Namoya boosts Banro’s gold reserves 53%

Toronto-based Banro Corp. (TSX: BAA; NYSE: BAA) has published an initial reserve estimate for its Namoya gold mine in the Democratic Republic of the Congo, pushing up company-wide reserves by 53% to 2.36 million oz.

Namoya, which is the junior’s second gold mine, now hosts reserves of 23.7 million tonnes grading 1.75 g/t Au for 1.34 million oz of gold. Banro says it successfully converted 73% of Namoya’s 1.83 million oz of gold in measured and indicated into reserves.

BMO analyst Andrew Breichmanas describes the results as “positive,” noting the reserves of 1.34 million oz were above his estimate of 920,000 oz, although unit costs are slightly higher than predicted.

To calculate the reserves, Banro assumed …

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