Banro intersects further significant gold mineralisation from its drilling at Namoya
December 14 2005 - 8:00AM
PR Newswire (US)
Drilling results include 12.36 metres grading 16.66 g/t Au, 14.02
metres at 9.20 g/t Au and 9.43 metres averaging 9.68 g/t Au
TORONTO, Dec. 14 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce further 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 another nine 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 NDD010 intersected 12.36 metres grading 16.66 g/t Au from
42.30 metres - Hole NDD008 intersected 14.02 metres grading 9.20
g/t Au from 110.23 metres including 6.00 metres averaging 19.26 g/t
Au - Hole NDD014 intersected 9.43 metres grading 9.68 g/t Au from
67.69 metres and 13.39 metres averaging 4.85 g/t Au from 137.82
metres These drilling results are over a strike length of 240
metres with holes spaced at 40 metre sections. Core holes were
inclined at between minus 50 and 66 degrees and averaged 141 metres
in depth with a maximum of 199 metres down the hole. Core recovery
for these holes averaged 87%, with 80% in the mineralised zones. It
is estimated that the true widths of the mineralised zones are
approximately 60% of the intersected widths in the holes. The
mineralised sections are found within a series of sub-vertically
dipping quartz veins and stockworks hosted by
quartz-sericite-chlorite schists. Results from the core holes are
tabulated below: Summary of Drill Hole Results
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HOLE NORTHING EASTING AZIMUTH INCL. MINERALISATION Au
------------------ ------------------- (g/t) (UTM) (UTM) FROM TO
WIDTH (m) (m) (m)
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NDD005(x) 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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130.79 136.06 5.27 2.46
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NDD007 9557757.95 560926.1 236 51 0.00 6.94 6.94 2.15
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79.94 82.00 2.06 28.72
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87.37 91.06 3.69 1.27
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NDD008 9557774.52 560945.6 236 51 0.00 9.67 9.67 1.86
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90.44 92.40 1.96 5.04
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110.23 124.25 14.02 9.20
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Including 115.15 121.15 6.00 19.26
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NDD010 9557736.83 560896.6 236 50 3.00 4.63 1.63 2.81
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13.44 20.95 7.51 1.97
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25.70 32.17 6.47 5.59
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42.30 54.66 12.36 16.66
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NDD011 9557616.8 560997.2 236 51 58.68 61.00 2.32 2.22
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65.68 67.68 2.00 1.52
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73.40 77.36 3.96 5.83
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142.25 146.42 4.17 2.13
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174.94 176.63 1.69 35.13
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NDD012 9557773.03 560888.5 236 51 78.00 88.65 10.65 1.44
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NDD013 9557806.65 560852.3 236 50 58.81 60.00 1.19 15.55
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68.52 82.11 13.59 1.54
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NDD014 9557697.24 560981.3 236 54 32 34.19 2.19 1.35
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67.69 77.12 9.43 9.68
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Including 73.6 77.12 3.52 24.04
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137.82 151.21 13.39 4.85
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NDD015 9557985.87 560723 236 50 64.73 66.82 2.09 0.79
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NDD016 9558013.00 560689.2 236 53 120.18 122.18 2.00 1.56
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(x) Includes previously reported results The objectives of the core
drilling program at Namoya are to upgrade the project's remaining
Inferred Mineral Resource 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. Drilling has now been completed at the
Mwendamboko prospect and the two core rigs are now drilling on the
Kakula and Filon B prospects, some 1,000 metres and 1,700 metres
respectively to the southeast of Mwendamboko. 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 50
g sample at the ALS Chemex Laboratory, which is independent of the
Company, 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: "The widths and gold grades from the drilling
results received to date from Namoya continue to be encouraging and
are comparable to the predicted resource modelling grades and
widths, based on 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,
which is entitled "NI 43-101 Technical Report Resource Estimation
and Exploration Potential at the Kamituga, Lugushwa and Namoya
Concessions, Democratic Republic of Congo." (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: For
further information 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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