Banro intersects gold mineralization from its drilling at Twangiza
May 10 2006 - 9:00AM
PR Newswire (US)
Drilling results include 93.10 metres grading 1.62 g/t Au, 21.55
metres grading 5.00 g/t Au, 48.46 metres grading 1.86 g/t Au and
31.32 metres grading 2.63 g/t Au TORONTO, May 10
/PRNewswire-FirstCall/ -- Banro Corporation ("Banro" or the
"Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce
initial drilling results from the Company's current core drilling
program at its wholly-owned Twangiza project, located on the
Twangiza-Namoya gold belt in the Democratic Republic of the Congo
(the "DRC"). Assay results have been received from the initial 8
core holes drilled at Twangiza that are part of a 20,000 metre
drilling program. Highlights include: - Hole TDD008 intersected
21.55 metres grading 5.00 g/t Au from 0.00 metres and 93.10 metres
grading 1.62 g/t Au from 94.97 metres - Hole TDD004 intersected
48.46 metres grading 1.86 g/t Au from 0.00 metres - Hole TDD003
intersected 31.32 metres grading 2.63 g/t Au from 0.00 metres -
Hole TDD002 intersected 17.95 metres grading 2.95 g/t Au from 0.00
metres, 6.35 metres grading 4.62 g/t Au from 36.00 metres and 15.37
metres grading 2.61 g/t Au from 86.74 metres These drilling results
are over strike lengths of 325 metres at Twangiza with holes spaced
at between 40 and 80 metre sections. Core holes were inclined at
between minus 50 and 56 degrees and averaged 193 metres in depth
with a maximum of 284 metres down the hole. Core recovery for these
holes averaged 92% within the mineralised zones. It is estimated
that the true widths of the mineralised zones are approximately 80%
of the intersected widths in the holes. The mineralised sections
are found within a series of mineralised feldspar porphyry sills
and interbedded, low grade, pelitic meta sediments that have been
folded into an upright open anticline. The gold mineralisation is
associated with pyrite and arsenopyrite sulphides and silicic,
carbonate and potassic alteration. 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,
http://www.banro.com/i/pdf/2006-05-10_NRM.pdf. Summary of Drill
Hole Results
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HOLE No. NORTHING EASTING AZI- INCL. MINERALISATION (UTM) (UTM)
MUTH FROM TO WIDTH Au (degrees)(degrees) (m) (m) (m) (g/t)
-------------------------------------------------------------------------
TDD 001 9682812.53 693421.60 70 -51 39.45 49.81 10.36 3.44 59.00
62.62 3.62 3.00 79.64 93.84 14.20 1.01 TDD 002 9682741.62 693456.74
70 -51 0.00 17.95 17.95 2.95 36.00 42.35 6.35 4.62 61.70 81.27
19.57 1.36 86.74 102.11 15.37 2.61 TDD 003 9682662.27 693464.66 70
-51 0.00 31.32 31.32 2.63 Includes: 1.00 14.40 13.40 4.11 TDD 004
9682662.13 693464.34 70 -56 0.00 48.46 48.46 1.86 Includes: 0.00
12.93 12.93 4.22 TDD 005 9682785.62 693561.26 260 -55 10.10 21.46
11.36 0.88 30.22 33.22 3.00 4.58 98.87 114.54 15.67 0.97 148.65
158.14 9.49 0.73 169.93 180.54 10.61 1.27 TDD 006 9682566.49
693433.81 70 -51 13.50 16.36 2.86 4.85 28.30 34.35 6.05 1.78 118.00
147.10 29.10 1.41 153.68 163.15 9.47 2.74 TDD 007 9682795.87
693633.63 260 -55 12.57 18.08 5.51 2.10 TDD 008 9682489.78
693463.86 70 -50 0.00 21.55 21.55 5.00 30.32 40.10 9.78 2.41 57.43
62.42 4.99 2.42 82.72 84.83 2.11 2.99 94.97 188.07 93.10 1.62
218.71 222.35 3.64 3.17 235.55 237.51 1.96 3.17 253.52 254.52 1.00
9.94 274.32 276.32 2.00 3.12 ------------------------ Holes are
uncut. Commenting on these drilling results at Twangiza, Peter
Cowley, President and C.E.O. of the Company, said: "The broad,
multiple zones of gold mineralization in these holes are consistent
with the previous drilling results from our 1997-98 program while
indicating the potential for increasing the Twangiza mineral
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, DRC. The core samples are crushed
down to minus 2 mm, split with approximately half the sample then
being pulverised down to 75 microns. A portion of the pulverised
sample was then shipped to the SGS Laboratory (which is independent
of the Company) in Mwanza, Tanzania 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 SGS Laboratory in
Mwanza are also submitted to a second independent laboratory for
quality control purposes. The current mineral resource estimates
for the Twangiza property are as follows: a measured mineral
resource of 2,601,000 tonnes grading 3.20 g/t Au (equivalent to
268,000 ounces of gold); an indicated mineral resource of
27,785,000 tonnes grading 1.95 g/t Au (equivalent to 1,742,000
ounces of gold); and an inferred mineral resource of 19,241,000
tonnes grading 1.90 g/t Au (equivalent to 1,175,000 ounces of
gold). Additional information with respect to the Twangiza property
is contained in the technical report of CME Consulting Ltd. dated
April 30, 2003 and entitled "Review and Mineral Resource Update of
the Twangiza Property, Kivu Province, Democratic Republic of the
Congo", and 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, Twangiza Project, South Kivu
Province, Democratic Republic of the Congo". Copies of these
reports 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
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