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Banro Intercepts Further Significant Gold Mineralization While Feasibility Drilling At Namoya Project, The Second Project Being Tabled For Production In Q1 2013

Stocks in this article: BAA

  • Highlights include 28.30 metres grading 2.78 g/t Au, 11.76 metres grading 6.44 g/t Au, and 9.34 metres grading 7.56 g/t Au.
  • The feasibility study, engineering design and site preparation for the Namoya project is expected to be completed by December 2011, followed by hard construction commencing in Q1 2012.

TORONTO, June 27, 2011 /PRNewswire/ - Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA" TSX - "BAA") is pleased to announce results from the Company's infill core drilling program at its wholly-owned Namoya gold project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the "DRC").

Assays results have been received for 37 infill core holes completed at Namoya since the current phase of drilling started in October 2010. These 37 infill holes, which have been drilled as part of the Company's feasibility study, have not been included in the mineral resource estimates that were announced by the Company on January 24, 2011 as part of the preliminary assessment of the Namoya heap leach project.

Highlights include:

  • Hole NDD221 intersected 12.10 metres grading 3.72 g/t Au from 76.00 metres
  • Hole NDD223 intersected 9.34 metres grading 7.56 g/t Au from 134.48 metres
  • Hole NDD228 intersected 22.08 metres grading 2.88 g/t Au from 101.13 metres
  • Hole NDD235 intersected 11.76 metres grading 6.44 g/t Au from 36.84 metres
  • Hole NDD237 intersected 9.00 metres grading 2.59 g/t Au from 11.00 metres
  • Hole NDD242 intersected 28.30 metres grading 2.78 g/t Au from 10.00 metres
  • Hole NDD243 intersected 13.00 metres grading 3.54 g/t Au from 62.00 metres
  • Hole NDD245 intersected 12.00 metres grading 4.81 g/t Au from 59.00 metres

The infill drilling program is part of the work program outlined at Namoya, that is aimed at upgrading the mineral resources into the higher confidence Measured and Indicated Resource categories with the goal of determining ore reserves as part of the feasibility study and engineering design which is expected to be completed by December 2011, followed by hard construction commencing in Q1 2012. This will set the Namoya project on track for planned gold production by Q1 2013, which is expected to double the Company's projected gold production to around 250,000 ounces per annum.

Three core rigs are now in operation at Namoya to complete the drilling program, with all core holes to date being drilled at the existing Mwendamboko, Kakula and Namoya Summit deposits, which occur along a 2.5 kilometer mineralized shear zone at Namoya. Core drilling is currently on going at the Muviringu deposit. The mineralized sections at Namoya are found within a series of quartz veins and stockworks hosted by quartz-sericite-chlorite schists.

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