The first of Banro’s two gold mines, Twangiza is targeted to produce 115,000 to 125,000 oz Au in 2015
Twangiza became Banro's first producing open pit gold mine in October 2011, and commenced commercial production in September 2012. With mill throughput currently operating at full capacity of 1.7 million tonnes per year, Twangiza is projected to produce 115,000 to 125,000 ounces of gold in 2015. The mine has an expected life of 14 years from currently defined reserves.
The property is located 45 kilometres south-southwest of Bukavu in South Kivu Province and consists of six Exploitation Permits covering 1,164 square kilometres in the highly-prospective 210km long Twangiza-Namoya gold belt.
Twangiza is the most advanced of Banro's four properties with a Mineral Reserve of 22.98 million tonnes grading 2.28g/t Au containing 1.64 million ounces of gold.
The Twangiza deposit is comprised of two resource components - an oxide portion and a transition rock/fresh rock (non-oxide) portion. The current activities involve mining and processing a blend of both oxide and non-oxide material within the reserve pit shell using the existing plant. Exploration activities are focused on growing the oxide resource. This Mineral Resource consists of a Measured & Indicated Resource of 109.28 million tonnes grading 1.50 g/t Au containing 5.26 million ounces of gold and an Inferred Resource of 12.99 million tonnes grading 1.15g/t Au containing 0.48 million ounces of gold.
The most recent technical report with respect to Twangiza that has been filed by Banro on SEDAR is dated July 29, 2015 and entitled NI 43-101 Technical Report, Mineral Resource and Reserve Update, December 31 2014, Twangiza Gold Mine, Democratic Republic of the Congo. A copy of this report may be accessed at www.sedar.com.