Banro Corporation TICKER: NYSE.a DESCRIPTION: Led by a focused management team with extensive African and gold industry experience, Banro is developing four, wholly-owned properties along the 210 km Twangiza-Namoya gold belt in the Democratic Republic of the Congo. The company has to date identified 4.81 million ounces of Measured and Indicated Resources, plus Inferred Resources of 6.98 million ounces. In addition to its current properties, which cover 2,600 square kilometers, Banro was recently awarded 14 exploration permits covering 3,130 square kilometres and located on highly prospective ground between its Twangiza and Lugushwa projects. Applications for additional PRs contiguous to and located between the company's Lugushwa and Namoya projects, along with areas south of Twangiza, are pending.
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"Banro recently provided an update on the wholly-owned Lugushwa gold project. The 641 square kilometer Lugushwa project is the third in Banro's impressive pipeline. To date, an inferred resource of 2.7 million ounces has been estimated but considerable drilling has been completed since that estimate. Assay results have been received for an additional 26 holes. Results continue to be consistently positive with highlights including 84.0 metres grading 1.75 g/t gold and 48.8 metres grading 3.51 g/t gold."
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Junior Mining Weekly (11/26/08)