Banro reports further significant gold intercepts from its Namoya drilling program
January 24 2006 - 8:07AM
PR Newswire (US)
Drilling results include 7.98 metres grading 38.63 g/t Au, 7.10
metres grading 16.01 g/t Au, 15.74 metres at 7.46 g/t Au and 10.40
metres averaging 4.50 g/t Au TORONTO, Jan. 24
/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 15 core holes drilled at Namoya that are part of a
7,000 metre drilling program. These results are from the
Mwendamboko and Kakula prospects which form part of a 2.5 kilometre
long mineralised trend at Namoya. Highlights include: - Hole NDD018
(Mwendamboko) intersected 7.98 metres grading 38.63 g/t Au from
144.4 metres - Hole NDD026 (Kakula) intersected 15.74 metres
grading 7.46 g/t Au from 47.34 metres and 9.43 metres grading 8.25
g/t Au from 99.57 metres - Hole NDD028 (Kakula) intersected 7.10
metres grading 16.01 g/t Au from 55.10 metres - Hole NDD030
(Kakula) intersected 10.40 metres grading 4.50 g/t Au from 97.00
metres These drilling results are over strike lengths of 240 metres
at Mwendamboko and 120 metres at Kakula, with holes spaced at 40
metre sections. Core holes were inclined at between minus 51 and 70
degrees and averaged 130 metres in depth with a maximum of 163
metres down the hole. Core recovery for these holes averaged 87%
within 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. A locality plan with the drilling results is
found accompanying this press release on the Company's website, at
http://www.banro.com/i/pdf/2006-01-24_NRM.pdf. Summary of Drill
Hole Results (Mwedamboko Prospect)
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HOLE No. NORTHING EASTING AZI- INCL. MINERALISATION Au (UTM) (UTM)
MUTH FROM TO WIDTH (g/t) (m) (m) (m)
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NDD016(x) 9558011 560693 236 53 109.67 114.76 5.09 2.67 120.18
125.26 5.08 1.57 135.28 136.23 0.95 2.99
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NDD017 9557938 560715 236 51 18.39 20.70 2.31 0.91
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NDD018 9557655 560984 236 53 19.04 21.37 2.33 1.06 70.65 71.27 0.62
3.37 76.90 78.56 1.66 0.99 101.91 105.83 3.92 4.57 122.15 126.77
4.62 7.16 131.00 137.02 6.02 3.25 144.40 152.38 7.98 38.63
Including 144.40 146.89 2.49 108.93 146.89 152.38 5.49 6.74
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NDD019 9557907 560722 236 51 No Economic Mineralisation
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NDD020 9557878 560753 236 51 92.00 93.00 1.00 1.02
-------------------------------------------------------------------------
NDD021 9557868 560802 236 52 19.82 21.30 1.48 1.18 47.82 50.25 2.43
3.90 55.80 59.15 3.35 15.44 67.65 81.85 14.20 1.61
-------------------------------------------------------------------------
NDD022 9557837 560823 236 51 48.31 51.72 3.41 1.44 65.50 67.00 1.50
2.52 80.70 89.51 8.81 2.24
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(x)Includes previously reported results Above gold assays are uncut
Summary of Drill Hole Results (Kakula Prospect)
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HOLE No. NORTHING EASTING AZI- INCL. MINERALISATION Au (UTM) (UTM)
MUTH FROM TO WIDTH (g/t) (m) (m) (m)
------------------------------------------------------------------------
NDD024 9556934 561558 290 70 53.80 69.51 15.71 2.77 Including 59.26
62.19 3.47 7.04
------------------------------------------------------------------------
NDD025 9556976 561576 290 59 51.40 52.20 0.80 9.79 68.56 79.10
10.54 1.64 85.00 91.60 6.60 1.28
------------------------------------------------------------------------
NDD026 9557021 561591 290 57 11.80 13.83 2.03 6.39 31.60 47.34
15.74 7.46 Including 32.79 39.07 6.28 14.06 52.52 57.31 4.79 1.21
85.93 91.13 5.20 6.29 99.57 109.00 9.43 8.25 Including 103.57
105.82 2.25 16.76 112.32 115.85 3.53 2.57
------------------------------------------------------------------------
NDD027 9557056 561602 290 51 37.86 40.95 3.09 3.75 54.76 67.39
12.63 1.53
------------------------------------------------------------------------
NDD028 9557045 561633 290 54 55.10 62.20 7.10 16.01
------------------------------------------------------------------------
NDD030 9557005 561614 290 52 27.62 29.40 1.78 1.23 36.81 37.90 1.09
1.65 48.13 55.88 7.75 2.04 72.78 74.90 2.12 1.59 88.67 91.51 2.84
5.22 97.00 107.40 10.40 4.50 Including 103.10 103.90 0.80 28.50
------------------------------------------------------------------------
NDD032 9556964 561608 290 52 75.40 90.68 15.28 1.68
------------------------------------------------------------------------
NDD033 9556924 561594 290 65 35.50 36.54 1.04 0.80 67.62 68.18 0.56
3.59 71.20 72.91 1.71 3.15
------------------------------------------------------------------------
Above gold assays are uncut 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
Namoya Summit prospects, some 1,000 metres and 1,700 metres
respectively to the southeast of Mwendamboko. Drill cores for
assaying were taken at a maximum of one metre intervals and were
cut with a diamond saw with one-half of the core placed in sealed
bags and sent to the Company's sample preparation facility in
Bukavu. The core samples were then crushed down to minus 2mm, split
with half the sample then being pulverised down to 75 microns. A
portion of the pulverised sample was then shipped to the ALS Chemex
Laboratory (which is independent of the Company) in Johannesburg,
South Africa where the samples were analysed for gold by fire assay
using a 50 g sample. As part of the Company's QA/QC procedures,
internationally recognised standards, duplicates and blanks were
inserted into the sample batches. In addition, sample pulps with
known grades from the ALS Chemex Laboratory in Johannesburg were
also submitted to other third party laboratories for quality
control purposes. 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". 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/. 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 under the supervision of Michael Skead
(Aus.I.M.M), the Company's Vice President of Exploration, who is a
"qualified person" (as such term is defined in National Instrument
43-101). 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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