Construction at Namoya, Banro's second gold mine, is on track for completion in Q3 2013, first gold in Q4 2013 and commercial production in 2014.
Banro's Namoya (oxide) project began construction in the fourth quarter of 2012 and the Company anticipates construction completion during Q3 of 2013 followed by first gold from the gravity circuit in the fourth quarter of 2013 and gold from the heap leach in the first quarter of 2014. At full capacity, gold from the Namoya mine is expected to double the Company's projected gold production to an annualized rate of 225,000 - 240,000 ounces.
Following the completion of the preliminary assessment in January 2011, Banro began infill drilling to move Inferred ounces to the Measured & Indicated categories and drilling of new targets to increase the defined resource base. As a result of infill drilling, the Measured and Indicated resources at Namoya increased by 39%: 24.77 million tonnes grading 1.99g/t Au containing 1.58 million ounces of gold plus an Inferred resource of 9.47 million tonnes grading 1.44g/t Au containing 440,000 ounces of gold. The updated resource calculation used a cut-off grade of 0.4g/t Au, identical to the previously calculations.
The most recent technical report with respect to the Namoya Property that has been filed by Banro on SEDAR is the "Preliminary Assessment NI 43-101 Technical Report, Namoya Gold Project, Maniema Province, Democratic Republic of the Congo," dated March 3, 2011. A copy of this report may be accessed at www.sedar.com or by clicking on the link below.
Preliminary Assessment NI 43-101 Technical Report -- Namoya Gold Project, Maniema Province, Democratic Republic of the Congo, March 3, 2011 (222 pages) (3.8 MB)
Alluvial deposits of gold were first discovered at Namoya in 1930 and mined between 1931 and 1947. Primary gold was also discovered during this period and underground mining commenced on the Filon 'B' deposit in 1947. Further discoveries of primary gold mineralization were made at Mwendamboko, Kakula and Muviringu, where selective mining was carried out. The majority of this mining was based on small-scale underground development along specific mineralized quartz veins or stockwork zones. During the 1950s a small open pit was established on Mt. Mwendamboko.
Mining ceased in 1961, although there remained substantial un-mined resources in the various deposits plus several other untested mineralized targets. Limited regional and strike exploration appears to have been conducted since 1961. Total historical production at Namoya has been estimated at 278,000 ounces of gold.
MineralizationThe mineralization at Namoya is structurally controlled by a 2.5 km, NW-SE trending shear zone within sericite schists, which hosts a series of quartz 'stockwork' deposits. The auriferous vein systems outcrop at the summits of Mt. Mwendamboko, Mt. Namoya, Mt. Kakula, and Mt. Muviringu. Mineralized 'stockwork' outcrops have also been located on eight other hills in the general area.
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