Banro extends gold mineralization at Twangiza
January 17 2006 - 8:00AM
PR Newswire (US)
Trench results include 33.7 metres grading 5.15 g/t Au, 10 metres
at 16.06 g/t Au, 11 metres at 5.97 g/t Au and 16 metres averaging
3.14 g/t Au TORONTO, Jan. 17 /PRNewswire-FirstCall/ -- Banro
Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA")
is pleased to announce the first set of results from the Company's
current exploration program at its wholly- owned Twangiza project,
located on the Twangiza-Namoya gold belt in the Democratic Republic
of the Congo (the "DRC"). Initial geochemical assay results have
been received from 780 soil and 482 trench rock samples from the
Company's Twangiza project. A prominent soil geochemical anomaly
(greater than 100 ppb Au in soil with maximum values up to 2.77
g/t) has been delineated over a strike length of 880 metres
directly along strike from the existing Twangiza deposit and
remains open to the north and west (additional soil sample results
pending). Trench results have been received within this soil
anomaly and include 33.7 metres grading 5.15 g/t Au, 11.0 metres
grading 5.97 g/t Au and 16.0 metres at 3.14 g/t Au. Further to the
north along strike at the Lukungurhi workings, initial trenching
results have included 10.0 metres averaging 16.06 g/t Au and 8
metres at 1.5 g/t Au. The soil grid was undertaken along strike to
the north of the existing mineral resource at Twangiza, where a
Measured Mineral Resource of 2.60 million tonnes grading 3.20 g/t
(equivalent to 0.26 million ounces of gold), an Indicated Mineral
Resource of 27.78 million tonnes grading 1.95 g/t (equivalent to
1.74 million ounces of gold) and an Inferred Mineral Resource of
19.24 million tonnes grading 1.90 g/t (equivalent to 1.17 million
ounces of gold) had been previously delineated over a strike length
of 800 metres. This grid covers the northern extension of the
Twangiza mineralisation along the Twangiza anticlinal structure
where gold mineralization is related to a series of altered
feldspar porphyry sills intruded into a sequence of phyllites,
sandstones and conglomerates. A number of mineralised occurrences
with similar geological settings to that of Twangiza are found
along the Twangiza anticlinal structure. These occurrences include
Lukungurhi, situated 1,300 metres north of the Twangiza deposit,
and Kashegeshe, found 2,500 metres north of the Twangiza deposit.
Two widely spaced trenches 670 metres apart were excavated to test
the strike potential of the Lukungurhi workings ahead of the
ongoing soil sampling program. Results from these two trenches
include 10.0 metres grading 16.06 g/t, 8.0 metres at 1.5 g/t and
6.0 metres averaging 1.53 g/t. Trench results received to date are
summarised in the table below. A locality plan with the soil and
trench results is found accompanying this press release on the
Company's website, http://www.banro.com/i/pdf/2006-01-17_NRM.pdf
TRENCH RESULTS
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PROSPECT TRENCH No. FROM TO LENGTH GRADE
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(metres) (metres) (metres) (g/t)
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Twangiza TWT1 15.5 22.5 7.00 1.16
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37.3 71.0 33.70 5.15
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82.0 93.0 11.00 5.97
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109.0 125.0 16.00 1.60
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Twangiza TWT2 52.0 62.0 10.00 2.51
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69.6 73.0 3.40 2.00
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Twangiza TWT5 0.0 4.0 4.00 3.52
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10.0 26.0 16.00 3.14
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Lukungurhi TWT3 11.0 17.0 6.00 1.53
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140.0 141.8 1.80 2.47
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146.0 154.0 8.00 1.50
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Lukungurhi TWT4 19.5 29.5 10.00 16.06
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Soil samples were collected at 80 metre spaced lines with samples
taken at 40 metres along the grid lines. Trench rock samples were
taken at a maximum of one metre intervals and the gold values are
uncut. Samples were analysed for gold by fire assay using a 50g
sample at the ALS Chemex laboratory in Johannesburg, South Africa
(ALS Chemex is independent of the Company). Internationally
recognised standards, duplicates and blanks were inserted as part
of the Company's internal QA/QC analytical procedures. Commenting
on these results at Twangiza, Peter Cowley, President and C.E.O. of
the Company, said: "These exploration results demonstrate the
significant potential to increase the existing Twangiza mineral
resource base. The current total resource at Twangiza is found over
a strike length of 800 metres while the new soil and trench results
indicate a further strike of 1,550 metres (880 metres directly to
the north of the Twangiza deposit and 670 metres of additional
strike at Lukungurhi). Soil sampling and trenching will continue to
the north to fully outline the mineralized trend. Our Twangiza
drilling program, which commences this month, will focus on the
existing deposit and these extensions to the north." Additional
information with respect to the Twangiza property is contained in
the technical report of CME Consulting Ltd. dated April 30, 2003
entitled "Review and Mineral Resource Update of the Twangiza
Property, Kivu Province, Democratic Republic of the Congo". A copy
of this report can be obtained from SEDAR at http://www.sedar.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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