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Banro Corporation

Namoya, Banro's second gold mine, poured its first gold in Q4 2013 during the commissioning process and has targeted mid 2015 for commercial production.




Banro's Namoya (oxide) project began construction in the fourth quarter of 2012 and completed construction and began commissioning during Q2 of 2014. At full capacity, the Namoya mine is expected to produce roughly 9,000 to 10,000 ounces per month.

Namoya has a Proven & Probable resource of 23.00 million tonnes grading 2.34g/t Au containing 1.03 million ounces of gold. Measured and Indicated resources at Namoya are 29.78 million tonnes grading 1.91g/t Au containing 1.83 million ounces of gold plus an Inferred resource of 6.52 million tonnes grading 1.61g/t Au containing 340,000 ounces of gold. The updated resource calculation used a cut-off grade of 0.4g/t Au.


Field crew members check core at drill site.
The Namoya property lies at the southern end of the Twangiza-Namoya gold belt in Maniema province, approximately 225 kilometers southwest of Bukavu and consists of one PE covering an area of 174 square kilometres.

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.





History


Technician cutting drill core; safety is paramount in all Banro operations.

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.


Mineralization
The 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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