Banro intersects wide zones of gold mineralization from its drilling at Twangiza
July 20 2006 - 9:00AM
PR Newswire (US)
Drilling results include 211.20 metres grading 2.15 g/t Au, 61.67
metres grading 4.71 g/t Au and 24.92 metres grading 2.50 g/t Au
TORONTO, July 20 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce further 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 for an
additional 15 core holes drilled at Twangiza that are part of a
20,000 metre diamond drilling program. Highlights include: - Hole
TDD023 intersected 211.20 metres grading 2.15 g/t Au from 0.00
metres - Hole TDD020 intersected 61.67 metres grading 4.71 g/t Au
from 0.00 metres, 25.95 metres grading 1.64 g/t Au from 132.65
metres and 19.06 metres grading 2.37 g/t Au from 187.71 metres -
Hole TDD009 intersected 24.92 metres grading 2.50 g/t Au from 23.48
metres and 9.26 metres grading 6.90 g/t Au These drilling results
are over a total strike length of 1,500 metres at Twangiza with
holes spaced along 160 metre sections to the north and 80 metre
sections to the south within the Twangiza deposit. Drill holes were
inclined at between minus 51 and 55 degrees and averaged 190 metres
in depth with a maximum of 303 metres down the hole. Core recovery
for these holes averaged 91% within the mineralized zones. It is
estimated that the true widths of the mineralized zones are
approximately 80% of the intersected widths in the holes. The
mineralized sections are found within a series of feldspar porphyry
sills and low grade metamorphic, pelitic meta-sediments along a
northerly trending anticlinal structure. The gold mineralization is
associated with pyrite and arsenopyrite sulphides within haloes of
silicic, carbonate and potassic alteration. Core holes TDD009,
TDD020 and TDD023 were drilled within the Twangiza deposit while
the other reported holes were drilled to the north of the deposit.
It is currently interpreted that the core holes drilled to the
north of the Twangiza deposit have intersected the hanging wall
splays of the northerly plunging Twangiza orebody. Geological
modelling is currently underway in order to confirm this model
before further drilling is planned in this area. A locality plan of
these drill holes is found accompanying this press release on the
Company's web site at
http://www.banro.com/i/pdf/2006-07-20_NRM.pdf. Results from the
core holes are tabulated below: Summary of Drill Hole Results
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HOLE NORTHING EASTING AZI- INCL. MINERALISATION Au
-------------------- MUTH ------------------------------ (UTM)
(UTM) FROM TO WIDTH (g/t) (m) (m) (m)
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TDD009 9682431 693511 70 50 5.86 11.14 5.28 1.46
-------------------------------------------------------------------------
23.48 48.40 24.92 2.50
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60.84 69.23 8.39 1.93
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134.55 135.55 1.00 4.31
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138.90 139.90 1.00 6.03
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151.14 153.57 2.43 1.56
-------------------------------------------------------------------------
157.75 168.00 10.25 1.24
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199.97 203.97 4.00 3.72
-------------------------------------------------------------------------
219.04 223.21 4.17 1.18
-------------------------------------------------------------------------
240.98 250.24 9.26 6.90
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD010 9682811 693707 260 55 0.00 6.55 6.55 0.59
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD011 9682938 693531 260 55 33.80 34.34 0.54 1.05
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD012 9682915 693394 80 55 33.95 37.00 3.05 2.16
-------------------------------------------------------------------------
169.52 170.52 1.00 1.10
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-------------------------------------------------------------------------
-------------------------------------------------------------------------
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TDD013 9683064 693324 80 55 4.50 12.58 8.08 1.38
-------------------------------------------------------------------------
17.68 24.70 7.02 0.70
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48.03 54.75 6.72 2.38
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73.27 80.86 7.59 1.15
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TDD014 9682746 693342 80 55 49.00 54.29 5.29 0.81
-------------------------------------------------------------------------
56.53 60.07 3.54 0.86
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63.72 70.98 7.26 0.90
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TDD015 9683232 693372 80 55 3.50 11.88 8.38 3.18
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92.00 104.35 12.35 0.87
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TDD016 9683218 693294 80 55 40.00 48.50 8.50 2.51
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TDD017 9683408 693457 260 55 No economic intersection
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TDD018 9683421 693535 260 55 No economic intersection
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TDD019 9683440 693644 260 55 70.60 71.60 1.00 51.00
-------------------------------------------------------------------------
75.60 76.60 1.00 3.25
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TDD020 9682270 693535 70 51 0.00 61.67 61.67 4.71
-------------------------------------------------------------------------
68.50 71.55 3.05 1.52
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108.87 114.98 6.11 0.81
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126.91 128.91 2.00 1.61
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132.65 158.60 25.95 1.64
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166.94 173.66 6.72 2.68
-------------------------------------------------------------------------
187.71 206.77 19.06 2.37
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD021 9683206 693224 80 55 19.10 21.36 2.26 1.91
-------------------------------------------------------------------------
76.98 90.54 13.56 3.25
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD022 9683571 693025 80 55 26.35 27.35 1.00 1.34
-------------------------------------------------------------------------
92.16 93.00 0.84 1.21
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122.21 124.00 1.79 0.93
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD023 9682131 693638 70 50 0.00 211.20 211.20 2.15
-------------------------------------------------------------------------
Includes 23.96 29.25 5.29 11.60
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49.35 54.92 5.57 5.70
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105.28 110.67 5.39 8.52
-------------------------------------------------------------------------
119.25 123.51 4.26 5.11
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170.45 173.54 3.09 4.16
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Holes are uncut. Commenting on these drilling results at Twangiza,
Peter Cowley, President and C.E.O. of the Company, said: "The wide
zones of gold mineralization intersected from the infill drilling
within the Twangiza deposit are encouraging and confirm and add to
the delineated resources in areas where ore grades were below the
reported 1.0 g/t block cut-off, due to the previously insufficient
drill data. The ongoing drilling program will now focus on
upgrading and increasing the resources within the known Twangiza
deposit and to the south where the deposit remains open." 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 were then 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
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. 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 "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 # 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