NewsTORONTO, ONTARIO--(Marketwired - April 10, 2014) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(TSX:BAA) is pleased to provide Q1 2014 gold production and a brief operations update for its Twangiza and Namoya gold mines in the Democratic Republic of the Congo (the "DRC").
Twangiza Mine
Despite much heavier than normal rainfall in the first quarter, Twangiza produced 20,137 ounces of gold, an increase of 2.7% over the same quarter of 2013, which had significantly less rainfall than 2014. This is roughly in line with the average quarterly production in 2013, as the plant nears completion of the expansion program to bring the throughput capacity up to the 1.7 million tonnes per year range.
"While the first quarter is typically one of the wetter periods of the year, a large part of the Eastern DRC has received exceedingly high levels of rainfall," commented CEO Dr. John Clarke. "This has had an impact on throughput at Twangiza but we believe that, on an on-going basis, we can make up for shortfalls during future dry periods."
The Company's 2014 first quarter production results for the Twangiza Mine in comparison to the first quarter of 2013 are as follows:
|
Units |
Q1 2014 |
Q1 2013 |
| Total ore mined |
Tonnes |
296,324 |
492,529 |
| Total ore milled |
Tonnes |
252,691 |
239,100 |
| Head grade |
g/t Au |
2.73 |
3.04 |
| Recovery |
% |
84.97 |
84.5 |
| Strip ratio |
t:t |
1.29 |
0.98 |
| Gold production |
Ounces |
20,137 |
19,602 |
| Average gold price received |
US$/ounce |
1,246 |
1,621 |
Because rainfall will continue to be part of the operating environment at Twangiza, the Company has put in place a plan to address this issue, which includes the installation of a roof above the Run-of-Mine pad to secure an acceptable amount of dry material to maintain steady throughput. The Company expects that, with the ending of the rainy season, Twangiza will be able to start to benefit from the process plant improvements facilitated during 2013.
Namoya Project
As part of the pre-commercial gold production, the Company recovered 3,362 ounces of gold (129,372 tonnes of material stacked at 1.91 g/t Au) from its semi-agglomerated heap leach operation in Namoya during the first quarter of 2014. As of the end of Q1 2014, project completion at Namoya stood at approximately 99 percent.
Namoya is forecast to provide between 50,000 and 60,000 ounces of gold production in the commercial production phase during 2014, which is expected to begin in the second half of the year.
Read more at https://www.stockhouse.com/news/press-releases/2014/04/10/banro-provides-q1-2014-production-update-for-its-twangiza-gold-mine-drc-and#Ew6WgRbLEOU614vE.99