres
averaging 37.53 g/t Au (hole bottomed in mineralisation) - Hole
NDD003 intersected 26.54 metres grading 5.96 g/t Au from 40.72
metres including 3.24 metres averaging 14.07 g/t Au and 2.44 metres
at 30.65 g/t Au - Hole NDD001 intersected 20.21 metres grading 4.45
g/t Au from 20.82 metres - Hole NDD005 intersected 39.37 metres
grading 3.63 g/t Au from 52.95 metres These drilling results are
over a strike length of 160 metres with holes spaced at 40 metre
sections. Core holes were inclined at between minus 48 and 66
degrees and averaged 126 metres in depth with a maximum of 157
metres down the hole. Core recovery for these holes averaged 92%
with 90% in the mineralised zones. It is estimated that the true
widths of the mineralised zones are approximately two thirds of the
intersected widths in the holes. The mineralised sections are found
within a series of sub-vertically dipping quartz veins and
stockworks in quartz-sericite-chlorite schists. Results from all
the core holes are tabulated below: Summary of Drill Hole Results
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HOLE No. NORTHING EASTING AZIMUTH INCL. MINERALISATION Au
--------------------- ------------------- (UTM) (UTM) FROM TO WIDTH
(g/t) (m) (m) (m)
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NDD001 9557632.82 560962.1 236 51 20.82 41.03 20.21 4.45
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Including 29.45 31.52 2.07 33.65
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75.95 78.00 2.05 7.43
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NDD002(xx) 9557674.27 560956.5 236 49 29.00 35.00 6.00 1.32
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56.05 63.00 6.95 2.99
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71.61 90.83 19.22 10.54
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Including 83.00 87.00 4.00 37.53
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NDD003 9557711.63 560944 236 48 40.72 67.26 26.54 5.96
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Including 58.76 62.00 3.24 14.07
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and 64.82 67.26 2.44 30.65
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NDD004B 9557584.44 560952.7 236 50 37.87 43.82 5.95 3.55
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63.60 92.66 29.06 1.64
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(x)NDD005 9557713.3 560942.7 236 66 12.50 16.86 4.36 4.39
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52.95 92.32 39.37 3.63
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Including 59.73 64.30 4.57 6.09
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81.00 83.72 2.72 14.95
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NDD006 9557537.11 560958.9 236 55 43.41 49.13 5.72 1.30
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79.52 83.02 3.50 3.56
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-------------------------------------------------------------------------
NDD009 9557561.56 560998.1 236 53 82.71 85.91 3.20 1.24
-------------------------------------------------------------------------
101.70 108.32 6.62 1.34
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(x) Additional hole assays pending. (xx) Hole stopped in
mineralisation due to poor drilling conditions. The objectives of
the core drilling program are to upgrade the remaining Inferred
Mineral Resource at Namoya of 657,000 ounces of gold (7.818 million
tonnes grading 2.61 g/t Au) into the Measured and Indicated
categories and to delineate additional resources. This drill
program follows on from the previous adit sampling program at
Namoya, which resulted in the conversion of 436,000 ounces of gold
(4.560 million tonnes grading 2.97 g/t Au) from the Inferred to the
higher confidence Indicated Mineral Resource category (see Banro's
press release dated July 22, 2005, a copy of which can be obtained
from SEDAR at http://www.sedar.com/). The holes were drilled in
areas where the previous adit sampling spacing was inadequate to
upgrade the resource base. Drill samples were taken at a maximum of
one metre intervals and the gold values are uncut. Core samples
were analysed for gold by fire assay using a 50g sample at the ALS
Chemex Laboratory in Johannesburg, South Africa. Internationally
recognised standards, duplicates and blanks were inserted as part
of the Company's internal QA/QC analytical procedures. Commenting
on these drilling results at Namoya, Peter Cowley, President and
C.E.O. of the Company, said: "These initial drilling results from
Namoya are very encouraging and indicate good correlation with the
resource modelling based on the previous historical data."
Additional information with respect to the Namoya property is
contained in the technical report of Steffen, Robertson and Kirsten
(UK) Ltd. dated February 2005 (see also the Company's press release
dated February 28, 2005 with respect to this report). Copies of
these documents 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 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
which includes a "qualified person" (as such term is defined in
National Instrument 43-101), Michael Skead (Aus.I.M.M), the
Company's Vice President of Exploration. 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. 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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