Banro announces further drilling results from its Namoya project
February 20 2007 - 9:39AM
PR Newswire (US)
Drilling results include 22.20 metres grading 7.75 g/t Au, 11.41
metres grading 10.24 g/t Au, 32.1 metres grading 3.93 g/t Au , 5.48
metres grading 10.74 g/t Au, 4.44 metres grading 15.85 g/t Au and
17.56 metres grading 3.51 g/t Au. TORONTO, Feb. 20
/PRNewswire-FirstCall/ -- Banro Corporation ("Banro" or the
"Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce
further drilling 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"). Assay results have been received
from another 52 core holes drilled at Namoya, which concludes the
10,826 metre drilling program for 2006. These results are from
holes drilled in the Mwendamboko, Kakula, Namoya Summit, Filon B,
Seketi and Muviringu prospects which are located along the 2.5
kilometre long mineralized trend at Namoya. Highlights include: -
Hole NDD047 intersected 17.24 metres grading 3.09 g/t Au from
100.50 metres - Hole NDD058 intersected 4.44 metres grading 15.85
g/t Au from 97.70 metres - Hole NDD061 intersected 22.20 metres
grading 7.75 g/t Au from 170.47 metres, including 9.12 metres
grading 16.14 g/t Au from 182.30 metres - Hole NDD066 intersected
10.39 metres grading 6.63 g/t Au from 129.34 metres - Hole NDD079
intersected 11.41 metres grading 10.24 g/t Au from 209.35 metres -
Hole NDD092 intersected 8.00 metres grading 5.84 g/t Au from 80.70
metres - Hole NDD093 intersected 32.1 metres grading 3.93 g/t Au
from 115.15 metres, including 6.90 metres grading 10.66 g/t Au from
140.35 metres - Hole NDD098 intersected 5.48 metres grading 10.74
g/t Au from 91.12 metres and 17.56 metres grading 3.51 g/t Au from
141.50 metres The objectives of the core drilling program at Namoya
were to upgrade the project's remaining estimated Inferred Mineral
Resource of 4,829,000 tons grading 3.76 g/t Au (see the Company's
press release dated September 7, 2006), as well as find strike and
down dip extensions to the known mineralization at the Mwendamboko,
Kakula and Namoya Summit prospects. In addition, preliminary
exploration, core drilling was carried out on the Muviringu, Seketi
and Filon B prospects. Initial indications from these exploration
core drilling programs indicate that further drilling is warranted.
Core holes were inclined at between minus 51 and 78 degrees and
averaged 177 metres in depth with a maximum of 153.56 metres down
the hole. Core recovery for these holes averaged 90% within the
mineralized zones. It is estimated that the true widths of the
mineralised zones are approximately 81% of the intersected widths
in the holes. The mineralized sections are found within a series of
quartz veins and stockworks hosted by quartz-sericite-chlorite
schists. 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/2007-02-20_NRM.pdf. Commenting on these
drilling results at Namoya, Peter Cowley, President and C.E.O. of
the Company, said: "During the second half of 2006, drilling was
focused on upgrading the resource base and delineating the full
strike extent of the main deposits of Mwendamboko, Kakula and
Namoya Summit. Mineralization still remains open at depth at all
these deposits. In addition, exploration on other prospects has
produced encouraging drill results and will be followed up this
year." Results from the core holes are tabulated in the following
table:
-------------------------------------------------------------------------
HOLE NORTHING EASTING AZIMUTH INCL. MINERALIZATION # (de- (de- FROM
TO WIDTH Au (UTM) (UTM) grees) grees) (m) (m) (m) (g/t)
-------------------------------------------------------------------------
NDD047 9556505.25 561908.38 233 -78 100.50 117.74 17.24 3.09
Includes: 108.38 110.57 2.19 4.93 129.60 133.30 3.70 2.01 NDD048
9556505.25 561908.38 180 -55 No significant intersection NDD049
9557118.58 561607.82 270 -51 63.87 74.00 10.13 1.83 77.38 84.76
7.38 3.78 NDD050 9557161.4 561582.28 270 -50 3.05 13.00 9.95 4.42
37.57 39.86 2.29 0.86 57.27 61.20 3.93 1.82 NDD051 9557237.58
561526.62 270 -50 22.14 23.67 1.53 5.31 28.65 30.40 1.75 1.12 38.45
39.40 0.95 3.69 41.60 42.02 0.42 16.80 57.40 59.10 1.70 5.75 NDD052
9557201.8 561546.18 270 -52 No significant intersection NDD053
9557277.59 561504.56 270 -52 88.39 90.48 2.09 4.51 NDD054
9557116.86 561634.31 270 -54 84.24 85.43 1.19 2.77 91.86 93.73 1.87
1.77 100.51 107.47 6.96 1.47 NDD055 9557147.55 561611.87 270 -55
68.56 70.44 1.88 1.47 78.74 80.53 1.79 25.73 87.94 90.55 2.61 3.01
NDD056 9557198.6 561588.44 270 -53 No significant intersection
NDD057 9557236.9 561577.21 265 -52 6.76 7.79 1.03 2.81 108.22
110.28 2.06 2.32 114.38 116.29 1.91 30.64 171.59 174.53 2.94 1.26
NDD058 9556953.33 561639.66 290 -51 21.43 26.16 4.73 1.00 53.97
55.33 1.36 1.59 97.70 102.14 4.44 15.85 NDD059 9556998.24 561656.61
270 -51 62.92 65.23 2.31 1.93 98.90 101.18 2.28 0.96 119.86 126.48
6.62 2.29 NDD060 9557500.84 560978.9 236 -52 No significant
intersection NDD061 9557708.58 560997.27 236 -63 100.28 103.40 3.12
1.08 114.00 114.96 0.96 10.40 160.52 163.08 2.56 1.55 170.47 192.67
22.20 7.75 Includes: 182.30 191.42 9.12 16.14 NDD062 9557740.65
560983.79 236 -55 109.80 112.80 3.00 2.96 125.80 131.53 5.73 7.81
171.85 177.48 5.63 2.60 NDD063 9557888.37 560827.33 236 -55 123.90
130.70 6.80 1.98 NDD064 9558020.56 560648.34 236 -52 20.10 21.10
1.00 1.33 82.52 85.83 3.31 8.60 NDD065 9557933.33 560758.22 236 -52
37.60 44.00 6.40 1.71 60.00 61.04 1.04 1.56 NDD066 9557887.1
560419.46 225 -51 120.79 122.60 1.81 1.01 129.34 139.73 10.39 6.63
NDD067 9557767.6 560557.93 225 -50 0.00 7.64 7.64 1.97 28.30 30.64
2.34 0.96 84.25 90.00 5.75 1.72 NDD068 9557034.69 561670.73 290 -57
76.58 80.16 3.58 2.09 106.28 110.24 3.96 0.83 117.24 119.00 1.76
3.47 NDD069 9556562.83 561918.62 233 -50 73.13 88.13 15.00 2.15
91.25 93.20 1.95 1.01 NDD070 9556556.54 561978.59 233 -53 34.00
40.40 6.40 1.25 93.50 94.56 1.06 5.77 108.00 113.30 5.30 17.04
158.42 160.20 1.78 13.61 170.04 171.54 1.50 1.15 185.04 186.58 1.54
3.84 NDD071 9556587.37 561885.72 233 -50 0.65 5.70 5.05 0.70 46.16
51.40 5.24 2.35 65.36 67.52 2.16 1.02 112.30 117.48 5.18 2.17
138.60 142.35 3.75 2.01 NDD072 9557827.23 560485.56 225 -50 60.68
62.50 1.82 3.03 NDD073 9557766.61 560158.68 360 -50 15.44 16.09
0.65 4.37 39.83 41.55 1.72 1.34 80.69 81.45 0.76 12.60 100.36
101.36 1.00 2.33 NDD074 9557740.57 560234.32 360 -50 84.15 85.15
1.00 6.54 NDD075 9557682.87 561020.99 236 -53 79.32 82.10 2.78 0.71
85.29 86.88 1.59 1.13 133.00 134.51 1.51 13.96 140.87 157.65 16.78
2.91 Includes: 150.00 151.00 1.00 25.10 155.98 157.65 1.67 7.02
NDD076 9557733.11 561032.9 236 -60 148.23 149.10 0.87 1.42 204.89
224.40 19.53 2.80 Includes: 213.68 216.87 3.19 6.44 258.80 259.75
0.95 2.20 NDD077 9557084.21 560616.04 205 -50 23.18 24.18 1.00 2.29
36.03 38.78 2.75 1.27 47.46 60.74 13.28 1.54 67.80 76.05 8.25 0.83
84.05 87.05 3.00 0.83 93.35 94.35 1.00 0.98 129.75 136.68 6.93 5.65
NDD078 9557054.37 560677.32 205 -55 12.48 14.48 2.00 2.05 35.73
39.60 3.87 0.99 76.78 78.74 1.96 2.02 NDD079 9557794.16 560969.77
236 -56 2.3 9.33 7.03 0.76 209.35 220.76 11.41 10.24 NDD080
9557795.64 560918.67 236 -56 75.30 77.21 1.91 1.26 91.00 96.90 5.90
2.73 147.12 152.58 5.46 3.05 NDD081 9557767.62 561011.51 236 -59 No
significant intersection NDD082 9557686.08 560670.24 225 -50 6.80
7.80 1.00 3.29 14.25 22.85 8.60 1.09 NDD083 9557686.33 560670.37
225 -60 24.80 33.12 8.32 1.61 44.28 52.78 8.50 1.33 83.40 89.57
6.17 2.95 95.00 96.00 1.00 1.01 117.63 118.13 0.50 4.96 123.50
125.50 2.00 1.63 133.50 135.50 2.00 4.06 NDD084 9557917.28
560451.72 225 -50 128.05 130.00 1.95 0.71 156.10 157.40 1.30 5.33
159.40 160.82 1.42 1.44 NDD085 9557840.26 560424.06 225 -50 35.80
37.80 2.00 1.14 65.53 71.46 5.93 1.89 75.74 76.46 0.72 5.79 91.12
93.59 2.47 0.90 101.05 105.18 4.13 1.04 117.00 118.00 1.00 2.63
NDD086 9557799.48 560587.74 225 -53 47.78 49.11 1.33 1.84 104.82
105.82 1.00 2.01 122.51 123.51 1.00 0.95 139.70 140.70 1.00 3.35
143.34 144.40 1.06 1.54 161.00 163.78 2.78 6.86 NDD087 9557097.81
561324.11 180 -50 169.78 170.78 1.00 5.87 NDD088 9556611.18
561916.66 233 -53 59.19 62.13 2.94 18.79 69.16 70.85 1.69 1.34
74.00 74.63 0.63 3.59 134.00 135.43 1.43 2.64 NDD089 9556425.61
562013.87 180 -55 No significant intersection NDD090 9556410.62
561963.7 180 -58 10.16 10.72 0.56 3.09 NDD091 9556410.62 561963.7
180 -62 No significant intersection NDD092 9556590.0 561946.2 233
-50 80.70 88.70 8.00 5.84 96.00 104.60 8.60 1.27 NDD093 9556584.67
562013.23 233 -50 115.15 147.25 32.1 3.93 Includes: 140.35 147.25
6.90 10.66 NDD094 9557107.0 560580.07 205 -50 No significant
intersection NDD095 9557642.0 560756.1 56 -50 0.00 2.95 2.95 2.54
194.00 195.38 1.38 2.56 213.70 214.70 1.00 2.81 NDD096 9557640.7
560755.0 225 -60 0.00 8.27 8.27 0.95 NDD097 9557713.52 560646.18
225 -60 3.00 4.14 1.14 1.30 51.00 55.29 4.29 0.92 60.78 65.90 5.12
1.46 70.90 74.80 3.90 1.85 128.54 130.18 1.64 1.30 142.73 147.26
4.53 5.54 151.26 153.26 2.00 3.85 NDD098 9557715.56 560697.61 225
-60 77.30 77.86 0.56 10.70 85.00 87.47 2.47 2.09 91.12 96.60 5.48
10.74 102.86 114.00 11.14 1.99 125.40 139.00 13.60 1.87 141.50
159.06 17.56 3.51 Holes are uncut. Other exploration activities,
including soil sampling and trenching, have been extended to cover
the rest of the Namoya property to delineate additional targets for
drilling during 2007. 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 then being pulverized down to 75 microns. A portion of
the pulverized sample was then shipped to the SGS Mwanza Laboratory
(which is independent of the Company) in 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
Mwanza Laboratory in Tanzania were also submitted to a second
independent laboratory for quality control purposes. 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. 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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