Update https://www.marketwired.com/press-release/banro-announces-mineral-reserve-estimate-its-namoya-gold-mine-democratic-republic-congo-nyse-mkt-baa-1893059.htm
- Banro's total Proven & Probable Mineral Reserves now 2.36 Moz Au
- Banro's total Measured and Indicated Mineral Resources now 8.35 Moz Au and total Inferred Mineral Resource is 5.32 Moz
TORONTO, ONTARIO--(Marketwired - March 27, 2014) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(TSX:BAA) is pleased to provide a Mineral Reserve estimate for its Namoya gold mine and an updated Mineral Resource and Mineral Reserve estimate for its Twangiza gold mine, both of which are located along the 210 kilometre Twangiza-Namoya gold belt in the Democratic Republic of the Congo ("DRC"). The 2013 year-end review of Mineral Resources and Mineral Reserves at the Company's four core projects - Twangiza, Namoya, Lugushwa and Kamituga - has resulted in positive growth in overall Mineral Reserves as a result of the conversion of Namoya Mineral Resource into Mineral Reserves.
Highlights
The Namoya 1.34 Moz Proven & Probable Mineral Reserves represent conversion of 73% of the 1.83 Moz Measured and Indicated Mineral Resources.
Including the Mineral Reserve estimate at Namoya, Banro's total Proven & Probable Mineral Reserves have increased by 53% to 2.36 million ounces ("Moz") of gold (using a US$1,200/oz gold price).
At Twangiza, the Proven & Probable Mineral Reserve estimate has decreased by 33% to 1.03 Moz, due to a drop in gold price, some mining depletion, and an increase in estimated costs (20.2% due to gold price, 6.5% due to depletion and 6.3% due to estimated costs)
At Lugushwa, the Indicated Mineral Resource consisting solely of oxide material remained 0.73 Moz. Lugushwa's Inferred Mineral Resource is now 3.53 Moz, of which 0.31 Moz is oxide material. This represents a 27.6% reduction in the total inferred resource of 4.88 Moz, reported in the Company's January 31, 2013 press release (of which 0.40 Moz was oxide).
During 2013, the Company scaled down its exploration activities at its Twangiza, Namoya, Lugushwa and Kamituga projects and focused on mine construction at Namoya and plant expansion at Twangiza. In order to consolidate Banro's position on the various exploration sites, limited exploration activities are planned for 2014 using small teams focused on generating new oxide targets in Lugushwa and Kamituga.
Banro's Mineral Resources and Mineral Reserves disclosed in this press release are reported in accordance with National Instrument 43‐101 (Standards of Disclosure for Mineral Projects), which incorporates by reference the CIM Definition Standards on Mineral Resources and Mineral Reserves. The Mineral Resources reported in this press release are inclusive of the Mineral Reserves component.