Banro is a Canadian gold company with two wholly-owned producing gold mines and two wholly-owned advancing gold exploration projects in the Democratic Republic of the Congo. The Twangiza mine produced 135,532 oz Au in 2015. The new Namoya gold mine entered commercial production on January 1, 2016 and has production targets of 9,000 to 10,000 oz Au per month. Exploration is ongoing at the fully permitted and licensed projects of Kamituga and Lugushwa. With Proven and Probable Mineral Reserves of 3.18 million oz Au, a Measured and Indicated resource of 7.04 million oz Au and an Inferred resource of 5.08 million oz Au, Banro’s properties host a major gold resource.
Banro Corporation Banro is a Canadian gold company with two producing gold mines and two advancing gold exploration projects in the South Kivu and Maniema Provinces of the Democratic Republic of the Congo (DRC). These four, wholly-owned gold properties comprise 13 Exploitation Permits (mining licenses) covering a total area of 2,616 square kilometers. They are located along the 210 km, north-east to south-west trending Twangiza-Namoya gold belt. The gold belt is located in Proterozoic and Archean age rocks in the northern half of the Great lakes sub-province.
Mining & Exploration
The Company’s two operating gold mines are Twangiza, which produced 135,500 oz Au in 2015, and Namoya, which entered commercial production in January 2016 and has production targets of 9,000 to 10,000 oz Au per month. Multiple new exploration targets have been identified on both the Twangiza and Namoya properties. Meanwhile, exploration is ongoing at the fully permitted and licensed projects of Kamituga and Lugushwa.
In addition to these four licensed projects, Banro also holds 14 exploration permits covering 2,638 square kilometres and located on highly prospective ground between its Twangiza and Lugushwa projects. Applications for additional exploration permits contiguous to and located between the Company's Lugushwa and Namoya projects, along with areas south of Twangiza, are pending.
To date, only 12 percent of the concession area has been explored using modern exploration techniques.
Qualified Person Daniel K. Bansah, who is a Member of the Australasian Institute of Mining and Metallurgy (Aus.I.M.M), the Company's Vice President, Exploration and a "qualified person" (as such term is defined in National Instrument 43-101), has reviewed and approved the technical information included on this web site with respect to the Company's gold properties.
The first of Banro's two gold mines, Twangiza is targeted to produce 110,000 to 120,000 oz Au in 2016
Twangiza became Banro's first producing open pit gold mine in October 2011, and commenced commercial production in September 2012. With mill throughput currently operating slightly above capacity of 1.7 million tonnes per year, Twangiza in 2015 produced 135,532 ounces of gold. The mine has an expected life of 14 years from currently defined reserves.
The property is located 45 kilometres south-southwest of Bukavu in South Kivu Province and consists of six Exploitation Permits covering 1,164 square kilometres in the highly-prospective 210km long Twangiza-Namoya gold belt.
Twangiza is the most advanced of Banro's four properties with a Mineral Reserve of 27.67 million tonnes grading 2.05 g/t Au containing 1.82 million ounces of gold. Measured and Indicated resources at Twangiza are 99.35 million tonnes grading 1.47 g/t Au containing 4.69 million ounces of gold plus an Inferred Resource of 9.83 million tonnes grading 1.17 g/t Au containing 370,000 oz Au. The updated resource calculation used a cut-off grade of 0.4 g/t Au.
The Twangiza deposit is comprised of two resource components - an oxide portion and a transition rock/fresh rock (non-oxide) portion. The current activities involve mining and processing a blend of both oxide and non-oxide material within the reserve pit shell using the existing plant. Exploration activities are focused on growing the oxide resource.
In 2016, management efforts will focus on increasing plant production through expansion of the fine crushing circuit. This is expected to create a finer grind which is more amenable for improved leach dissolution. The additional crushing equipment has been procured and is expected to be commissioned in the third quarter of 2016.
The most recent technical report with respect to Twangiza that has been filed by Banro on SEDAR is dated July 29, 2015 and entitled NI 43-101 Technical Report, Mineral Resource and Reserve Update, December 31 2014, Twangiza Gold Mine, Democratic Republic of the Congo. A copy of this report may be accessed at www.sedar.com.
Banro's second gold mine, Namoya, began commercial production on January 1, 2016
Banro's Namoya (oxide and free-milling) mine entered commercial production on January 1, 2016. At full capacity, the Namoya mine, a hybrid heap leach – CIL plant, is expected to produce 9,000 to 10,000 ounces of gold per month.
Namoya has a Proven and Probable Mineral Reserve of 20.94 million tonnes grading 2.02 g/t Au containing 1.36 million ounces of gold. Measured and Indicated resources at Namoya are 25.68 million tonnes grading 1.96 g/t Au containing 1.62 million ounces of gold plus an Inferred Resource of 5.03 million tonnes grading 1.63 g/t Au containing 260,000 oz Au. The updated resource calculation used a cut-off grade of 0.4 g/t Au.
The Namoya property lies at the southern end of the Twangiza-Namoya gold belt in Maniema province, approximately 210 kilometers southwest of Twangiza and consists of one PE covering an area of 174 square kilometres.
Mineral Reserves, As At December 31, 2015
|Proven ||6.21 ||2.19 ||0.44 |
|Probable ||21.47 ||2.01 ||1.39 |
|Total Proven & Probable ||27.67 ||2.05 ||1.82 |
|Proven ||17.90 ||2.10 ||1.21 |
|Probable ||3.04 ||1.53 ||0.15 |
|Total Proven & Probable ||20.94 ||2.02 ||1.36 |
|TOTAL MINERAL RESERVE |
|Proven ||24.10 ||2.12 ||1.65 |
|Probable ||24.50 ||1.95 ||1.54 |
|Total Proven & Probable ||48.61 ||2.03 ||3.18 |
Note: Rounding of numbers may result in computational discrepancies.Mineral Reserves included in Mineral Resources.
Mineral Resources, As At December 31, 2015
|Twangiza (Oxide) |
|Measured ||2.49 ||1.99 ||0.16 |
|Indicated ||8.57 ||1.86 ||0.51 |
|Measured & Indicated ||11.06 ||1.89 ||067 |
|Inferred ||1.56 ||1.20 ||0.06 |
|Twangiza (Transition & Fresh) |
|Measured ||3.11 ||2.11 ||0.21 |
|Indicated ||85.18 ||1.40 ||3.81 |
|Measured & Indicated ||88.29 ||1.42 ||4.02 |
|Inferred ||8.27 ||1.17 ||0.31 |
|Namoya (Oxide & Free-milling) |
|Measured ||20.44 ||2.02 ||1.33 |
|Indicated ||5.24 ||1.73 ||0.29 |
|Measured & Indicated ||25.68 ||1.96 ||1.62 |
|Inferred ||5.03 ||1.63 ||0.26 |
|Lugushwa (Oxide) |
|Indicated ||16.91 ||1.35 ||0.73 |
|Inferred ||6.17 ||1.56 ||0.31 |
|Lugushwa (Transition & Fresh) |
|Inferred ||65.01 ||1.54 ||3.22 |
|Inferred (Surface) ||4.14 ||2.40 ||0.32 |
|Inferred (Underground) ||3.12 ||6.00 ||0.60 |
|TOTAL MEASURED & INDICATED ||141.94 ||1.54 ||7.04 |
|TOTAL INFERRED ||93.29 ||1.70 ||5.08 |
|Common Shares Outstanding ||302,309,005 |
|Options ||20,414,192 |
|Warrants ||34,200,0001 |
|Exchangeable Preferred Shares ||63,000,0002 |
|Series A Preference Shares ||116,0003 |