TORONTO, June 13 /CNW/ - 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").
- 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).
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.
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
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 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 No.
001-32399, which may be secured from the Company, or from the SEC's website at
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.
For further information:
For further information: please visit our website at 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