Banro continues to interesect wide zones of gold mineralisation at Twangiza and updates progress on preliminary assessment study
May 08 2007 - 9:00AM
PR Newswire (US)
Drilling results include 124.28 metres grading 2.31 g/t Au, 39.76
metres grading 2.20 g/t Au, 38.94 metres grading 1.98 g/t Au and
7.27 metres grading 15.84 g/t Au TORONTO, May 8
/PRNewswire-FirstCall/ -- Banro Corporation ("Banro" or the
"Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce
further results from the Company's ongoing 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 21 core holes
drilled at Twangiza. Highlights include: - Hole TDD079 intersected
124.28 metres grading 2.31 g/t Au from 34.32 metres and 15.89
metres grading 2.34 g/t Au from 4.13 metres - Hole TDD074
intersected 39.76 metres grading 2.20 g/t Au from 59.00 metres -
Hole TDD085 intersected 38.94 metres grading 1.98 g/t Au from 0.00
metres - Hole TDD089 intersected 7.27 metres grading 15.84 g/t Au
from 88.73 metres 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/2007-05-8_NRM.pdf. Results from the core
holes are tabulated in the following table:
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HOLE NORTHING EASTING AZIMUTH INCL. MINERALIZATION Au
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(UTM) (UTM) (de- (de- FROM TO WIDTH (g/t) grees) grees) (m) (m) (m)
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TDD072 693419.1 9682474 70 -50 0.00 7.50 7.50 3.26
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14.00 16.18 2.18 1.92
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30.68 32.68 2.00 4.66
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40.79 48.72 7.93 1.90
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TDD073 693738.27 9682709 250 -50 No significant mineralization
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TDD074 693570.21 9682702 70 -57 0.00 13.57 13.57 1.29
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35.80 50.82 15.02 1.06
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59.00 98.76 39.76 2.20
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TDD075 693418.32 9682643 70 -51 13.04 14.80 1.76 1.66
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92.20 98.43 6.23 1.30
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178.90 183.83 4.93 1.10
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189.00 208.35 19.35 2.52
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TDD076 693741.58 9682630 250 -50 174.00 180.74 6.74 1.52
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200.00 206.00 6.00 1.49
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TDD077 693819.81 9682653 250 -50 No significant mineralization
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TDD078 693381.1 9682553 70 -50 30.28 31.70 1.42 1.28
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78.00 80.00 2.00 2.05
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92.00 105.23 13.23 1.73
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111.87 136.00 24.13 1.81
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TDD079 693469.09 9682403 70 -50 4.13 20.02 15.89 2.34
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34.32 158.60 124.28 2.31
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166.60 169.60 3.00 1.10
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172.60 175.10 2.50 1.48
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TDD080 693824.13 9682579 250 -50 6.92 8.46 1.54 1.11
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149.62 151.00 1.38 1.51
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TDD081 693930.42 9682693 250 -50 9.20 11.73 2.53 1.49
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70.45 76.87 6.42 1.71
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TDD082 693412.68 9682724 70 -51 0.00 6.49 6.49 2.55
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34.13 35.92 1.79 6.06
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44.82 57.92 13.10 2.24
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59.96 62.96 3.00 0.76
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87.15 94.10 6.95 1.51
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96.26 101.10 4.84 1.02
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TDD083 692911.37 9684199 70 -50 73.40 79.00 5.60 1.74
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85.82 89.84 4.02 1.27
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105.27 106.90 1.63 4.22
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TDD084 692828.31 9684480 70 -60 35.95 36.95 1.00 10.60
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39.90 40.90 1.00 3.72
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135.50 144.00 8.50 2.24
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156.00 157.00 1.00 6.73
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TDD085 693399.29 9682422 70 -50 0.00 38.94 38.94 1.98
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52.00 54.00 2.00 0.91
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128.22 130.95 2.73 1.04
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137.80 170.30 32.50 1.51
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202.00 204.00 2.00 1.08
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206.00 207.00 1.00 3.07
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208.91 210.91 2.00 1.40
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217.91 219.91 2.00 1.36
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292.92 293.92 1.00 2.02
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335.17 338.17 3.00 0.93
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345.10 353.00 7.90 1.00
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367.48 373.38 5.90 2.17
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TDD086 693158.71 9683427 70 -49 55.64 58.64 3.00 1.48
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62.60 64.60 2.00 4.12
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131.54 135.40 3.86 1.56
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140.40 149.00 8.60 0.90
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TDD087 692987.43 9683882 70 -50 Results Pending
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TDD088 692787.48 9684658 70 -49 104.00 107.67 3.67 1.49
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116.00 117.00 1.00 2.03
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TDD089 692772.24 9684776 70 -53 88.73 96.00 7.27 15.84
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Including: 88.73 92.73 4.00 26.49
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99.55 101.55 2.00 2.80
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107.24 109.24 2.00 2.76
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TDD090 693964.09 9682541 52.06 57.46 5.40 1.00
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TDD091 693170.8 9683271 70 -48 38.78 41.06 2.28 0.82
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69.20 73.16 3.96 1.87
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TDD092 693105.93 9683605 No Significant Mineralization
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TDD093 693968.33 9682631 250 -50 64.00 66.00 2.00 7.93
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Holes are uncut. Commenting on these drilling results at Twangiza,
Peter Cowley, President and C.E.O. of the Company, said: "These
drilling results are encouraging and will be incorporated into the
revised resource update for the NI 43-101 Preliminary Assessment
study which is expected to be completed within the next two months.
This study is being undertaken by a number of independent
engineering consulting companies, including SRK Consulting, Cardiff
(mining and environmental), SGS Lakefield, Johannesburg
(metallurgical testwork), Knight Piesold Ltd, Vancouver (power) and
SENET, Johannesburg (processing and infrastructure). SENET will
also undertake the economic valuation and report compilation.
Included in these studies is a considerable amount of work to
assess and optimise the processing flow sheets for the Twangiza
ores." Core holes were inclined at between minus 48 and 60 degrees
and averaged 246.79 metres in depth with a maximum down hole depth
of 466.90 metres. Core recovery for these holes averaged 95.91%
within the mineralized zones. It is estimated that the true widths
of the mineralized zones vary between 85 and 95% of the intersected
widths in the holes. Core holes TDD083, TDD084, TDD086, TDD088,
TDD089 and TDD092 were drilled along the Kashegeshie-Lugungurhi
mineralized trend with the remainder of the holes being drilled
within the Main Deposit. Drill hole spacing in the Main Deposit and
along the Kashegeshe-Lukungurhi mineralized trend was at 40 and 160
metre sections respectively. The mineralized sections of the Main
Twangiza deposit and the Kashegeshe-Lukungurhi trend 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 sulfides and silicic, carbonate and potassic
alteration. 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, and 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
project is contained in the technical report of Michael B. Skead
(who is the Company's Vice President, Exploration and a "qualified
person" as such term is defined in National Instrument 43-101)
dated March 6, 2007 and entitled "Fourth 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, 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, 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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