Banro updates drilling results at Lugushwa
February 22 2007 - 8:14AM
PR Newswire (US)
Drilling results include 103.95 metres grading 1.37 g/t Au, 50.02
metres grading 1.41 g/t Au, 27.05 metres grading 2.57 g/t Au, 26.60
metres grading 2.37 g/t Au and 28.20 metres grading 1.98 g/t Au
TORONTO, Feb. 22 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce further results from the Company's 2006 core drilling
program at its wholly-owned Lugushwa 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 39
core holes drilled at Lugushwa, which completes the 2006 core
drilling program of 54 holes totalling 8,332 metres. Highlights
include: - Hole LDD054 intersected 103.95 metres grading 1.37 g/t
Au from 0.00 metres, 14.40 metres grading 3.18 g/t Au from 164.50
metres and 50.02 metres grading 1.41 g/t Au from 225.43 metres. -
Hole LDD052 intersected 26.60 metres grading 2.37 g/t Au from 72.60
metres. - Hole LDD043 intersected 27.05 metres grading 2.57 g/t Au
from 0.00 metres. - Hole LDD016 intersected 28.20 metres grading
1.98 g/t Au from 13.65 metres. These drilling results are over a
total strike length of 3,000 metres from prospect Carriere A in the
south of the mineralized trend to Kimbangu in the north. Drill
spacing varied from 40 metres to 160 metres. Core holes were
inclined at between minus 55 and 70 degrees and averaged 162 metres
in depth with a maximum of 275 metres down the hole. Core recovery
for these holes averaged 89% within the mineralized zones. It is
estimated that the true widths of the mineralized intercepts varies
from 50% to 85% of the drill hole intercepts. 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/2007-02-22_NRM.pdf. The geological
setting of the main mineralized trend at Lugushwa consists of
chloritic meta-pelites and quartzite intercalations with
mineralized quartz veins and stockworks occurring as a network of
interlocking conjugate sets with trends oriented from NE-SW and E-W
to ESE-WNW with steep dips towards the SW and NW, and moderate dips
towards the north respectively. It is now considered that the gold
mineralization at Lugushwa is related to a series of stacked shoots
which are found along the axes of shallowly plunging, northeast
trending folds. 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)
-------------------------------------------------------------------------
LDD016 623693.5 595671.7 270 -55 13.65 41.85 28.20 1.98 41.85 67.35
25.50 0.54 77.75 81.70 3.95 2.67 LDD017 622940.5 595604.2 315 -55
46.90 53.30 6.40 1.09 62.20 67.00 4.80 1.73 LDD018 623624.0
595640.1 270 -55 No significant intersection LDD019 622994.8
595545.9 135 -55 9.20 26.20 17.00 1.81 46.75 64.05 17.30 0.54 77.70
78.60 0.90 1.02 102.10 103.05 0.95 1.36 LDD020 623746.6 595666.4
270 -55 2.30 30.00 27.70 1.64 59.65 63.30 3.65 1.93 76.35 76.70
0.35 5.27 105.80 112.90 7.10 1.34 LDD021 624568.8 596776.3 315 -55
No significant intersection LDD022 624645.2 596698.7 135 -60 No
significant intersection LDD023 623527.6 595733.8 270 -55 14.70
18.60 3.90 1.08 30.35 49.25 18.90 0.85 53.30 66.45 13.15 1.10
LDD024 624104.2 595570.5 135 -60 34.00 41.00 7.00 0.67 85.35 94.00
8.65 1.35 112.00 124.00 12.00 2.92 150.70 151.70 1.00 1.39 166.70
172.40 5.70 1.20 LDD025 623367.1 595772.3 270 -55 59.70 64.40 4.70
3.81 125.90 127.30 1.40 2.55 LDD026 624042.9 595629 135 -55 0.00
23.60 23.60 1.62 89.00 108.15 19.15 0.78 LDD027 624034.6 595531.5
315 -55 17.00 19.80 2.80 1.14 22.50 29.50 7.00 1.76 47.60 53.00
5.40 1.05 113.55 115.15 1.60 1.31 LDD028 623593.9 595821.7 270 -55
27.95 50.90 22.95 1.33 61.20 73.90 12.70 1.08 LDD029 624081.4
595527.4 315 -55 69.20 72.00 2.80 2.59 LDD030 623157.0 595681.1 135
-55 15.00 16.90 1.90 1.66 22.75 40.20 17.45 0.98 55.75 61.75 6.00
1.02 70.50 74.25 3.75 1.05 77.00 92.75 15.75 0.85 101.05 103.35
2.30 1.10 LDD031 624034.6 595531.5 135 -55 26.80 33.80 7.00 1.86
44.00 58.00 14.00 0.73 LDD032 623076.1 595587.5 135 -55 12.00 25.20
13.20 2.02 42.80 63.40 20.60 0.74 80.00 84.05 4.05 1.01 93.65 99.00
5.35 1.10 LDD033 625391.2 595995.8 325 -55 48.00 50.00 2.00 3.17
139.95 140.92 0.97 2.59 LDD034 622867.1 595409.5 135 -55 No
significant intersection LDD035 625527.4 595903.4 145 -55 37.90
39.90 2.00 0.71 179.10 186.80 7.70 0.58 LDD036 623690.4 595840.6
270 -55 17.20 31.00 13.80 0.91 37.40 38.10 0.70 8.17 45.20 50.20
5.00 0.67 56.30 66.15 9.85 0.71 78.10 85.70 7.60 0.93 90.10 94.60
4.50 0.57 129.50 143.40 13.90 0.63 LDD037 623040.2 595499.6 135 -55
No significant intersection LDD038 622803.3 595467.3 315 -70 No
significant intersection LDD039 623598.8 595917.1 270 -55 36.25
39.20 2.95 0.82 46.10 49.65 3.55 1.36 77.10 78.35 1.25 1.19 93.70
95.30 1.60 2.97 LDD040 622702.8 595395.7 315 -55 105.50 109.00 3.50
1.45 LDD041 623744.8 595805.3 270 -60 3.00 5.20 2.20 1.16 7.40
10.00 2.60 1.11 25.75 26.60 0.85 1.72 45.90 47.70 1.80 2.04 99.20
100.00 0.80 5.73 LDD042 622887.1 595545.9 315 -60 30.61 32.08 1.47
2.32 108.65 109.45 0.80 2.59 LDD043 623819.2 595759.7 270 -55 0.00
27.05 27.05 2.57 37.35 67.06 29.71 1.31 LDD044 622898.3 595634.7
315 -55 No significant intersection LDD045 623076.1 595587.5 135
-70 33.60 44.95 11.35 1.04 51.10 70.15 19.05 1.00 131.05 137.00
5.95 1.38 LDD046 624622.6 596737.3 65 -65 No significant
intersection LDD047 622345.2 595088.5 135 -55 28.60 34.00 5.40 1.71
37.00 45.70 8.70 1.13 LDD048 623508.4 596123.1 135 -55 68.60 69.40
0.80 1.95 133.90 135.60 1.70 1.30 LDD049 623216.6 595741.8 315 -55
40.00 46.65 6.65 0.91 70.58 71.83 1.25 1.38 LDD050 622843.7
595128.2 90 -55 No significant intersection LDD051 622109.4
595210.6 315 -55 20.64 21.64 1.00 13.90 LDD052 622657.8 595212.9 90
-55 35.78 36.80 1.02 1.36 55.17 58.91 3.74 2.50 72.60 99.20 26.60
2.37 166.20 171.00 4.80 2.78 LDD053 622644.9 595108.5 90 -55 70.56
73.80 3.24 1.13 76.20 80.20 4.00 3.26 82.70 92.25 9.55 1.30 97.00
100.05 3.05 1.29 104.64 110.62 5.98 3.33 LDD054 624075.0 595736.9
133 -65 0.00 103.95 103.95 1.37 164.50 178.90 14.40 3.18 225.43
275.45 50.02 1.41 Above gold assays are uncut. 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 pulverised down to 75
microns. A portion of the pulverised sample was then shipped to the
SGS Laboratory (which is independent of the Company) at Mwanza 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 to the drilling
program, ongoing exploration continued to assess the full extent of
the main mineralized trend at Lugushwa. Historical data indicates
that there is potential to find further prospects along and to the
northeast of the currently known prospects between Carriere A and
Kimbangu. A regional stream sediment sampling program is planned to
test the extension of mineralization to the northeast. In light of
the new understanding on the controls of mineralization, all soil
anomalies defined in the soil geochemical program during 2005 and
2006 will be re-evaluated. Commenting on these results at Lugushwa,
Peter Cowley, President and C.E.O. of the Company, said: "It has
taken the exploration team time to determine the complex geological
controls for the gold mineralisation at Lugushwa, but we now have a
good working model to focus our future drilling. The last hole
(LDD054) of our 2006 drill program confirmed this geological model
with significant widths intersected at the G20 prospect." A
previous study prepared for Banro by independent geological
consultants Steffen, Robertson and Kirsten (UK) Ltd. on historic
data at Lugushwa outlined an Inferred Mineral Resource of
37,000,000 tonnes grading 2.3 g/t Au, equivalent to 2,735,000
ounces of gold. Additional information with respect to the Lugushwa
property is set out 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, Lugushwa
Project, South Kivu Province, Democratic Republic of the Congo".
Copies of both 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, 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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