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Banro Corp edging to first project Posted: Tue, 06 Feb 2007 [miningmx.com] -- BANRO Corporation will unveil a scoping study for its first project in the Twangiza-Namoya gold belt in the Democratic Republic of Congo (DRC), within three months, said CEO and President, Peter Cowley. Speaking on the sidelines of the Indaba Mining Conference, held in Cape Town, Cowley said Banro Corp. was hoping to unveil project details at the conference. However a technical complication relating to the refractory nature of the ore has led to a delay. In laymans’ terms, the presence of refractory ore means it could be more expensive to extract gold. The company was considering processing alternatives and not until this was completed could capital costs be estimated. Banro is prospecting four, wholly-owned properties along the 210km Twangiza-Namoya gold belt in the east of the DRC. About 3.7 million oz of measured and indicated resources has been identified, as well as inferred resources totalling 6.87 million oz. “Within the next two to three months we will announce a preliminary assessment (scoping study) which will give rough numbers for capital and operating costs,” said Cowley. “It will show where we need to focus the prefeasibility study.” This is good news for Banro which has owned the properties since the Nineties. It was not until November 2007 that fully-fledged exploration of the gold belt only began. There are six drilling rigs on the Twangiza, Lugushwa and Namoya projects at present, according to Banro’s website. The Company also plans to begin exploration at Kamituga in early 2007, it said. Cowley conceded it was time Banro converted prospects into projects. “We’re getting to a critical stage in the company’s development where we should be looking towards developing projects,” he said. Click Here to subscribe to our daily newsletter
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