DRC Gold, Banro Proving up Four Potential Mines

Source:

Banro is proving up four major gold targets at Twangiza, Namoya, Lugushwa and Kamituga, all around old artisanal workings and a major source of small-scale gold mining over the years.

...It is significant that these are both operating on licences in the Democratic Republic of the Congo (DRC) where recent moves to re-assess the legality of exploration and mining licences, and in particular for those awarded prior to the current government regime under Joseph Kabila taking office, have created some investor uncertainty.

In an interview with Mineweb in London today, Banro's new CEO, former Gold Fields senior executive Mike Prinsloo, was at pains to point out that Banro's licences were awarded under the current regime and thus should not be considered in the same light as some earlier license awards which are likely to be under close scrutiny. The company is completely confident that no problems will materialise in this respect.

So saying, perhaps Banro shares should be re-rated given the extremely positive progress reports relating to its properties on the Twangiza-Namoya gold belt in the Eastern DRC. Here the company is proving up four major gold targets at Twangiza, Namoya, Lugushwa and Kamituga, all around old artisanal workings and a mjor source of small-scale gold mining over the years. The first two of these projects are at the pre-feasibility study stage and the other two at scooping study stage, but Prinsloo told Mineweb he is confident that all four of these will support mining operations in their own right.

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