GOLD: Banro extends Twangiza mine life to 14 years

DEMOCRATIC REPUBLIC OF THE CONGO – Banro Corp. of Toronto says a 59% increase in reserves will allow it to extend the life of the Twangiza gold mine to 14 years.

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DEMOCRATIC REPUBLIC OF THE CONGO – Banro Corp. of Toronto says a 59% increase in reserves will allow it to extend the life of the Twangiza gold mine to 14 years.

Proven and probable reserves at Twangiza grew 59% to 22.38 million tonnes grading 2.28 g/t Au and containing 1.64 million oz of gold. The numbers represent the inclusion of oxide material within the pit shell which has proven economically treatable in the existing plant.

At Namoya, proven and probable reserves are 20.53 million tonnes grading 1.92 g/t Au or 1.27 million contained oz.

Overall, Banro reserves have grown by 23% to 42.91 million tonnes averaging 2.11 g/t Au using a price of US$1,200/oz of gold. Reserves contain a total of 2.91 million oz of gold.

Banro estimates total measured and indicated resources for all it properties contain 7.73 million oz of gold in 154.91 million tonnes averaging 1.55 g/t Au. The inferred resource contains an additional 5.26 million oz in 97.78 million tonnes averaging 1.67 g/t Au.

Details of the property geology and mineralization are posted at Banro.com

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