TORONTO (miningweekly.com) - Toronto-based Banro Corporation, which owns gold properties in the Democratic Republic of Congo, has increased the measured and indicated mineral resources at its Twangiza project to 5,6-million ounces, which represents a 49,7% increase over July 2008 data.

The updated resource estimate, of 107,5-million tons, grading 1,6 g/t of gold, was prepared by SRK Consulting.

The mineral resources were reported using a block cut-off grade of 0,5 g/t of gold, to reflect the technical and economic parameters employed in a feasibility study currently under way on the project, Banro said.

"These new resources will be included in the full feasibility study which we expect to complete within the next two weeks and which are anticipated to generate an increase in the life of mining operations and total gold recovered from the Twangiza project," said president and CEO Mike Prinsloo.

Banro shares rose 3,36% on Wednesday, to C$1,54 apiece by 12:40 in Toronto.

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