Exploration work in Kamituga during the Q4 2012 involved:
-- Diamond drilling (DD) in the Kibukila and G22 prospects;-- Trenching and channel sampling at the Kibukila, Filon20 and Kobokobo prospects;-- Auger drilling in the Kibukila, Filon20, Kobokobo and Bitanga prospects;-- Regional exploration including gridding and soil sampling in the Kobokobo grid.
Eight (8) DD holes for 1,118.3 metres were drilled at Kibukila and G22 prospects, and a total of 1,327 samples were generated from the above program.
Trenching continued during the Q4 2012 and a total of 306 samples were collected from 14 trenches representing 301.00 metres of excavated in Kibukila, Filon20 and Kobokobo prospects.
Gridding and soil sampling work had the objective of covering the south-western part of the concession as an extension of the current Kamituga soil geochemistry coverage. The area was prioritized due to an open ended soil anomaly through the southwest of the existing grid. In total, 46.08 line km of grid were opened and 1,156 soil samples and 4 rock chip samples were collected in the Kobokobo prospects using a 160m x 40 m grid pattern.
The 2013 exploration program will focus on delineation drilling of the Kibukira prospect and other targets within the Kamituga Central area. An extensive regional exploration program will also be initiated outside the Kamituga Central area to outline further drill targets.
Full details of the results of the Kamituga exploration activities during 2012 are contained in the Press Release of the Company dated November 15, 2012 and entitled "Banro Provides Exploration Update for Projects in the DRC, Including Significant Drill Intersections at Namoya, Lugushwa and Kamituga". A copy of this press release can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.
(v) Regional Exploration Projects
The Company's wholly-owned DRC subsidiary, Banro Congo Mining SARL, holds 14 exploration permits covering an aggregate of 2,638 square kilometres of ground located between and contiguous to the Company's Twangiza, Kamituga and Lugushwa properties and northwest of Namoya.
Using Banro's magnetic and radiometric data that was obtained in 2007, SRK (UK) Consulting Ltd. carried out an integrated qualitative interpretation and target generation work in 2009 on all the permit areas. The report by SRK was qualitative and was based on the magnetic and radiometric data signatures on a large scale only. No quantitative interpretation was done. In 2012, Banro mandated Spectral Geophysics to carry out quantitative reinterpretation of the airborne data to generate additional targets. By applying various filters and transformations to the data one could detect very subtle structures associated with the mineralization. The quantitative re-interpretation work was not completed in Q4 2012. Results of the re-interpretation work will be available in Q2 2013.
Daniel K. Bansah, the Company's Vice President, Exploration and Christian Bawah, the Deputy General Manager of the Twangiza Gold Mine, each of whom is a "qualified person" as such term is defined in National Instrument 43-101, have reviewed and approved the technical information in this press release.
Banro will host an investor conference call on Wednesday March 27, 2013 at 11:00am EST.
2012 Financial Results Conference Call InformationToll Free (North America): +1-866-226-1792Toronto Local & International: +1-416-340-22162012 Financial Results Conference Call REPLAYToll Free Replay Call (North America): +1-800-408-3053 Passcode 1896273Toronto Local & International: +1-905-694-9451 Passcode 1896273