Banro reports initial resource at Twangiza

• Published in: Canada NewsWire p. 1
• Format: Newsletter
• Language: English
• Published: Ottawa PR Newswire Association LLC 16.09.2003
• Subjects: Drilling; Fault lines; Geology; Laboratories; Mineralization; Naas, Christopher O

t TORONTO, Sept. 16 /CNW/ - Banro Corporation (TSX-Ven Symbol "YBE") (the "Company") is pleased to report the TSX Venture Exchange has accepted for filing a current resource estimate for the Company's wholly owned Twangiza Deposit located within the 930 square kilometer Twangiza property in the South Kivu area of the Democratic Republic of the Congo (the "DRC"). Pursuant to Exchange requirements, the resource report was prepared to National Instrument 43-101 standards by CME Consulting Ltd. of Richmond, BC, Canada under the supervision of Mr. Christopher O. Naas, P. Geo, an independent qualified person as defined by NI 43-101. The full report can be viewed in the Banro file at www.sedar.com. The Twangiza property is located in the northern half of the Great Lakes sub-province of High Africa, one of the world's principal Precambrian orogenic- metallogenic provinces. Prior to the Company's involvement, the Twangiza property had been subject to extensive exploration activities that included over 8,200 metres of trenching, 12,000 metres of adits on seven levels and the collection of over 17,000 samples. In 1996, the Company acquired control of the Twangiza property and, in the following year, undertook an exploration program of geological mapping, surveying, data verification, airborne geophysical surveying, diamond drilling and resource modeling that was completed in 1998. Work included 10,490 line-kilometres of airborne geophysics, 2,161 surface samples, 1,613 adit samples from 16 adits, 8,577 drill core samples from 9,122 metres of diamond drilling and 162 density tests. All work conducted during this program was undertaken by CME & Company, an independent third party as defined by NI 43-101. The 1998 resource study by the independent consulting firm, CME Consulting Ltd., created a three-dimensional geological model based on the geological controls defined by the 1997-1998 exploration program. The resource was based on all pertinent exploration data including adit, trench, and drilling samples. The mineralized zone, which is spatially associated with the anticlinal axis, is divided into an oxide and sulphide zone. The oxide- sulphide boundary was modeled from data derived from the drill holes plus digitized historical data from adit mapping. This data was combined into a three dimensional surface with faulting interpreted based on the profiles from the adit mapping. The model was extended 50 metres down-dip from the drill holes and is extended beyond the end member sections by half the section spacing along strike.