TWANGIZA PHASE 1 ASSAY RESULTS COMPLETE
PHASE II PROGRAM TO COMMENCE IMMEDIATELY!
TORONTO, May 7 /CNW/ - Banro Resource Corporation is pleased to report
the remaining assay results from the Phase 1 Program at Twangiza.
Drill holes 13 through 19 complete the Phase 1 Program and confirm gold
mineralization at Twangiza along 800 metres of strike where an open-pit gold
resource of 7 million ounces has been delineated. The resource remains open
along strike and at depth.
Assay Results From Holes 13 through 19 are as follows:
TW98-13 was collared approximately 160 metres west-southwest of hole
TW97-1 and drilled at a -50 degree angle crossing the fold axis in an easterly
direction to a total depth of 460 metres. The intersection of gold
mineralization in TW98-13 confirms the southerly extension of the gold zone
returned from TW98-1.
<<
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DDH No. Intersect Gold Grade
From (m) To (m) Length (m) Length (ft) (g/t) (oz/T)
-------------------------------------------------------------------------
TW98-13 142.7 370.6 227.9 747.7 1.77 0.052
---------------------------------------------------------------
incl. 184.2 242.0 57.8 189.6 2.50 0.073
---------------------------------------------------------------
and 295.0 334.0 39.0 128.0 3.70 0.108
-------------------------------------------------------------------------
>>
TW98-14 was collared 70 metres south-southwest of hole TW97-8,
paralleling it and hole TW97-9. The hole was drilled at a -50 degree angle
crossing the axis of the deposit in an easterly direction to a total depth of
564 metres.
<<
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DDH No. Intersect Gold Grade
From (m) To (m) Length (m) Length (ft) (g/t) (oz/T)
-------------------------------------------------------------------------
TW98-14 15.0 32.0 17.0 55.8 1.37 0.04
---------------------------------------------------------------
65.0 204.0 139.0 456.0 1.26 0.037
---------------------------------------------------------------
incl. 96.5 116.0 19.5 64.0 2.55 0.074
---------------------------------------------------------------
and 183.0 204.0 21.0 68.9 2.42 0.071
-------------------------------------------------------------------------
>>
TW98-15 was collared 220 metres southeast of hole TW97-5 and drilled at a
-50 degree angle in a westerly direction across the deposit axis to a depth of
601 metres.
<<
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DDH No. Intersect Gold Grade
From (m) To (m) Length (m) Length (ft) (g/t) (oz/T)
-------------------------------------------------------------------------
TW98-15 186.0 552.0 366.0 1200.8 1.17 0.034
---------------------------------------------------------------
incl. 318.0 333.0 15.0 49.2 2.58 0.075
---------------------------------------------------------------
and 439.0 539.0 100.0 328.1 2.30 0.067
-------------------------------------------------------------------------
>>
TW98-16 was collared 185 metres northwest of TW97-8, paralleling hole
TW98-12. The hole was drilled at a -45 degree angle in an easterly direction
to a total depth of 555 metres.
<<
-------------------------------------------------------------------------
DDH No. Intersect Gold Grade
From (m) To (m) Length (m) Length (ft) (g/t) (oz/T)
-------------------------------------------------------------------------
TW98-16 16.5 21.0 4.5 14.8 1.67 0.049
---------------------------------------------------------------
176.0 233.4 57.4 188.3 1.02 0.030
---------------------------------------------------------------
incl. 215.2 233.4 18.2 59.6 2.65 0.077
-------------------------------------------------------------------------
>>
TW98-17 was collared 75 metres east-northeast of hole TW97-3. It was
drilled at a -50 degree angle in a westerly direction but was stopped
prematurely at a depth of 208.2 metres due to technical problems.
TW98-18 was collared 75 metres north of hole TW97-5 and drilled at a -50
degree angle across the axis of the deposit in a westerly direction to a total
depth of 559 metres.
<<
-------------------------------------------------------------------------
DDH No. Intersect Gold Grade
From (m) To (m) Length (m) Length (ft) (g/t) (oz/T)
-------------------------------------------------------------------------
TW98-18 58.5 466.4 407.9 1338.3 1.28 0.037
---------------------------------------------------------------
incl. 252.0 261.0 9.0 29.4 3.46 0.101
---------------------------------------------------------------
and 319.0 334.0 15.0 49.2 3.02 0.088
---------------------------------------------------------------
and 362.0 466.4 104.4 342.5 2.01 0.059
-------------------------------------------------------------------------
>>
TW98-19 was collared 80 metres north of hole TW98-11 and drilled at a -53
degree dip to a total depth of 506 metres crossing the axis of the deposit in
an easterly direction.
<<
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DDH No. Intersect Gold Grade
From (m) To (m) Length (m) Length (ft) (g/t) (oz/T)
-------------------------------------------------------------------------
TW98-19 105.0 412.0 307.0 1007.2 1.30 0.038
---------------------------------------------------------------
incl. 266.0 335.0 69.0 226.4 2.00 0.058
---------------------------------------------------------------
and 379.0 412.0 33.0 108.3 2.23 0.065
-------------------------------------------------------------------------
>>
Using standard sampling practices, the samples were drawn at
approximately 1 metre intervals, from the sawed half core, under the
supervision of international consultants CME and Company. These samples were
fire assayed by ACME Analytical Laboratories of Vancouver, Canada.
The Phase II program at Twangiza will commence immediately and shall
include the completion of a pre-feasibility study prepared by an
internationally recognized engineering consulting company. As part of this
program a further 9,200 metres of diamond drilling will be undertaken in order
to in-fill drill the delineated gold resource and to explore additional
mineralization along strike.
Banro Resource Corporation is a gold exploration and development company
with 47 mining concessions encompassing an area of 10,271 square kilometers in
the Democratic Republic of The Congo. Banro's common stock is quoted on the
Canadian Dealing Network (CDN), under the symbol ''BNRS''. The Company has
13,671,181 common shares issued and outstanding.
-0- 05/07/98
For further information: on Banro, please visit our Web Site at banro.com or contact: A.T. Kondrat, Co-Chairman; Michael Nikiforuk, Vice-President, Director; Cliff Jones, Investor Relations, Phone: (416) 366-2221, Fax: (416) 366-7722, Toll-free: 1-800-714-7938; In Johannesburg, S.A. contact: Bernard van Rooyen, President & CEO, Banro Resource Corporation, Phone: 2711 476-5031, Fax: 2711 476-5049
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