Banro Intersects 16.60 metres grading 8.03 g/t Au and 47 metres grading 2.38 g/t Au in Pre-Feasibility Drilling at Twangiza Gold
May 29 2008 - 12:20PM
PR Newswire (US)
Other drill intersections include, 27.00 metres grading 3.68 g/t
Au, 24.70 metres grading 3.72 g/t Au and 15.90 metres grading 6.84
g/t Au TORONTO, May 29 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce final results from the Company's pre-feasibility, 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 28 core holes drilled at the Twangiza North and Twangiza
Main deposits since the last drilling update in April 2008.
Highlights include: - Hole TDD194 intersected 16.00 metres grading
5.19 g/t Au from 0.00 metres - Hole TDD198 intersected 15.90 metres
grading 6.84 g/t Au from 49.00 metres - Hole TDD200 intersected
27.00 metres grading 3.68 g/t Au from 86.00 metres - Hole TDD203
intersected 24.70 metres grading 3.72 g/t Au from 9.30 metres -
Hole TDD203 intersected 16.60 metres grading 8.03 g/t Au from 75.00
metres - Hole TDD208 intersected 19.00 metres grading 3.25 g/t Au
from 86.00 metres - Hole TDD212 intersected 16.40 metres grading
3.58 g/t Au from 166.60 metres - Hole TDD217 intersected 47.00
metres grading 2.38 g/t Au from 0.00 metres These results complete
the pre-feasibility drilling undertaken at Twangiza with the
objective of upgrading the mineral resources into the Measured and
Indicated Resource categories so that ore reserves can be
determined as part of the pre-feasibility study which is due for
completion in June 2008. The six drilling rigs currently operating
at Twangiza have commenced infill drilling as part of the full
feasibility study as well as commencing drilling on other new
prospects on the Twangiza property. At present, Twangiza has an
estimated Measured Mineral Resource of 1,315,000 ounces of gold
(14,510,000 tonnes grading 2.82 g/t Au), Indicated Mineral Resource
of 2,558,000 ounces of gold (39,119,000 tonnes grading 2.03 g/t Au)
and Inferred Mineral Resource of 2,705,000 ounces of gold
(46,188,000 tonnes grading 1.82 g/t Au). Reference is made to
Banro's press release dated January 15, 2008 (a copy of which can
be obtained from SEDAR at http://www.sedar.com/). Commenting on
these drilling results at Twangiza, Mike Prinsloo, President and
C.E.O. of the Company, said: "These encouraging drilling results,
which include significant intersections at shallow depth, complete
the pre-feasibility drilling at Twangiza and will be incorporated
into a revised mineral resource calculation and used to determine
ore reserves as part of the pre-feasibility study. Our focus will
now be on-infill drilling as part of the full feasibility study as
well as on commencing initial drilling on other promising
prospects, such as Mufwa and Luhindja, which have been delineated
in close proximity to the existing Twangiza Main and Twangiza North
deposits." 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/2008-05-29_NRM.pdf. Results from the
core holes are tabulated in the following table:
-------------------------------------------------------------------------
MINERALIZATION ----------------------------- HOLE EASTING NORTHING
AZIMUTH INCLINATION FROM TO WIDTH Au (UTM) (UTM) (degrees)
(degrees) (m) (m) (m) (g/t)
-------------------------------------------------------------------------
TDD190 693403 9682843 70 -60 19.46 23.20 3.74 2.46
----------------------------- 33.32 38.00 4.68 1.03
----------------------------- 45.00 46.00 1.00 2.31
----------------------------- 133.00 136.00 3.00 0.70
----------------------------- 141.00 142.00 1.00 1.05
----------------------------- 144.00 145.00 1.00 1.25
----------------------------- 147.60 156.00 8.40 2.21
----------------------------- 166.30 169.00 2.70 7.94
----------------------------- 174.00 175.00 1.00 1.08
----------------------------- 182.00 183.00 1.00 17.60
-------------------------------------------------------------------------
TDD191 693364 9682709 70 -55 32.00 33.83 1.83 0.92
----------------------------- 45.14 51.04 5.90 2.11
----------------------------- 63.75 65.06 1.31 1.86
----------------------------- 67.32 72.16 4.84 2.18
----------------------------- 202.00 205.00 3.00 0.72
-------------------------------------------------------------------------
TDD192 693341 9682573 70 -55 9.00 10.00 1.00 1.02
----------------------------- 41.00 43.00 2.00 0.90
----------------------------- 63.00 64.00 1.00 0.71
----------------------------- 99.00 107.00 8.00 3.04
----------------------------- 110.00 116.00 6.00 1.39
----------------------------- 135.00 144.00 9.00 1.25
----------------------------- 146.95 150.00 3.05 0.83
----------------------------- 156.00 158.00 2.00 0.81
----------------------------- 162.00 181.00 19.00 1.77
----------------------------- 253.00 256.00 3.00 2.33
-------------------------------------------------------------------------
TDD193 693299 9682601 70 -55 32.00 33.00 1.00 3.25
----------------------------- 38.00 39.00 1.00 1.35
----------------------------- 43.00 44.00 1.00 4.54
----------------------------- 99.32 101.00 1.68 3.81
----------------------------- 106.00 111.00 5.00 1.85
----------------------------- 151.48 178.20 26.72 2.00
-------------------------------------------------------------------------
TDD194 693349 9682370 70 -56 0.00 16.00 16.00 5.19
----------------------------- 27.00 29.00 2.00 2.55
----------------------------- 37.00 45.00 8.00 2.14
----------------------------- 50.00 59.00 9.00 1.52
----------------------------- 62.04 64.00 1.96 0.60
----------------------------- 68.00 86.00 18.00 1.29
----------------------------- 175.00 181.76 6.76 0.77
----------------------------- 189.66 192.08 2.42 0.56
----------------------------- 194.80 199.36 4.56 1.17
----------------------------- 210.00 217.00 7.00 1.22
----------------------------- 282.56 285.90 3.34 2.35
----------------------------- 287.90 288.90 1.00 1.07
----------------------------- 295.90 296.90 1.00 1.03
----------------------------- 332.00 335.41 3.41 0.56
----------------------------- 429.00 436.00 7.00 1.25
----------------------------- 439.00 440.00 1.00 1.01
----------------------------- 450.00 468.40 18.40 0.96
----------------------------- 475.00 476.00 1.00 1.92
----------------------------- 491.55 492.00 0.45 2.30
----------------------------- 504.00 505.00 1.00 2.49
----------------------------- 515.00 525.00 9.50 0.91
-------------------------------------------------------------------------
TDD195 693346 9682533 70 -54 9.00 11.00 2.00 0.65
----------------------------- 89.18 90.69 1.51 0.56
----------------------------- 109.73 122.00 12.27 3.59
----------------------------- 124.76 126.31 1.55 1.67
----------------------------- 144.20 157.00 12.80 1.22
----------------------------- 169.00 181.00 12.10 2.60
----------------------------- 284.00 285.00 1.00 1.45
----------------------------- 288.00 289.00 1.00 5.03
----------------------------- 332.00 335.74 3.74 1.12
----------------------------- 343.00 348.00 5.00 0.62
----------------------------- 381.00 383.00 2.00 0.72
-------------------------------------------------------------------------
TDD196 693467 9682243 70 -51 11.00 16.00 5.00 0.85
----------------------------- 19.00 22.00 3.00 1.12
----------------------------- 30.00 68.60 38.60 0.85
----------------------------- 72.00 73.00 1.00 1.91
----------------------------- 79.80 81.00 1.20 1.67
----------------------------- 117.00 119.00 2.00 1.12
----------------------------- 123.00 126.00 3.00 0.93
----------------------------- 130.00 133.50 3.50 1.88
----------------------------- 137.00 139.00 2.00 0.79
----------------------------- 152.00 156.65 4.65 2.33
----------------------------- 177.00 181.00 4.00 1.42
----------------------------- 183.00 186.44 3.44 3.00
----------------------------- 191.00 247.00 56.00 1.27
----------------------------- 256.00 271.00 15.00 1.22
----------------------------- 274.00 295.69 21.69 1.17
----------------------------- 298.69 299.69 1.00 2.32
----------------------------- 311.50 312.50 1.00 1.77
----------------------------- 318.50 329.35 10.85 0.84
----------------------------- 333.00 339.00 6.00 3.92
----------------------------- 346.00 348.00 2.00 0.74
----------------------------- 376.54 378.54 2.00 0.73
-------------------------------------------------------------------------
TDD197 692807 9684703 70 -54 63.00 73.00 10.00 2.76
----------------------------- 76.00 81.00 5.00 0.98
----------------------------- 90.53 100.37 9.84 2.16
----------------------------- 151.00 152.00 1.00 2.66
----------------------------- 161.00 162.00 1.00 1.14
-------------------------------------------------------------------------
TDD198 692886 9684450 34 -50 49.00 64.90 15.90 6.84
-------------------------------------------------------------------------
TDD199 692842 9684772 70 -53 7.00 10.20 3.20 1.52
----------------------------- 15.90 18.00 2.10 4.13
----------------------------- 21.00 24.35 3.35 0.74
-------------------------------------------------------------------------
TDD200 692886 9684449 34 -73 63.72 65.20 1.48 0.87
----------------------------- 75.00 78.51 3.51 1.01
----------------------------- 86.00 113.00 27.00 3.68
----------------------------- 129.00 130.58 1.58 1.10
-------------------------------------------------------------------------
TDD201 692845 9684666 70 -50 23.00 31.00 8.00 3.40
----------------------------- 36.00 43.00 7.00 0.87
----------------------------- 46.00 47.00 1.00 3.79
-------------------------------------------------------------------------
TDD202 692850 9684638 70 -53 27.00 33.00 6.00 2.76
----------------------------- 36.00 45.00 9.00 1.23
-------------------------------------------------------------------------
TDD203 692841 9684773 29 -53 9.30 34.00 24.70 3.72
----------------------------- 37.00 41.45 4.45 3.15
----------------------------- 44.45 45.45 1.00 4.34
----------------------------- 75.00 91.60 16.60 8.03
-------------------------------------------------------------------------
TDD204 692833 9684750 70 -50 38.30 49.00 10.70 4.27
----------------------------- 52.00 53.00 1.00 4.32
----------------------------- 57.00 61.00 4.00 1.56
----------------------------- 66.70 74.00 7.30 1.63
-------------------------------------------------------------------------
TDD205 692786 9684817 70 -63 76.00 79.00 3.00 24.99
----------------------------- 82.00 96.00 14.00 1.46
-------------------------------------------------------------------------
TDD206 692798 9684820 70 -50 38.00 47.00 9.00 0.71
----------------------------- 50.00 57.00 7.00 1.37
----------------------------- 64.00 73.00 9.00 5.01
-------------------------------------------------------------------------
TDD207 692822 9684547 70 -56 21.00 22.00 1.00 1.68
----------------------------- 42.00 43.00 1.00 3.00
----------------------------- 101.00 102.23 1.23 1.11
-------------------------------------------------------------------------
TDD208 692822 9684547 70 -56 6.00 8.00 2.00 0.58
----------------------------- 68.00 70.00 2.00 1.39
----------------------------- 86.00 105.00 19.00 3.25
----------------------------- 115.06 116.06 1.00 44.50
-------------------------------------------------------------------------
TDD209 693376 9682857 70 -59 23.61 36.40 12.79 4.78
----------------------------- 55.60 57.40 1.80 1.28
-------------------------------------------------------------------------
TDD210 693323 9683017 70 -61 12.00 15.00 3.00 1.20
----------------------------- 29.00 31.00 2.00 4.33
----------------------------- 42.00 48.00 6.00 1.36
----------------------------- 53.00 60.80 7.80 1.63
----------------------------- 70.00 81.00 11.00 1.44
-------------------------------------------------------------------------
TDD211 692893 9684090 70 -55 59.00 61.00 2.00 0.58
----------------------------- 77.10 79.00 1.90 0.61
----------------------------- 115.00 117.00 2.00 2.21
----------------------------- 165.90 172.00 6.10 2.23
-------------------------------------------------------------------------
TDD212 693281 9682920 70 -57 78.00 87.78 9.78 1.54
----------------------------- 104.00 105.00 1.00 1.34
----------------------------- 122.65 130.56 7.91 0.86
----------------------------- 138.38 140.30 1.92 2.20
----------------------------- 143.30 146.22 2.92 2.85
----------------------------- 161.54 163.54 2.00 0.76
----------------------------- 166.60 183.00 16.40 3.58
-------------------------------------------------------------------------
TDD213 693324 9683016 70 -64 42.50 45.00 2.50 2.96
----------------------------- 61.40 66.00 4.60 1.40
-------------------------------------------------------------------------
TDD214 693634 9682454 70 -50 0.00 32.00 32.00 2.38
----------------------------- 39.00 59.00 20.00 1.29
----------------------------- 62.00 86.00 24.00 0.72
----------------------------- 130.00 133.00 3.00 0.62
-------------------------------------------------------------------------
TDD215 693267 9683033 70 -59 45.00 60.00 15.00 1.44
----------------------------- 125.00 127.87 2.87 2.42
----------------------------- 150.00 154.00 4.00 1.11
----------------------------- 165.00 171.00 6.00 2.44
-------------------------------------------------------------------------
TDD216 693261 9683084 70 -60 21.00 36.00 15.00 1.78
----------------------------- 52.00 54.00 2.00 0.85
----------------------------- 142.00 148.16 6.16 0.87
----------------------------- 157.00 160.90 3.90 1.21
-------------------------------------------------------------------------
TDD217 693635 9682185 70 -53 0.00 47.00 47.00 2.38
----------------------------- 51.00 86.00 35.00 2.00
----------------------------- 102.00 107.00 5.00 0.59
----------------------------- 137.00 185.00 48.00 1.61
----------------------------- 193.00 195.00 2.00 4.18
----------------------------- 203.00 214.00 11.00 1.12
----------------------------- 217.00 220.00 3.00 0.50
----------------------------- 228.00 237.00 9.00 0.78
-------------------------------------------------------------------------
Holes are uncut. Core holes were inclined at between minus 50 and
73 degrees and averaged 205.78 metres in depth with a maximum down
hole depth of 525.00 metres. Core recovery for these holes averaged
90.4% within the mineralized zones. It is estimated that the true
widths of the mineralized zones vary between 80% and 95% of the
intersected widths in the holes. Drill hole spacing was on 40 metre
sections. The mineralized sections of the Twangiza North and
Twangiza Main deposits 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, which adhere to 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 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 Daniel K.
Bansah who is a Member of The Australasian Institute of Mining and
Metallurgy (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 the estimation of mineral
resources, exploration results, 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
mineral resource figures referred to in this press release are
estimates and no assurances can be given that the indicated levels
of gold will be produced), 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 28,
2008 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. DATASOURCE: Banro Corporation CONTACT: please
visit our website at http://www.banro.com/, or contact: Mike
Prinsloo, President and C.E.O., South Africa, Tel: + 27 (0) 11
958-2885; 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.
Copyright