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Banro issues new resource estimate for Namoya Gold project in DRC

Published: 05:26 12 Mar 2009 AEDT

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Banro Corp issued the latest independent mineral resource estimate for its Namoya project in the Twangiza-Namoya gold belt in the Democratic Republic of Congo, showing 1.124 Million ounces of measured and indicated resources and 407,700 oz of inferred resources.

Namoya is is situated at the southern end of the Twangiza-Namoya gold belt in Maniema province of the eastern DRC and covers an area of 174 square kilometres. Exploration commenced in December 2004.

To date, 210 diamond drill holes and 82 historical underground drillholes have been completed together with extensive re-sampling of old mine adits along the 2.5 kilometre long, northwest trending mineralized zone which hosts the four main deposits of Mwendamboko, Muviringu, Kakula and Namoya Summit.

Exploration is continuing to assess a number of other prospects, namely Kakula West, Seketi, Matongo and Filon B, all within two kilometres of the four main deposits, to further increase oxide ounces for the heap leach project.

The study estimates a measured resource of 4.68 million tons at 2.5 grams of gold per ton, for 376.100 oz contained, and an indicated resource of 12.77 million tonnes at 1.8 g/t gold for 748.300 oz.

Banro president and CEO Mike Prinsloo said: "The company, together with SRK, has identified specific additional infill holes to be drilled out in order to add to the measured and indicated resource categories and move the Namoya heap leach project above the threshold of one million recovered ounces.

“Our immediate target for Namoya is to increase the new resource position to plus 2 million ounces. The Namoya heap leach project will then be taken through to full feasibility,” he added.

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