TORONTO, June 13 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce the following updated Mineral Resource estimates at its
wholly-owned Twangiza project in the Democratic Republic of the
Congo (the "DRC"). Highlights: - Measured and Indicated Mineral
Resources have increased to 3,146,200 ounces of gold (45,970,000
tonnes grading 2.13 g/t Au). - Inferred Mineral Resource has
increased to 3,088,100 ounces of gold (47,474,000 tonnes grading
2.02 g/t Au). - The above updated Inferred Mineral Resource
estimate includes 885,500 ounces of gold (7,836,000 tonnes grading
3.51 g/t Au) from a new discovery, Twangiza North. Included in this
estimate is 155,000 ounces that was previously included in the Main
Twangiza deposit. This increase in Mineral Resources at Twangiza
results from a core drilling program of 23,873.12 metres (100
diamond drill holes), which commenced in February 2006. Drilling is
continuing with four diamond core rigs at Twangiza with the goal of
adding to and upgrading these mineral resources. Table I below
summarises the current Mineral Resource estimates at Twangiza (with
an effective date of June 6, 2007). Table I Mineral Grade Resource
Category Tonnes (g/t) Ounces Measured 14,510,000 2.82 1,313,400
Indicated 31,460,000 1.81 1,832,800 Measured & Indicated
45,970,000 2.13 3,146,200 Inferred 47,474,000 2.02 3,088,100 (Using
a 1.0 g/t Au cut-off). Table II below summarises the Mineral
Resources in terms of oxide, transitional and fresh rock (sulphide)
categories. Table II Material Measured & Indicated Inferred
Type Grade Grade Tonnes (g/t) Ounces Tonnes (g/t) Ounces Oxide
13,080,000 2.72 1,143,900 5,121,000 3.37 555,100 Transition
11,356,000 2.32 846,100 3,845,000 3.05 377,100 Fresh 21,534,000
1.67 1,156,200 38,508,000 1.74 2,155,900 Total 45,970,000 2.13
3,146,200 47,474,000 2.02 3,088,100 (using a 1.0 g/t Au cut-off).
These Mineral Resources have been determined to vertical depths
varying from 160 metres below surface in the north end of the
deposit to 400 metres in the south of the Twangiza Main deposit
following the plunge of the mineralization and to 180 metres at
Twangiza North. The Mineral Resources were calculated from the
current and previous core drilling programs as well as previous
adit information. Gold grades in the Main Twangiza Deposit have
been determined using ordinary kriging into a 3-Dimensional block
model constrained by wireframes with primary block dimensions of 20
metres along the strike and cross structure directions, and 10
metres in the vertical direction. Gold grades in the Twangiza North
Inferred Resources have been determined using weighted inverse
distance squared into a 3-Dimensional block model constrained by
wireframes for the mineralization with primary block dimensions of
10 metres along the strike and cross structure directions, and 5
metres in the vertical direction. Higher-grade values in the oxide
and transition material have been statistically capped to 32 g/t Au
while in the sulphide material higher-grade values have been
statistically capped to 20 g/t Au. Tonnages and grades are reported
using a 1.0 g/t Au cut-off. The variation in the mineral resources
of the transition and fresh rock(sulphide) categories compared with
previous estimates also includes a reinterpretation of the
transition-fresh rock interface. The Twangiza North discovery was a
result of drilling out a +100 ppb gold-in-soil anomaly that has a
strike length of approximately 1.8 kilometres. Unlike the gold
mineralization at the Main Twangiza deposit, where the gold
mineralization is hosted predominantly in shales and siltstones,
the mineralization at Twangiza North is associated predominantly
with feldspar porphyry sills that have intruded westerly dipping
sediments (shales and siltstones). This mineralization is open at
depth and to the north where recent detailed regolith mapping has
indicated that the gold-in-soil anomalism has been masked by recent
colluvial and alluvium material. The northern extension of the
Twangiza North discovery will be tested shortly. Commenting on
these results at Twangiza, Peter Cowley, President and C.E.O. of
the Company, said "We are excited by the discovery of the new
Twangiza North deposit that remains open at depth and along strike.
The full extent of this new discovery will be drill tested over the
coming months, including its extension under cover to the north.
These new resources will be included in the Preliminary Assessment
(scoping) study which is currently being undertaken with completion
anticipated in July." 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, Democratic
Republic of the Congo. The core samples were then crushed down to
minus 2 mm, split with half the sample then being pulverised down
to minus 75 microns. A portion of the pulverised sample was then
shipped to the SGS Laboratory in Mwanza, Tanzania or ALS Chemex in
Johannesburg, South Africa (which are both independent of the
Company) 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. The Mineral Resource estimates
disclosed in this press release have been prepared in accordance
with National Instrument 43-101 ("NI 43-101") based on information
compiled by Banro's Mineral Resources Manager, Daniel Bansah, who
is a Member of The Australasian Institute of Mining and Metallurgy
(Aus.I.M.M). Mr. Bansah has over 18 years experience in the
determination of gold mineral resources and is a "qualified person"
as such term is defined in NI 43-101. Mr. Bansah has reviewed and
approved the contents of this press release. Independent geological
consultants SRK Consulting (UK) Ltd., has reviewed the estimation
method and concurs with the approach used by Banro. 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 NI 43-101) dated March 30, 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. 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 the estimation of mineral
resources, potential mineralization, potential mineral resources
and the Company's exploration and development plans with respect to
Twangiza) 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 preliminary
nature of metallurgical results, 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. The mineral resource
figures disclosed in this press release are estimates and no
assurances can be given that the indicated levels of gold will be
produced. Such estimates are expressions of judgment based on
knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may
significantly change when new information becomes available. While
the Company believes that the resource estimates included in this
press release are well established, by their nature resource
estimates are imprecise and depend, to a certain extent, upon
statistical inferences which may ultimately prove unreliable. If
such estimates are inaccurate or are reduced in the future, this
could have a material adverse impact on the Company. Mineral
resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that mineral resources
can be upgraded to mineral reserves through continued exploration.
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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