Banro Continues to Intersect Wide Zones of Gold Mineralization from its Drilling at Twangiza
Drilling results include 197.80 metres grading 2.05 g/t Au, 123.39 metres grading 3.01 g/t Au, 96.22 metres grading 2.33 g/t Au, 88.67 metres grading 1.91 g/t Au, 86.60 metres grading 2.01 g/t Au and 62.79 metres grading 2.01 g/t Au
Toronto, Canada - November 6, 2006 - Banro Corporation (“Banro” or the “Company”) (AMEX - “BAA”; TSX - “BAA”) is pleased to announce further drilling results from the Company’s current core drilling program at its wholly-owned Twangiza 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 17 core holes drilled at Twangiza that are part of a 20,000 metre drilling program.
- Hole TDD026 intersected 197.80 metres grading 2.05 g/t Au from 0.00 metres
- Hole TDD036 intersected 88.67 metres grading 1.91 g/t Au from 0.00 metres
- Hole TDD037 intersected 86.60 metres grading 2.01 g/t Au from 150.80 metres
- Hole TDD038 intersected 96.22 metres grading 2.33 g/t Au from 29.00 metres
- Hole TDD039 intersected 30.05 metres grading 2.06 g/t Au from 91.30 metres and 62.79 metres grading 2.01 g/t Au from 129.67 metres
- Hole TDD040 intersected 123.39 metres grading 3.01 g/t Au from 99.87 metres, including 35.69 metres grading 6.08 g/t Au from 116.78 metres
All core holes were drilled within the Twangiza deposit except TDD 024, TDD025, TDD027, TDD028, TDD030 and TDD032 which were drilled to the north of the deposit and hole TDD033 which was drilled to the south. It is interpreted that TDD033 was drilled above the southerly plunging mineralization of the Twangiza deposit. These drilling results are over a strike length of 480 metres within the Twangiza deposit with holes spaced at 40 to 80 metre sections while the drilling to the north of the Twangiza deposit was at 160 metre spaced sections. A locality plan of these drill holes is found accompanying this press release on the Company’s web site at http://www.banro.com/i/pdf/2006-11-6_NRM.pdf.
Results from the core holes are tabulated in the following table:
|(UTM)||(UTM)||FROM (m)||TO (m)||WIDTH (m )||(g/t)|
Holes are uncut.
Commenting on these drilling results at Twangiza, Peter Cowley, President and C.E.O. of the Company, said: “The ongoing core drilling program with four drill rigs continues to intersect wide, multiple zones of gold mineralization in areas within the deposit where previous drilling was too widely spaced to outline higher confidence mineral resources. This current drilling program is focusing on upgrading the current resource and outlining additional inferred resources.”
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, split with half the sample then being 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. sample. 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 Twangiza property is contained in the technical report of Michael B. Skead (who is the Company’s Vice President of Exploration and a “qualified person” as such term is defined in National Instrument 43-101) dated March 30, 2006, and entitled “NI 43-101 Technical Report, Twangiza Project, South Kivu Province, Democratic Republic of the Congo.” A copy of this report can be obtained from SEDAR at www.sedar.com. Exploration at Twangiza is being conducted under the supervision of Mr. Skead (Aus.I.M.M).
Banro is a Canadian-based gold exploration company focused on the development of four major, wholly-owned gold projects 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.
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 Michael B. Skead (Aus.I.M.M), the Company’s Vice President of 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 No. 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 mineral resources, exploration results, potential mineralization and future plans and objectives of the Company) 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, changes in world gold markets and equity markets, political developments in the DRC, 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 ecological data and the other risks involved in the gold exploration and development industry. 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.
For further information, please visit our website at www.banro.com, or contact: Peter Cowley, President and C.E.O., United Kingdom, Tel: (44) 790-454-0856; 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.