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Banro has four gold properties comprising 13 Exploitation Permits or PEs, with mining licenses, in the South Kivu and Maniema Provinces of the DRC. These properties, totaling 2,600 square kilometers, occur along the 210 km, north-east to south-west trending Twangiza-Namoya gold belt. The gold belt is located in Proterozoic and Archean age rocks in the northern half of the Great Lakes sub-province.
The Company's Exploitation Permits cover all the major, historical producing areas of Twangiza, Lugushwa, Namoya and Kamituga where approximately 2.4 million ounces of gold were reportedly produced in the past from alluvial and hard rock sources. Gold mineralization delineated to date occurs along well defined ridges with excellent potential for the development of open pit reserves.
In addition to its 13 PEs, Banro was awarded 14 exploration permits (PRs) in March 2007 covering 3,130 square kilometres and located on highly prospective ground between its Twangiza and Lugushwa projects. Applications for additional PRs contiguous to and located between the Company's Lugushwa and Namoya projects, along with areas south of Twangiza, are pending.
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