TORONTO, Jan. 15 /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 by 23% to 3,872,000 ounces of gold
(53,629,000 tonnes grading 2.25 g/t Au). - The Inferred Mineral
Resource now stands at 2,705,000 ounces of gold (46,188,000 tonnes
grading 1.82 g/t Au). - Total Mineral Resources at the Twangiza
North deposit have increased significantly, and currently consist
of an Indicated Mineral Resource of 700,000 ounces of gold
(7,332,000 tonnes grading 2.97 g/t Au) and an Inferred Mineral
Resource of 490,000 ounces of gold (6,349,000 tonnes grading 2.40
g/t Au). The increase in Mineral Resources at Twangiza results from
the ongoing infill, core drilling program on the Twangiza North
deposit with the objective of upgrading and increasing the
previously defined Inferred Mineral Resource. An additional 65 core
holes totalling 13,751.24 metres have been included in this
resource update since the previous resource update in June 2007.
Table I below summarizes the current Mineral Resource estimates for
the Twangiza project. These estimates relate to the Twangiza Main
and Twangiza North deposits and have an effective date of December
12, 2007. Table I Mineral Resource Category Tonnes Grade Ounces
(g/t Au) Measured 14,510,000 2.82 1,315,000 Indicated 39,119,000
2.03 2,558,000 Measured & Indicated 53,629,000 2.25 3,872,000
Inferred 46,188,000 1.82 2,705,000 (using a 1.0 g/t Au cut-off and
with Tonnes and Ounces rounded to nearest '000). Table II below
summarizes the estimated Mineral Resources for the Twangiza project
in terms of oxide, transitional and fresh rock (sulphide)
categories. Table II Material Type Measured & Indicated
Inferred Tonnes Grade Ounces Tonnes Grade Ounces (g/t Au) (g/t Au)
Oxide 16,925,000 2.82 1,535,600 3,002,000 2.84 274,000 Transition
14,310,000 2.40 1,104,000 2,491,000 1.94 155,000 Fresh (sulphide)
22,394,000 1.71 1,233,100 40,695,000 1.74 2,276,000 Total
53,629,000 2.25 3,872,000 46,188,000 1.82 2,705,000 (using a 1.0
g/t Au cut-off and with Tonnes and Ounces rounded to nearest '000).
Table III below summarizes the current Mineral Resource estimates
for the Twangiza North deposit alone. Table III Mineral Resource
Category Tonnes Grade Ounces (g/t Au) Indicated 7,332,000 2.97
700,000 Inferred 6,349,000 2.40 490,000 (using a 1.0 g/t Au cut-off
and with Tonnes and Ounces rounded to nearest '000). Commenting on
these results at Twangiza, Peter Cowley, President of the Company,
said: "The infill drilling program at our Twangiza North discovery
has been successful in rapidly converting the previous Inferred
Resource into Indicated as well as increasing the total Mineral
Resources at this deposit. In addition, the mineralization at
Twangiza North is hosted mainly in feldspar porphyry sills with the
mineralization in this lithology being non-refractory. We expect to
further increase our Measured and Indicated Resources at Twangiza
in the coming months as we complete infill drilling at Twangiza
North and then commence infill drilling at the Twangiza Main
deposit. Drilling has now recommenced after the year-end break with
four core rigs at Twangiza with the goal of adding to and upgrading
these Mineral Resources which will then be incorporated into the
pre-feasibility study due for completion during the second quarter
of this year. In addition, we have now established a new camp at
the major artisanal site at Mufwa which is situated 14 km northwest
of the Twangiza Main deposit. Additional rigs are being mobilized
to Twangiza so this new prospect can also be drilled during the
coming months after groundwork has been completed." The Mineral
Resources at Twangiza 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. 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 50 g 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 dated September 13,
2007 and entitled "Preliminary Assessment NI 43-101 Technical
Report, Twangiza Gold Project, South Kivu Province, Democratic
Republic of 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 Mineral Resource estimates disclosed in this
press release have been prepared in accordance with National
Instrument 43-101 by Banro's Vice President, Exploration, Daniel K.
Bansah, who is a Member of The Australasian Institute of Mining and
Metallurgy (Aus.I.M.M). Mr. Bansah has over 19 years experience in
the determination of gold mineral resources and is a "qualified
person" as such term is defined in National Instrument 43-101. Mr.
Bansah has reviewed and approved the contents of this press
release. Exploration at Twangiza is being conducted under the
supervision of Mr. Bansah. 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 possibility
that future exploration results will not be consistent with the
Company's expectations, gold recoveries for Twangiza being less
than those indicated by the metallurgical testwork carried out to
date (there can be no assurance that gold recoveries in small scale
laboratory tests will be duplicated in large tests under on-site
conditions or during production), changes in world gold markets and
equity markets, political developments in the DRC, fluctuations in
currency exchange rates, inflation, 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 disclosed under the heading
"Risk Factors" and elsewhere in the Company's annual information
form dated March 30, 2007 filed on SEDAR at http://www.sedar.com/.
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, 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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