Banro Corp said an updated mineral resource estimate for its wholly-owned Twangiza project in the Democratic Republic of the Congo has increased the measured and indicated resources by 49.7 percent to 5.6 million ounces of gold, or 107.5 million tonnes grading 1.6 grams per ton.
The latest report by SRK Cunsulting (UK) Ltd updates Banro’s resource estimate published in July 2008.
The estimated mineral resources are found within three deposits: Twangiza Main, which contains 85 percent of the total; Twangiza North which contains 13 percent, and the Twangiza Valley Fill deposit, which contains 2 percent. Both Twangiza Main and Twangiza are open at depth.
President and chief executive Mike Prinsloo said: “These new resources will be included in the full feasibility study which we expect to complete within the next two weeks and which are anticipated to generate an increase in the life of mining operations and total gold recovered from the Twangiza project.”
Banro is a Canada-based gold exploration company focused on the development of four major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre-long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC.