Banro continues drilling wide zones of gold mineralization and intersects new zone at Twangiza
December 14 2006 - 7:30AM
PR Newswire (US)
Drilling results include 131.81 metres grading 2.25 g/t Au, 96.34
metres grading 2.49 g/t Au, 78.44 metres grading 2.16 g/t Au, 61.00
metres grading 3.62 g/t Au and 41.56 metres grading 4.68 g/t Au
TORONTO, Dec. 14 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce further 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 20 core holes drilled at Twangiza. Highlights include:
Twangiza Main Zone - Hole TDD041 intersected 24.10 metres grading
2.49 g/t Au from 93.00 metres - Hole TDD042 intersected 78.44
metres grading 2.16 g/t Au from 14.56 metres - Hole TDD054
intersected 131.81 metres grading 2.25 g/t Au from 0.00 metres -
Hole TDD058 intersected 96.34 metres grading 2.49 g/t Au from 0.00
metres and 40.89 metres grading 2.45 g/t Au from 110.6 metres -
Hole TDD061 intersected 53.18 metres grading 2.70 g/t Au from 51.0
metres and 61.00 metres grading 3.62 g/t Au from 120.0 metres
Kashegeshe (New Mineralised Zone) - Hole TDD050 intersected 41.56
metres grading 4.68 g/t Au from 40.00 metres - Hole TDD047
intersected 3.65 metres grading 46.43 g/t Au from 61.95 metres and
3.00 metres grading 8.51 g/t Au from 45.71 metres Core holes were
inclined at between minus 50 and 55 degrees and averaged 264.5
metres in depth with a maximum of 497.1 metres down the hole. Core
recovery for these holes averaged 95% within the mineralized zones.
It is estimated that the true widths of the mineralized zones are
approximately 90% of the intersected widths in the holes. All core
holes were drilled within the Main Twangiza deposit except TDD043,
TDD047 and TDD050, which were drilled 1,400 metres to the north of
the Main deposit and south of the Kashegeshe workings. Drill hole
spacing was at 40 to 80 metre sections within the Main Twangiza
deposit while the drilling to the north was at approximately 300
metre spaced sections. The mineralized sections of the Main
Twangiza deposit are hosted within a series of mineralized feldspar
porphyry sills and low grade, pelitic metasediments along a
northerly trending anticlinal structure. The gold mineralization is
associated with pyrite and arsenopyrite sulphides and silicic,
carbonate and potassic alteration. The new mineralized zone
intersected in boreholes TDD047 and TDD050 between Kashegeshe and
Lukungurhi comprises a sedimentary package of mudstone,
carbonaceous mudstone and siltstone that have been intruded by
feldspar porphyry sills. Sulphide mineralization consists of
disseminated and massive, pyrite and arsenopyrite. Surface
structural mapping indicates a NNW-SSE bedding plane trend which is
similar in orientation to the Main Twangiza deposit. Borehole
TDD043, 300 metres to the south of TDD050 and 150 metres north of
the Lukungurhi workings, is now interpreted as having been drilled
into the hanging wall of the mineralised trend. Further drilling
will be undertaken next year to determine the resource potential of
this new mineralised zone. A locality plan of the reported drill
holes is found accompanying this press release on the Company's web
site at http://www.banro.com/i/pdf/2006-12-14_NRM.pdf. Results from
the core holes are tabulated in the following table:
-------------------------------------------------------------------------
HOLE NORTHING EASTING AZIMUTH INCL. MINERALIZATION Au
------------------------------------------------------------------
(UTM) (UTM) FROM TO WIDTH (g/t) (m) (m) (m) -------
-------------------------------------------------------------------------
TDD041 9682786 693458.1 70 -55 0.00 6.30 6.30 1.85
-------------------------------------------------------------------------
93.00 117.10 24.10 2.49
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD042 9682442 693463 70 -55 0.00 10.44 10.44 4.29
-------------------------------------------------------------------------
14.56 93.00 78.44 2.16
-------------------------------------------------------------------------
110.00 113.45 3.45 1.56
-------------------------------------------------------------------------
117.00 178.90 61.90 1.97
-------------------------------------------------------------------------
186.57 189.68 3.11 1.71
-------------------------------------------------------------------------
234.00 237.00 3.00 1.03
-------------------------------------------------------------------------
251.00 252.00 1.00 5.97
-------------------------------------------------------------------------
299.67 303.77 4.10 2.27
-------------------------------------------------------------------------
321.69 323.69 2.00 1.21
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD043 9684217 693040.5 80 -55 No Significant Intersection
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD044 9682592 693398.6 70 -51 64.27 89.72 25.45 1.60
-------------------------------------------------------------------------
92.32 119.83 27.51 1.34
-------------------------------------------------------------------------
180.30 191.50 11.20 0.81
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD045 9682675 693400.6 70 -51 43.73 62.00 18.27 0.95
-------------------------------------------------------------------------
66.00 71.00 5.00 0.90
-------------------------------------------------------------------------
75.00 77.00 2.00 1.39
-------------------------------------------------------------------------
84.00 112.00 28.00 1.19
-------------------------------------------------------------------------
153.00 154.60 1.60 2.02
-------------------------------------------------------------------------
162.00 166.47 4.47 1.04
-------------------------------------------------------------------------
177.00 180.95 3.95 0.88
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD046 9682764 693410.6 70 -51 50.00 73.12 23.12 1.52
-------------------------------------------------------------------------
95.14 97.14 2.00 1.21
-------------------------------------------------------------------------
113.00 116.00 3.00 1.29
-------------------------------------------------------------------------
204.70 206.70 2.00 1.17
-------------------------------------------------------------------------
277.65 278.31 0.66 1.23
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD047 9684785 692805.7 80 -55 45.71 48.71 3.00 8.51
-------------------------------------------------------------------------
61.95 65.60 3.65 46.43
-------------------------------------------------------------------------
73.34 76.34 3.00 3.68
-------------------------------------------------------------------------
79.84 80.84 1.00 5.87
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD048 9682534 693460.3 70 -51 0.00 9.20 9.20 1.99
-------------------------------------------------------------------------
20.40 28.32 7.92 3.49
-------------------------------------------------------------------------
32.60 54.08 21.48 1.57
-------------------------------------------------------------------------
58.30 70.00 11.70 1.27
-------------------------------------------------------------------------
104.52 105.52 1.00 1.29
-------------------------------------------------------------------------
112.80 114.80 2.00 1.41
-------------------------------------------------------------------------
121.40 131.00 9.60 1.00
-------------------------------------------------------------------------
135.15 138.08 2.93 1.77
-------------------------------------------------------------------------
144.38 147.00 2.62 0.98
-------------------------------------------------------------------------
149.20 151.80 2.60 2.19
-------------------------------------------------------------------------
155.00 156.60 1.60 1.10
-------------------------------------------------------------------------
159.00 161.55 2.55 4.23
-------------------------------------------------------------------------
164.50 166.00 1.50 7.71
-------------------------------------------------------------------------
170.00 195.00 25.00 2.07
-------------------------------------------------------------------------
199.00 200.70 1.70 1.21
-------------------------------------------------------------------------
237.12 248.55 11.43 1.11
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD049 9682606 693439.6 70 -50 15.04 21.06 6.02 6.31
-------------------------------------------------------------------------
27.01 30.50 3.49 2.04
-------------------------------------------------------------------------
67.25 69.37 2.12 0.84
-------------------------------------------------------------------------
79.00 83.13 4.13 4.24
-------------------------------------------------------------------------
86.00 94.00 8.00 1.52
-------------------------------------------------------------------------
97.00 99.00 2.00 1.48
-------------------------------------------------------------------------
101.61 102.12 0.51 7.10
-------------------------------------------------------------------------
179.00 182.42 3.42 4.67
-------------------------------------------------------------------------
192.50 194.50 2.00 1.03
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD050 9684503 692867.2 80 -55 40.00 81.56 41.56 4.68
-------------------------------------------------------------------------
Including
-------------------------------------------------------------------------
40.00 44.00 4.00 4.23
-------------------------------------------------------------------------
47.00 54.80 7.80 5.82
-------------------------------------------------------------------------
57.19 81.56 24.37 5.38
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD051 9682464 693504.3 70 -50 0.00 5.00 5.00 5.92
-------------------------------------------------------------------------
21.00 67.00 46.00 1.45
-------------------------------------------------------------------------
81.10 89.00 7.90 1.15
-------------------------------------------------------------------------
124.55 136.70 12.15 3.10
-------------------------------------------------------------------------
147.00 156.50 9.50 1.03
-------------------------------------------------------------------------
163.20 176.00 12.80 0.72
-------------------------------------------------------------------------
182.00 185.20 3.20 0.85
-------------------------------------------------------------------------
203.91 207.20 3.29 0.87
-------------------------------------------------------------------------
213.00 218.30 5.30 1.11
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD052 9682296 693502.3 70 -51 0.00 16.27 16.27 2.01
-------------------------------------------------------------------------
33.40 40.32 6.92 1.43
-------------------------------------------------------------------------
67.70 87.64 19.94 2.14
-------------------------------------------------------------------------
94.53 102.50 7.97 10.70
-------------------------------------------------------------------------
116.98 125.45 8.47 2.20
-------------------------------------------------------------------------
135.00 139.90 4.90 1.03
-------------------------------------------------------------------------
151.90 155.90 4.00 1.79
-------------------------------------------------------------------------
172.00 174.31 2.31 5.06
-------------------------------------------------------------------------
183.31 190.71 7.40 3.53
-------------------------------------------------------------------------
272.00 280.60 8.60 6.28
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD053 9682682 693662.3 260 -55 29.83 48.00 18.17 1.88
-------------------------------------------------------------------------
50.00 56.46 6.46 1.05
-------------------------------------------------------------------------
69.30 72.02 2.72 1.28
-------------------------------------------------------------------------
77.80 80.82 3.02 1.04
-------------------------------------------------------------------------
84.82 85.80 0.98 1.28
-------------------------------------------------------------------------
104.50 105.50 1.00 1.02
-------------------------------------------------------------------------
127.38 129.51 2.13 0.99
-------------------------------------------------------------------------
169.00 170.54 1.54 5.80
-------------------------------------------------------------------------
174.57 182.24 7.67 0.68
-------------------------------------------------------------------------
194.00 195.00 1.00 4.64
-------------------------------------------------------------------------
216.00 217.00 1.00 1.54
-------------------------------------------------------------------------
219.00 222.00 3.00 1.70
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD054 9682234 693582.6 70 50 0.00 131.81 131.81 2.25
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD055 9682375 693504.5 70 50 9.90 11.00 1.10 1.90
-------------------------------------------------------------------------
45.70 47.20 1.50 2.57
-------------------------------------------------------------------------
57.23 58.96 1.73 1.46
-------------------------------------------------------------------------
72.88 77.80 4.92 1.06
-------------------------------------------------------------------------
101.60 111.50 9.90 0.99
-------------------------------------------------------------------------
158.35 165.00 6.65 1.55
-------------------------------------------------------------------------
175.89 182.89 7.00 4.95
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD056 9682552 693746.3 260 -50 168.00 197.00 29.00 2.04
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD057 9682697 693444 70 -51 92.82 122.10 29.28 1.59
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD058 9682086 693639.6 70 -50 0.00 96.34 96.34 2.49
-------------------------------------------------------------------------
110.60 151.49 40.89 2.45
-------------------------------------------------------------------------
157.00 161.56 4.56 2.76
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD059 9682471 693771.1 260 -50 0.90 6.85 5.95 0.89
-------------------------------------------------------------------------
10.23 15.56 5.33 1.09
-------------------------------------------------------------------------
65.80 72.33 6.53 1.89
-------------------------------------------------------------------------
196.87 203.87 7.00 0.85
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TDD061 9682157 693587.2 70 50 0.00 13.42 13.42 3.14
-------------------------------------------------------------------------
51.00 104.18 53.18 2.70
-------------------------------------------------------------------------
120.00 181.00 61.00 3.62
-------------------------------------------------------------------------
Holes are uncut. Commenting on these drilling results at Twangiza,
Peter Cowley, President and C.E.O. of the Company, said: "In
addition to the ongoing drilling of the Main Twangiza deposit where
we continue to intersect excellent widths and grades of gold
mineralization, results from boreholes TDD047 and TDD050 drilled
1,400 metres to the north between the Kashegeshe and Lukungurhi
workings, indicate good potential for the delineation of additional
resources outside the Main Twangiza deposit where Indicated
resources of 16.79 million tonnes grading 2.75 g/t Au (equivalent
to 1.48 million ounces of gold), Measured resources of 4.8 million
tonnes grading 3.50 g/t Au (equivalent to 0.54 million ounces of
gold) and Inferred resources of 62.33 million tonnes grading 1.93
g/t Au (equivalent to 3.88 million ounces of gold) have already
been delineated. In addition we are still to commence exploration
on the nearby, major artisanal sites of Mufwa and Tshondo." 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 of the sample pulverised down to 90% passing 75
microns. Approximately 150 grams 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 50g charge. 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 following technical reports 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): (a) the report
dated November 10, 2006 and entitled "Third NI 43-101 Technical
Report, Twangiza Project, South Kivu Province, Democratic Republic
of the Congo"; and (b) the report 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/. 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 Daniel Bansah
(Aus.I.M.M), the Company's Mineral Resources Manager 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 regarding mineral resources, exploration
results, potential mineralization 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, failure to establish estimated mineral resources (the
mineral resource figures referred to in this press release are
estimates and no assurance can be given that the indicated levels
of gold will be produced), 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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