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
includes resources from a new discovery, Twangiza North. The
Twangiza North deposit has an estimated Inferred Mineral Resource
of 885,500 ounces of gold (7,836,000 tonnes grading 3.51 g/t Au).
This Twangiza North resource estimate includes 155,200 ounces
(2,438,000 tonnes grading 1.98 g/t Au) that were previously
included as part of the Twangiza Main deposit but are now
considered geologically as part of the Twangiza North deposit. The
balance of the Twangiza North estimate of 730,300 ounces of gold
(5,398,000 tonnes grading 4.20 g/t Au) represents new resources.
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 Au) 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 at
Twangiza 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
Twangiza Main deposit to 400 metres in the south end 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 Twangiza Main
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 deposit 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 Twangiza Main
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 as well as the above average
grade of 4.20g/t Au for the new resource. 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 during 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, DRC. 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., have reviewed the estimation method and concur with the
approach used by Banro. 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 NI 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. 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 geological 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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