Banro announces preliminary metallurgical testwork results from its Twangiza project
November 03 2006 - 1:46PM
PR Newswire (US)
TORONTO, Nov. 3 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce preliminary metallurgical test results from the
Company's wholly-owned Twangiza project, located on the
Twangiza-Namoya gold belt in the Democratic Republic of the Congo
(the "DRC"). Eleven composite drill hole samples of approximately
10 kilograms each from the main Twangiza deposit were submitted to
SGS Lakefield in South Africa for initial diagnostic leaching
testwork to establish the gold-mineral association within oxide,
transitional and fresh rock materials. The diagnostic testwork
procedure involved the sequential solubilizing of the least-stable
minerals via various pre-treatments (cyanidation, hydrochloric and
nitric acid) and extraction of the associated gold by
cyanidation/CIL. Results for the four oxide samples gave
recoverable gold by CIL (carbon-in-leach) processing of between
88.92% and 95.63%. For the four transitional material samples,
expected recoverable gold by carbon-in-leach processing varied
between 27.33% and 90.01%. The three fresh rock samples gave
expected recoverable gold by carbon-in-leach processing of between
42.19% and 61.96%. Commenting on these initial metallurgical
testwork results from Twangiza, Peter Cowley, President and C.E.O.
of the Company, said: "These preliminary results demonstrate the
high metallurgical recoveries of the oxide material at Twangiza.
For the transitional material, further submission of samples for
mineralogical and leaching testwork will be undertaken to
investigate the wide variation in the metallurgical recoveries, to
better define the leach characteristics of this material type and
to optimise metallurgical recoveries. The fresh rock material is
refractory in nature and additional mineralogical and metallurgical
testwork will be undertaken to investigate a number of processing
methods to optimise metallurgical recoveries." Samples were sent to
SGS Lakefield's laboratory 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. To
quantify the gold that can be extracted via a mild oxidative
pre-leach, the CIL residue is first subjected to hot HCl
pre-treatment, followed by CIL dissolution of the acid treated
residue. To quantify the gold associated with sulphide minerals,
the CIL residue is first subjected to a severe oxidative
pre-treatment using hot HNO(3) followed by CIL dissolution of the
acid-treated residue. To quantify the gold associated with
carbonaceous material, the subsequent residue sample is subjected
to complete oxidation via roasting, followed by CIL dissolution of
the calcined product. The duration of the leaching was 24 hours.
SGS Lakefield is an internationally recognized metallurgical
testing laboratory, independent of Banro and working to recognized
quality assurance and quality control standards. Additional
information with respect to the Twangiza property is contained in
the technical report of Michael B. Skead (who is the Company's Vice
President of Exploration and a "qualified person" as such term is
defined in National Instrument 43-101) dated March 30, 2006, and
entitled "NI 43-101 Technical Report, Twangiza Project, South Kivu
Province, Democratic Republic of the Congo." A copy of this report
can be obtained from SEDAR at http://www.sedar.com/. Exploration at
Twangiza is being conducted under the supervision of Mr. Skead
(Aus.I.M.M). 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. All statements,
other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements relating to the initial metallurgical test
results for Twangiza (the "Metallurgical Results"), potential
mineralization and resources, exploration results and future plans
and objectives of the Company) are forward-looking statements.
These forward-looking statements reflect the current expectations
or beliefs of the Company based on information currently available
to the Company. Forward-looking statements are subject to a number
of risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things, the preliminary nature of the Metallurgical Results,
failure to establish estimated mineral resources, 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. Although the Company
believes that the assumptions inherent in the forward-looking
statements are reasonable, 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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