Banro Files NI 43-101 Technical Report on Twangiza Pre-Feasibility Studyadmin
Monday, August 18th 2008
Banro Corporation announce that following publication on July 7, 2008 of the results of the Pre-Feasibility Study on its wholly-owned Twangiza gold project, the Company has filed on SEDAR (www.sedar.com) the accompanying technical report. The report is dated August 13, 2008 and entitled “Pre-Feasibility Study NI 43-101 Technical Report, Twangiza Gold Project, South Kivu Province, Democratic Republic of Congo.”
The current exploration at Twangiza commenced in October 2005. A preliminary assessment study of Twangiza was completed in July 2007. This study was advanced to a Pre-Feasibility Study, the results of which were released by the Company by way of a press release dated July 7, 2008. The focus is now to further improve Twangiza’s economics by expanding the resource base, completing the infill drilling program by the end of October 2008, as well as optimizing various aspects of the project, more specifically the processing route, the engineering designs, as well as the hydro electric power plant.
“This will be done over the next 5 to 6 months as we progress all this work through to a definitive Bankable Feasibility Study and move Twangiza further along the development path and up the value curve,” said Banro President and CEO, Mike Prinsloo.
The Pre-Feasibility Study has been prepared under the supervision of Neil Senior, Joint Managing Director of SENET, and a “qualified person” as such term is defined in National Instrument 43-101, with input from a number of independent consultants including SRK Consulting, Cardiff (Mineral Reserve/Resource), SRK Consulting, Johannesburg (Mining, Environmental and Social), SGS Lakefield, Johannesburg (Metallurgical test work), Knight Piesold, Vancouver (Power), AMEC, UK (Tailings Dam) and SENET, Johannesburg (Processing and Infrastructure). SENET also undertook the Pre-Feasibility economic valuation and report compilation.
Banro is a Canadian-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 Democratic Republic of the Congo (the “DRC”). Led by a proven management team with extensive gold and African experience, Banro’s strategy is to unlock shareholder value by increasing and developing its significant gold assets in a socially and environmentally responsible manner.