Banro receives excellent initial metallurgical results from its Namoya project
August 21 2006 - 10:07AM
PR Newswire (US)
Independent testwork on 12 representative samples from the
Mwendamboko, Kakula and Namoya Summit deposits indicate 94.46% to
99.61% of the contained gold is expected to be recoverable from
conventional carbon-in- leach processing. TORONTO, Aug. 21
/PRNewswire-FirstCall/ -- Banro Corporation ("Banro" or the
"Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce
initial metallurgical test 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"). Twelve composite
drill hole samples from the main deposits of Mwendamboko, Kakula
and Namoya Summit were submitted to SGS Lakefield in South Africa
for initial metallurgical testwork to determine the amount of
contained gold that can be extracted using conventional CIL
(carbon-in-leach) processing. The diagnostic testwork procedure
involved the sequential solubilizing of the least-stable minerals
via various pre-treatments, and extraction of the associated gold
by cyanidation/CIL. Results from this testwork are summarised in
the table below:
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Prospect Sample # Sample Type Head Grade Metallurgical (g/t)
Recovery (CIL)
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Mwendamboko NMTOX-01 Oxide 3.32 97.90%
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Mwendamboko NMTOX-02 Oxide 4.31 97.57%
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Mwendamboko NMTOX-03 Oxide 1.60 94.46%
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Mwendamboko NMTOX-04 Oxide 2.06 96.61%
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Mwendamboko NMTTR-01 Transitional 4.33 98.61%
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Mwendamboko NMTTR-02 Transitional 3.30 97.59%
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Namoya Summit NMTOX-05 Oxide 2.39 95.82%
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Namoya Summit NMTOX-06 Oxide 4.52 97.57%
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Kakula NMTOX-07 Oxide 10.45 99.61%
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Kakula NMTOX-08 Oxide 2.76 98.01%
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Kakula NMTTR-03 Transitional 3.57 97.48%
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Kakula NMTTR-04 Transitional 3.00 96.35%
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The composite samples, which were approximately 10 kilograms each,
consisted of representative oxide and transitional mineralization
from the three main deposits at Namoya: Mwendamboko, Kakula and
Namoya Summit. The oxides extend from 0 to 182 metres below surface
(averaging 114 metres below surface) whilst the transitional
material extends from 60 to 228 metres below surface (averaging 189
metres below surface). Commenting on these metallurgical results at
Namoya, Peter Cowley, President and C.E.O. of the Company, said:
"These initial results demonstrate the non-refractory nature of the
oxide and transitional material at Namoya with excellent
metallurgical recoveries using standard, conventional processing.
Due to the deep weathering profile at Namoya with oxides over 100
metres below surface and the transitional material averaging 189
metres below surface, the final open pits should consist
predominantly of this softer, oxide and transitional material which
should result in reduced mining and processing costs." Samples were
sent to SGS Lakefield's laboratory (which is independent of the
Company) in Johannesburg, South Africa. Preparation involved the
air-drying of the "as received" material. The individual samples
were then crushed to 100% passing -1.7mm before being milled to 80%
passing -75(micro)m. The milled material was blended and split into
representative sub-samples for the testwork. The testwork procedure
involved the sequential solubilizing of the least-stable minerals
via various pre-treatments, and extraction of the associated gold
by cyanidation/CIL. To quantify the gold that can be extracted via
direct cyanidation, samples were cyanided. To quantify the gold
that is preg-robbed, but is recoverable via CIL processing, a
second sample was cyanided in the presence of activated carbon. The
duration of the leaching was 24 hours. 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 by the Company, 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 # 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 relating to the initial metallurgical test results for
Namoya (the "Metallurgical Results"), 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 gold recoveries for Namoya being less than
those indicated by the Metallurgical Results (there can be no
assurance that gold recoveries in small scale laboratory tests will
be duplicated in large tests under on-site conditions or during
production), 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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