Banro intersects further gold mineralisation from its drilling at Namoya
April 17 2006 - 10:18AM
PR Newswire (US)
Drilling results include 17.76 metres grading 5.26 g/t Au, 19.27
metres grading 3.71 g/t Au, 28.64 metres grading 2.61 g/t Au and
7.60 metres grading 13.88 g/t Au TORONTO, April 17
/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 11 core holes drilled at Namoya that are part of a
7,000 metre drilling program. These results are from the Namoya
Summit prospect which is located in the southwest of the 2.5
kilometre long mineralised trend at Namoya. Highlights include: -
Hole NDD036 (Namoya Summit) intersected 17.76 metres grading 5.26
g/t Au from 62.56 metres including 4.22 metres at 7.66 g/t Au from
67.88 metres - Hole NDD038 (Namoya Summit) intersected 19.27 metres
grading 3.71 g/t Au from 41.63 metres - Hole NDD034 (Namoya Summit)
intersected 28.64 metres grading 2.61 g/t Au from 62.91 metres -
Hole NDD042 (Namoya Summit) intersected 7.60 metres grading 13.88
g/t Au from 46.13 metres These drilling results are over strike
lengths of 180 metres at Namoya Summit with holes spaced at 40
metre sections. Core holes were inclined at between minus 52 and 65
degrees and averaged 119 metres in depth with a maximum of 153.56
metres down the hole. Core recovery for these holes averaged 89%
within the mineralised zones. It is estimated that the true widths
of the mineralised zones are approximately 81% of the intersected
widths in the holes. The mineralised sections are found within a
series of quartz veins and stockworks hosted by
quartz-sericite-chlorite schists. Results from the core holes are
tabulated below: Summary of Drill Hole Results (Namoya Summit)
-------------------------------------------------------------------------
HOLE NORTHING EASTING AZI- INCL. MINERALISATION Au No. (UTM) (UTM)
MUTH FROM TO WIDTH (g/t) (m) (m) (m) NDD034 9556508 561850 233 -53
43.90 49.53 5.63 3.49 62.91 91.55 28.64 2.61 Includes: 79.80 82.40
2.60 7.72 85.96 87.58 1.62 5.67 ND0036 9556508 561850 233 -58 49.00
52.63 3.63 4.28 62.56 80.32 17.76 5.26 Includes: 67.88 72.1 4.22
7.66 87.20 96.14 8.94 2.19 NDD037 9556451 561850 233 -60 27.88
44.05 16.17 3.03 NDD038 9556494 561833 233 -52 41.63 60.90 19.27
3.71 Includes: 42.86 47.00 4.14 8.71 NDD040 9556591 561836 233 -55
28.00 34.41 6.41 2.08 NDD041 9556569 561804 233 -55 19.65 24.36
4.71 1.44 NDD042 9556538 561831 233 -54 29.55 34.02 4.47 2.28 39.30
43.01 3.71 3.37 46.13 53.73 7.60 13.88 Includes: 46.13 47.86 1.73
34.99 NDD043 9556560 561857 233 -50 32.64 34.78 2.14 1.47 56.32
66.44 10.12 2.66 Includes: 58.00 60.49 2.49 6.16 114.60 118.45 3.85
3.16 NDD044 9556518 561866 233 -57 76.90 87.83 10.93 7.13 NDD045
9556491 561892 233 -60 69.13 70.85 1.72 4.06 77.14 89.46 12.32 3.60
NDD046 9556465 561936 233 -65 109.22 116.97 7.75 1.79
-------------------------------------------------------------------------
Holes are uncut except for NDD044 where an assay of 459 g/t Au was
cut to 85 g/t Au 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. 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 are crushed down
to minus 2 mm, 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 a second
independent laboratory for quality control purposes. Commenting on
these drilling results at Namoya, Peter Cowley, President and
C.E.O. of the Company, said: "Our first phase of the Namoya
exploration program is nearing completion, with remaining holes to
be drilled at Kakula, Mwendamboko and other prospects. We then
intend to commence the second phase of the program to delineate
additional resources, as well as undertake the necessary
metallurgical test work required for a scoping study." Additional
information with respect to the Namoya property is contained in the
technical report of Michael B. Skead, (who is the Company's Vice
President of Exploration) dated March 30, 2006, and entitled "NI
43-101 Technical Report, Namoya Project, Maniema 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
under the supervision of Michael B. Skead (Aus.I.M.M), the
Company's Vice President of Exploration and 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
Copyright