Toronto, Canada — MININGREVIEW.COM — January 16, 2008 – Banro Corporation – a Canadian-based gold exploration company with four wholly-owned properties along a major gold belt in the Democratic Republic of Congo (DRC) – reports a substantial 23% increase in resources at its Twangiza project.
Banro’s four DRC properties – Twangiza, Kamituga, Lugashwa and Namoya – total 2 600 squ km along the Twangiza-Namoya Gold Belt, which stretches 210 km from north-east to south-west.
In a progress report released here today, the company reveals that measured and indicated mineral resources at Twangiza have risen to almost 3.9 Moz (53.6 Mt grading 2.25g/t Au), and that the inferred mineral resource now stands at 2.7Moz (46.2Mt grading 1.82g/t Au).
The increase in mineral resources at Twangiza – located approximately 45 kilometres south-southwest of Bukavu, in South Kivu Province – results from the ongoing infill, core drilling programme on the Twangiza North deposit with the objective of upgrading and increasing the previously defined inferred mineral resource. An additional 65 core holes totalling 13,751.24m have been included in this resource update since the previous resource update in June 2007.
Commenting on these latest results at Twangiza, Banro president Peter Cowley says: “The infill drilling programme at our Twangiza North discovery has been successful in rapidly converting the previous inferred resource into indicated, as well as increasing the total mineral resources at this deposit.
“We expect a further increase in our measured and indicated resources at Twangiza in the coming months as we complete infill drilling at Twangiza North, and then commence infill drilling at the Twangiza Main deposit,” he adds. “Drilling has now recommenced after the year-end break with four core rigs at Twangiza aiming to add to and upgrade these mineral resources, which will then be incorporated into the pre-feasibility study due for completion during the second quarter of this year.”