Banro Corp expects 39% higher measured and indicated resources at its Namoya gold project

Canadian gold explorer Banro Corp said it expects 39 percent higher measured and indicated resources at its Namoya project in the Democratic Republic of Congo.

Estimated measured and indicated mineral resources have increased to 1.58 million ounces of gold, compared with the previous estimate of 1.13 million ounces, the company said in a statement.

“We expect these newly defined resources to generate an increase in the life of mine operations and total gold recovered from the Namoya project,” Chief Executive Simon Village said.

The project covers an area of 174 square kilometres.

Shares of the company were up 2 percent at C$3.71 in early trading on the Toronto Stock Exchange. – Reuters

Tags: Banro Corp, Gold, Gold mining, Gold mining companies, Gold mining industry, Namoya gold project

Posted by admin on Dec 23 2011. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry