Banro Intersects 18.62 metres grading 20.15 g/t Au and 7.25 metres grading 73.67 g/t Au in Pre-Feasibility Drilling at Namoya Go
29 April 2008 - 11:00PM
PR Newswire (US)
Other drill intersections include 21.33 metres grading 6.56 g/t Au,
23.85 metres grading 5.07 g/t Au, 19.65 metres grading 4.94 g/t Au,
33.62 metres grading 2.26 g/t Au and 18.80 metres grading 3.28 g/t
Au TORONTO, April 29 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce further results from the Company's pre-feasibility,
core drilling program at its wholly-owned Namoya 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 33 core holes which have been drilled since the previous
drilling update. Highlights include: - Hole NDD131 intersected
18.62 metres grading 20.15 g/t Au from 83.00 metres, 7.25 metres
grading 73.67 g/t Au from 153.75 metres and 19.65 metres grading
4.94 g/t Au from 110.35 metres - Hole NDD099 intersected 21.33
metres grading 6.56 g/t Au from 353.47 metres including 5.05 metres
grading 24.34 g/t Au from 368.00 metres - Hole NDD105 intersected
23.85 metres grading 5.07 g/t Au from 166.71 metres including 8.55
metres grading 12.29 g/t Au from 170.45 metres - Hole NDD110
intersected 33.62 metres grading 2.26 g/t Au from 182.45 metres -
Hole NDD116 intersected 17.00 metres grading 3.60 g/t Au from
162.00 metres - Hole NDD117 intersected 18.80 metres grading 3.28
g/t Au from 161.00 metres The current drilling program is part of
the pre-feasibility study being undertaken at Namoya with the
objective of upgrading Inferred Mineral Resources into the Measured
and Indicated categories, so that open pit ore reserves can be
determined as part of the pre-feasibility study, which is due for
completion in June 2008. Three core drilling rigs are now in
operation at Namoya to complete this drilling. All these holes
except NDD102 have been drilled at the existing Mwendamboko,
Kakula, Namoya Summit and Muviringu deposits which occur along a
two kilometre mineralized shear zone at Namoya. Hole NDD102 was
drilled at a new prospect Kangurube, to the southeast of Namoya
Summit, and intersected 10.40 metres grading 2.63 g/t Au from 15.60
metres and 7.74 metres grading 1.87 g/t Au from 54.75 metres. The
mineralized sections at Namoya are found within a series of quartz
veins and stockworks hosted by quartz-sericite-chlorite schists.
Namoya currently has an estimated Indicated Mineral Resource of
938,800 ounces of gold (8,925,000 tonnes grading 3.27 g/t Au) and
Inferred Mineral Resource of 621,500 ounces of gold (7,074,000
tonnes grading 2.73 g/t Au). These Mineral Resources were
determined using the assay results from drill holes NDD001 to
NDD106. Reference is made to Banro's press release dated June 8,
2007 (a copy of which can be obtained from SEDAR at
http://www.sedar.com/). Commenting on these drilling results at
Namoya, Mike Prinsloo, President and C.E.O. of the Company, said:
"These drilling results are very encouraging with some high grade
intersections. The ongoing pre-feasibility study is proceeding well
and we are on track for completion of this study by the end of June
2008. A number of processing routes are being assessed. As
previously announced, we are also making good progress on our other
advanced gold project at Twangiza, where the pre-feasibility study
is also due for completion in June 2008." 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/2008-04-29_NRM.pdf. Results from the
core holes are tabulated in the following table:
-------------------------------------------------------------------------
MINERALIZATION ------------------------------- AZIMUTH INCL. HOLE
EASTING NORTHING (deg- (deg- FROM TO WIDTH Au (UTM) (UTM) rees)
rees) (m) (m) (m) (g/t)
-------------------------------------------------------------------------
NDD099 561134.14 9557806.49 236 -56 52.65 53.18 0.53 4.45
------------------------------- 148.80 152.51 3.71 3.20
------------------------------- 168.75 173.00 4.25 0.61
------------------------------- 177.00 179.52 2.52 2.16
------------------------------- 327.00 331.08 4.08 3.13
------------------------------- 353.47 374.80 21.33 6.56 Including:
368.00 373.05 5.05 24.34
-------------------------------------------------------------------------
NDD100 562049.90 9556618.23 233 -51 11.18 16.60 5.42 2.00
------------------------------- 46.00 48.00 2.00 1.49
------------------------------- 171.00 179.30 8.30 4.91
------------------------------- 184.47 185.15 0.68 1.78
------------------------------- 188.30 189.00 0.70 1.12
-------------------------------------------------------------------------
NDD101 562027.15 9556654.15 233 -55 4.00 5.00 1.00 1.07
------------------------------- 24.56 25.53 0.97 1.97
------------------------------- 27.53 28.53 1.00 1.09
------------------------------- 192.90 193.50 0.60 1.86
-------------------------------------------------------------------------
NDD102 563598.01 9556152.13 45 -50 15.60 26.00 10.40 2.63
------------------------------- 31.60 34.40 2.80 1.16
------------------------------- 42.00 44.76 2.76 1.10
------------------------------- 48.35 49.00 0.65 1.19
------------------------------- 54.75 62.49 7.74 1.87
-------------------------------------------------------------------------
NDD103 560717.33 9557673.93 225 -62 67.77 69.51 1.74 12.11
------------------------------- 172.15 172.85 0.70 1.46
------------------------------- 174.94 178.34 3.40 2.34
-------------------------------------------------------------------------
NDD104 561019.58 9557828.28 236 -57 314.13 315.16 1.00 3.60
-------------------------------------------------------------------------
NDD105 562027.83 9556545.63 233 -57 55.35 56.35 1.00 1.98
------------------------------- 78.00 80.00 2.00 0.96
------------------------------- 110.00 112.55 2.55 3.29
------------------------------- 114.50 116.42 1.92 1.30
------------------------------- 122.82 123.89 0.67 42.50
------------------------------- 166.71 190.56 23.85 5.07 Including:
170.45 179.00 8.55 12.29
-------------------------------------------------------------------------
NDD106 560503.91 9557781.24 225 -54 No significant mineralization
-------------------------------------------------------------------------
NDD107 560589.36 9557729.89 225 -62 55.90 56.65 0.75 22.20
-------------------------------------------------------------------------
NDD108 561159.12 9557729.23 236 -56 75.18 76.45 1.27 1.55
-------------------------------------------------------------------------
NDD109 561159.12 9557729.23 236 -59 28.00 29.02 1.02 1.54
------------------------------- 61.95 62.78 0.83 1.32
------------------------------- 82.70 83.40 0.70 5.81
------------------------------- 320.00 323.00 3.00 1.16
------------------------------- 326.19 329.62 3.43 6.56
------------------------------- 335.00 339.22 4.22 1.31
------------------------------- 342.13 345.00 2.87 2.58
------------------------------- 384.17 384.78 0.61 5.93
-------------------------------------------------------------------------
NDD110 562067.87 9556577.21 233 -58 117.00 139.20 22.20 1.16
------------------------------- 155.50 157.50 2.00 0.87
------------------------------- 182.45 216.07 33.62 2.26
-------------------------------------------------------------------------
NDD111 562067.87 9556577.21 233 -63 118.00 123.33 5.33 0.72
------------------------------- 125.92 126.39 0.47 1.85
------------------------------- 128.00 138.94 10.94 2.81
------------------------------- 175.90 182.15 6.25 2.32
------------------------------- 184.90 201.39 16.49 3.05 212.12
218.38 6.26 4.55 ------------------------------- 224.00 224.55 0.55
3.87 ------------------------------- 296.00 297.47 1.68 2.13
-------------------------------------------------------------------------
NDD112 560769.75 9557667.11 225 -66 84.00 86.07 2.07 4.56
-------------------------------------------------------------------------
NDD113 560667.46 9557623.18 225 -55 101.46 119.00 17.64 2.97
------------------------------- 183.25 183.55 0.30 6.24
-------------------------------------------------------------------------
NDD114 560698.10 9557657.96 225 -55 128.75 129.20 0.45 2.19
------------------------------- 165.42 165.85 0.43 1.11
------------------------------- 174.60 176.30 1.70 1.47
------------------------------- 180.75 187.22 6.47 10.39
-------------------------------------------------------------------------
NDD115 560646.52 9557660.26 225 -56 6.20 8.00 1.80 0.56
------------------------------- 14.00 19.70 5.70 11.93
------------------------------- 24.70 27.62 2.92 1.42
------------------------------- 34.20 35.80 1.60 0.79
------------------------------- 86.60 89.50 2.90 2.98
------------------------------- 97.57 99.20 1.63 3.82
------------------------------- 104.00 109.28 5.28 1.02
------------------------------- 115.15 116.50 1.35 0.84
-------------------------------------------------------------------------
NDD116 560666.83 9557742.50 225 -58 4.00 6.00 2.00 2.82
------------------------------- 25.00 34.70 9.70 1.08
------------------------------- 94.00 97.00 3.00 0.54
------------------------------- 102.00 114.00 12.00 0.47
------------------------------- 118.00 120.40 2.40 0.74
------------------------------- 135.90 143.00 7.10 0.99
------------------------------- 154.00 155.00 1.00 1.08
------------------------------- 162.00 179.00 17.00 3.60
------------------------------- 213.00 214.80 1.80 0.65
------------------------------- 227.80 231.80 4.00 1.08
------------------------------- 333.35 335.00 1.65 0.78
-------------------------------------------------------------------------
NDD117 560697.12 9557716.95 225 -70 72.00 73.00 1.00 1.02
------------------------------- 92.00 101.32 9.32 3.23
------------------------------- 129.80 131.96 2.16 1.75
------------------------------- 135.00 135.70 0.70 1.37
------------------------------- 142.00 143.00 1.00 4.89
------------------------------- 153.60 157.00 3.40 2.52
------------------------------- 161.00 179.80 18.80 3.28
------------------------------- 182.00 183.00 1.00 8.15
------------------------------- 190.00 192.00 2.00 1.14
-------------------------------------------------------------------------
NDD118 560501.88 9557850.03 225 -60 1.00 4.50 3.50 0.78
------------------------------- 19.00 20.00 1.00 7.11
------------------------------- 51.00 52.00 1.00 3.90
------------------------------- 61.00 64.00 3.00 5.00
------------------------------- 83.20 87.40 4.20 4.90
------------------------------- 183.28 184.00 0.72 1.05
-------------------------------------------------------------------------
NDD119 560607.50 9557754.39 225 -62 25.00 27.00 2.00 6.07
------------------------------- 70.32 72.00 1.68 3.93
------------------------------- 109.80 111.00 1.20 7.47
------------------------------- 146.00 147.00 1.00 1.73
------------------------------- 151.00 161.00 10.00 1.42
------------------------------- 203.00 204.00 1.00 1.25
-------------------------------------------------------------------------
NDD120 560440.31 9557863.23 225 -60 56.00 60.15 4.15 3.35
------------------------------- 69.00 72.00 3.00 0.80
------------------------------- 103.66 104.60 0.94 1.41
------------------------------- 113.39 117.50 4.11 3.25
------------------------------- 120.90 121.90 1.00 1.26
------------------------------- 124.77 125.40 0.63 3.96
------------------------------- 138.70 139.70 1.00 1.98
------------------------------- 157.10 160.47 3.37 9.62
------------------------------- 169.00 170.00 1.00 1.06
-------------------------------------------------------------------------
NDD121 560534.02 9557745.14 225 -50 37.00 45.60 8.60 1.56
------------------------------- 54.00 55.40 1.40 0.81
-------------------------------------------------------------------------
NDD122 560626.47 9557698.37 225 -51 0.00 3.00 3.00 2.01
------------------------------- 6.00 7.00 1.00 1.04
------------------------------- 32.13 38.55 6.42 2.17
------------------------------- 53.00 56.54 3.54 1.43
-------------------------------------------------------------------------
NDD123 560623.29 9557632.31 225 -55 0.00 6.78 6.78 1.40
------------------------------- 15.82 20.10 4.28 0.73
------------------------------- 27.33 28.10 0.77 3.96
------------------------------- 38.75 42.70 3.95 4.68
-------------------------------------------------------------------------
NDD124 560599.63 9557650.08 225 -52 8.57 11.10 2.53 0.90
------------------------------- 16.10 18.60 2.50 1.79
------------------------------- 38.80 41.70 2.90 0.60
-------------------------------------------------------------------------
NDD125 560599.74 9557650.28 225 -56 48.40 49.40 1.00 0.74
-------------------------------------------------------------------------
NDD126 560577.61 9557710.15 225 -52 138.00 139.00 1.00 1.95
------------------------------- 141.00 142.00 1.00 1.83
-------------------------------------------------------------------------
NDD127 560381.70 9557848.18 225 -50 23.08 23.60 0.52 1.66
------------------------------- 35.40 42.70 7.30 1.43
------------------------------- 83.80 87.33 3.53 8.13
------------------------------- 117.80 120.60 2.80 0.78
-------------------------------------------------------------------------
NDD128 560405.14 9557819.01 225 -49 18.90 20.90 2.00 1.87
------------------------------- 29.46 41.25 11.79 0.66
-------------------------------------------------------------------------
NDD129 560463.92 9557809.13 225 -48 No significant mineralization
-------------------------------------------------------------------------
NDD130 560371.15 9557908.20 225 -54 116.00 119.20 3.20 0.55
------------------------------- 124.23 124.85 0.62 1.18
------------------------------- 175.00 176.00 1.00 1.95
------------------------------- 181.60 183.00 1.40 0.96
------------------------------- 186.20 189.00 2.80 0.93
------------------------------- 242.60 244.00 1.40 1.01
-------------------------------------------------------------------------
NDD131 560996.09 9557688.74 236 -57 45.00 47.00 2.00 1.54
------------------------------- 69.00 72.20 3.20 2.22
------------------------------- 74.00 78.80 4.80 1.71
------------------------------- 83.00 101.62 18.62 20.15
------------------------------- 104.00 106.78 2.78 0.99
------------------------------- 110.35 130.00 19.65 4.94
------------------------------- 153.75 161.00 7.25 73.67
-------------------------------------------------------------------------
Holes are uncut. Core holes were inclined at between minus 48 and
70 degrees and averaged 209 metres in depth with a maximum
down-hole depth of 506 metres. Core recovery for these holes
averaged 86% within the mineralized zones. It is estimated that the
true widths of the mineralized zones are approximately 80% of the
intersected widths in the holes. Drill hole spacing was on 40 metre
sections. 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, internationally
recognised standards, duplicates and blanks were inserted into the
sample batches. Additional information with respect to the Namoya
project is contained in the technical report dated August 17, 2007
and entitled "Preliminary Assessment NI 43-101 Technical Report,
Namoya Gold Project, Maniema 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, each with mining licenses, 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 mineral reserves and the Company's
exploration and development plans with respect to Namoya) 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 Namoya 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 the Company's 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