EXHIBIT 99.1

Independent National Instrument 43-101 Technical

Report on the Lugushwa Gold Project, South Kivu

Province, Democratic Republic of the Congo,

Prepared for Banro Corporation

Qualified Person: Andrew Neil Clay

M.Sc. (Geol.), M.Sc. (Min.Eng.), Dip.Bus.Man.,

Pr.Sci.Nat., MSAIMM, FAusIMM, ,

FGSSA, MAIMA, MSPE, IoD.

MANAGING DIRECTOR

Compiled by:

TarrynClaireOrford

B.Sc. Hons (Geol.),

MGSSA, MGASA, MMINSA

MINERAL PROJECT ANALYST

Sheridan Lambert

M.Sc. (Physics),

MSAIMM, MGASA, MSAIP.

OREBODY ANALYST

Reference No.:- VMD1365R

Effective Date of the Report:- 15thMarch 2013

March 2013 i

Independent National Instrument 43-101 Technical

Report on the Lugushwa Gold Project, South Kivu

Province, Democratic Republic of the Congo,

Prepared for Banro Corporation

Summary

Item 1

Venmyn Deloitte was commissioned by Banro Corporation (Banro) to review the updated Mineral Resource estimates and prepare an Independent National Instrument 43-101 (NI 43-101) Technical Report on it’s Lugushwa gold project mineral asset. This report describes the Lugushwa Project in terms of its historical and recent exploration data which would have a bearing on the techno-economic value of the contributing properties. The effective date of this review is the 15thMarch 2013. This report was prepared as a review and compilation of information prepared by Lugushwa Mining to check for reasonableness, accuracy, and compliance. No economic assessment or management function was performed by Venmyn Deloitte during the preparation of this report.

The Lugushwa Project consists of three Exploration Permits held by Lugushwa Mining SARL (Lugushwa Mining), a wholly owned subsidiary of Banro. The Project is a gold project located in the South Kivu Province, Democratic Republic of the Congo (DRC). The Project is located approximately 150km southwest of Bukavu and 250km southsouthwest of Goma. Roads are in poor condition with access only possible by air at this stage. Banro relies on transport by helicopter and a small dirt airstrip exists at the project.

The topography is mountainous and has deeply incised valleys. The vegetation in this area is primary tropical. Climate is subtropical to tropical with generally hot and humid conditions year round. The rainy season takes place from September to December.

The Lugushwa Project lies within the Great Lakes Region of Central Africa, on the western edge of the Kibaran Mobile Belt and Metallogenic Province. Gold mineralization is associated with disseminated arsenopyrite and pyrite in a series of cross-cutting as well as bedding-parallel quartz veins. Mineralization occurs preferentially within the fold closure and in bedding parallel zones. Mineralization intensity decreases down dip.

This NI 43-101 review has been completed based on the inclusion of new exploration information. The new information was incorporated into the geological model by Lugushwa Mining, which Venmyn Deloitte independently reviewed and checked for reasonableness.

The Mineral Resources have been upgraded by Lugushwa Mining to include a larger Inferred Mineral Resource base as well as upgrading of a portion of the Mineral Resources to Indicated Mineral Resources. The Mineral Resources are summarised below.

DOMAIN	CATEGORY	TONNAGE (Mt)	GRADE (g/t)	OUNCES (Moz)
LUGUSHWA PROJECT TOTAL MINERAL RESOURCES	Indicated	17.03	1.32	0.73
	Inferred	116.46	1.30	4.88

The Mineral Resources estimated for the Lugushwa Project have been materially upgraded by Lugushwa Mining. This increase includes upgrading a portion into the Indicated Mineral Resource category as well as expanding the current Mineral Resource base through the continued exploration taking place.

The modelling techniques employed by Lugushwa Mining for the Lugushwa Project are in keeping with the guidelines of NI 43-101 and the Mineral Resource estimation presented in this report is considered by Venmyn Deloitte to be representative of the mineralisation contained within the Lugushwa Project based on our review of the geological model and resource estimates. Venmyn Deloitte is satisfied that all drilling, sampling, database management and geological modelling protocols comply with the standards prescribed by NI 43-101.

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Venmyn Deloitte recommends that further exploration take place in order to improve geological confidence in the targets. Lugushwa Mining has compiled a work programme for the ongoing exploration activities for the Lugushwa Project. A total of USD4.25 million has been assigned for the purpose of exploration during the 2013 financial year, which Venmyn Deloitte considers appropriate. The main operational objectives of the 2013 Lugushwa exploration programme are:-

● to define additional oxide resources at Lugushwa to facilitate the completion of an economic assessment of the Lugushwa Project by the end of the fourth quarter, 2013;

● to undertake regional exploration and target generation programs on the remaining portions of the Lugushwa Project to ensure growth in the defined Mineral Resources by end of the fourth quarter, 2013. In particular the focus for Lugushwa will be on:-

● conversion of Inferred oxide ounce Mineral Resources to higher confidence categories through infill drilling;

● follow-up on potential oxide Mineral Resources within the Kimbangu- Mpongo- Minkumbu trend utilizing shallow delineation drilling; and

● target generation through grassroots and follow-up work in the southwestern and northeastern extensions of the Lugushwa mineralized trend.

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Disclaimer and Risks

Venmyn Deloitte has prepared this NI 43-101 Technical Report and, in so doing, has utilised information provided by Banro and its subsidiaries as to its operational methods and forecasts. Where possible this information has been verified from independent sources with due enquiry in terms of all material issues that are a prerequisite to comply with the National Instrument. Venmyn Deloitte and its directors accept no liability for any losses arising from reliance upon the information presented in this report.

The authors of this NI 43-101 are not qualified to provide extensive commentary on legal issues associated with Banro or Banro’s right to the mineral properties. Banro and its subsidiaries have provided certain information, reports and data to Venmyn Deloitte in preparing this National Instrument 43-101 Technical Report, which to the best of Banro’s knowledge and understanding, is complete, accurate and true and Banro acknowledges that Venmyn Deloitte has relied on such information, reports and data in preparing this National Instrument 43-101 Technical Report. No warranty or guarantee, be it express or implied, is made by the authors with respect to the completeness or accuracy of the said legal aspects.

Operational Risks

The businesses of mining and mineral exploration, development and production by their nature contain significant operational risks. The businesses depend upon, amongst other things, successful prospecting programmes and competent management. Profitability and asset values can be affected by unforeseen changes in operating circumstances and technical issues.

Political and Economic Risks

Factors such as political and industrial disruption, currency fluctuation, increased competition from other prospecting and mining rights holders and interest rates could have an impact on Banro’s future operations, and potential revenue streams can also be affected by these factors. The majority of these factors are, and will be, beyond the control of Banro or any other operating entity.

Forward Looking Statements

This report contains forward-looking statements. These forward-looking statements are based on the opinions and estimates of Banro and its subsidiaries at the date the statements were made. The statements are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those forward-looking statements anticipated by Banro. Factors that could cause such differences include changes in world gold markets, equity markets, costs and supply of materials, and regulatory changes. Although Venmyn Deloitte believes the expectations reflected in the forward-looking statements to be reasonable, Venmyn Deloitte does not guarantee future results, levels of activity, performance, or achievements.

 

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Independent National Instrument 43-101 Technical

Report on the Lugushwa Gold Project, South Kivu

Province, Democratic Republic of the Congo,

Prepared for Banro Corporation

List of Contents

1.	Introduction			7
2.	RelianceonOtherExperts			7
3.	ProjectDescription and Location			7
4.	Accessibility, Climate, Local Resources, Infrastructure and Physiography			9
	4.1	AccessibilityandInfrastructure		9
	4.2	Topography,ClimateandVegetation		9
	4.3	LocalResources		12
5.	History			12
6.	GeologicalSettingandMineralisation			12
	6.1	RegionalGeology		12
		6.1.1	StructuralGeology	14
	6.2	LocalGeology		15
	6.3	Mineralization		15
7.	DepositTypes			18
8.	Exploration			20
	8.1	Gridding and Soil Sampling		20
	8.2	Trenching		20
	8.3	Survey Methods		20
	8.4	Mappling		20
9.	Drilling			21
10.	SamplePreparation,AnalysesandSecurity			21
	10.1	SamplePreparation		23
	10.2	LaboratoryAnalyses		23
		10.2.1	Analysis	23
		10.2.2	QA/QC	23
	10.3	Security		23
11.	DataVerification			23
	11.1	Data andDatabaseManagement		23
12.	MineralProcessingandMetallurgicalTesting			24
13.	MineralResourceEstimates			24
	13.1	MineralResourceEstimationandModellingTechniques		24
	13.2	DatabaseIntegrity		24
	13.3	GeologicalInterpretationandDimensions		24
	13.4	Compositing		25
	13.5	BlockMode		25
	13.6	Variography		25
	13.7	EstimationMethodology		29
	13.8	Validation		32
	13.9	MineralResourceClassification		32
14.	MineralReserveEstimates			35
15.	MiningMethods			35

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16.	RecoveryMethods		35
17.	ProjectInfrastructure		35
18.	MarketStudiesandContracts		35
	18.1	Demand		35
	18.2	Supply		36
	18.3	GoldPriceTrend		38
	18.4	GoldMarketOutlook		38
19.	EnvironmentalStudies,PermittingandSocial orCommunityImpact			39
20.	Capital andOperatingCosts			39
21.	EconomicAnalysis			39
22.	AdjacentProperties			39
23.	Other RelevantDataandInformation			39
	23.1	PoliticalBackground		39
	23.2	MineralsIndustry		40
24.	InterpretationsandConclusions			41
25.	Recommendations			41
26.	Date andSignaturePage			42

List of Figures

Figure 1: Location and Infrastructure of the Lugushwa Project within the DRC	8
Figure2:CorporateStructureofBanro	10
Figure3:Lugushwa LegalTenure	11
Figure4:RegionalGeologyShowingtheLugushwaProjectArea	13
Figure5:TheLocalandTargetGeologyoftheLugushwaProject	16
Figure6:SchematicMineralizationModelfor the LugushwaProject	19
Figure7:SummaryofDrillingover theLugushwaProject	22
Figure8:LugushwaProjectShowingIndividualWireframeLayout	26
Figure9:DataPopulationforsomeLugushwaTargets	27
Figure 10: Mineralized Zones Defined Across Domains 1, 2 and 3 in the Lugushwa Target	28
Figure11:VariogramModelfor theLugushwaProject	30
Figure12:AlterationStatesShownThroughtheLugushwaTarget	31
Figure13:EstimatedGoldGradeShownThroughtheLugushwaTarget	33
Figure 14: Mineral Resource Classification Shown Through the Lugushwa Target	34
Figure15:Gold byEndUsein2011	36
Figure16:GoldSpotPrice(USD) January2004–April2012	38

List of Tables

Table 1:SummaryoftheGeologicalHistory	14
Table 2:SummaryoftheStructuralHistory	15
Table 3:SummaryofExplorationResultssince 2007	18
Table 4:NormalisedVariogramModel	29
Table 5:SearchNeighbourhoodParameters	29
Table 6: Mineral Resources per Mineral Resource Category (effective date: 31stJanuary 2013)	32
Table 7:EstimatedGlobalGoldReservesin2011	37
Table 8:EstimatedGlobalGoldProductionfor2010and2011(t)	37

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List of Appendices

Appendix1:References	43
Appendix2:QualifiedPerson’sCertificate	44
Appendix3:SummaryofSignificantDiamondBoreholeIntersections	50

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1. Introduction   Item 2

Venmyn Deloitte, previously Venmyn Rand (Pty) Ltd, has been requested by Banro Corporation (Banro) to conduct an independent review of the Mineral Resource estimates for, and compile an updated National Instrument 43-101 (NI 43-101) compliant Technical Report on the Lugushwa Gold Project (Lugushwa), which is held by Banro’s subsidiary, Lugushwa Mining SARL (Lugushwa Mining). The Lugushwa Project is located in the South Kivu province, Democratic Republic of the Congo (DRC). The Lugushwa Mining team constructed an in- house geological model based on updated drilling results and subsequently updated the Mineral Resource for Lugushwa. Through an iterative process, Venmyn Deloitte reviewed Lugushwa Mining’s in-house model and the Mineral Resource in order to determine if the estimates are accurate and representative of the prospect. Venmyn Deloitte has independently reviewed and verified the robustness of the Lugushwa Mining geological model and resource estimates.

Venmyn Deloitte has completed all the necessary data validation procedures required for the Lugushwa Prospect data. Venmyn Deloitte has also carried out independent reviews on drilling, sampling, and Quality Assurance and Quality Control (QA/QC) protocols and procedures that were followed and Venmyn Deloitte are satisfied that all procedures were carried out to fulfil the requirements of NI 43-101.

This report undertook validation of the current database used for Mineral Resource estimation by Lugushwa Mining, review of suitable modelling assumptions, validation of the DatamineTMmodel, a geostatistical analysis on the final model, an analysis of the grade-tonnage curve and review of Lugushwa Mining’s estimates of the gold Mineral Resources for Lugushwa.

Banro is a Canadian gold mining and exploration company with a substantial footprint in the DRC. Banro targets projects in the precious metals industry, namely gold, with production from its first project, Twangiza since October 2011. Banro is also focussed on the development of a second open pit project Namoya and is undertaking exploration, through DRC subsidiaries, on Kamituga and Lugushwa. All Banro's current projects lie along the 210km long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Banro is involved in development of open-pittable gold oxide projects in the DRC and aims to be a prime gold producer in Africa. Lugushwa Mining generated internal models for the Mineral Resource modelling, grade control and Mineral Reserve and mine scheduling. Venmyn Deloitte has independently reviewed this work.
 

2. Reliance on Other Experts

Item 3

Venmyn Deloitte has relied upon various reports and information provided by other experts including current studies being carried out by various consultants, as well as older documentation. The document references are summarised in Appendix 1 and include internal documents compiled by Banro and Lugushwa Mining. Venmyn Deloitte also relied on geological models and technical information provided by Banro and Lugushwa Mining staff, including Peter Kersi, Daniel Bansah, project geologists and other staff.

3. Project Description and Location

Item 4

The Lugushwa Project is a gold project, situated approximately 148km west of Lake Tanganyika and 17km southsoutheast of Lugushwa Airport in the South Kivu Province of the DRC, as illustrated in Figure 1. The project is approximately 150km southwest of Bukavu and 250km southsouthwest of Goma and is situated 55km southwest of the Kamituga Concession of Banro.

The Project is currently undertaking ongoing exploration to upgrade it’s Mineral Resources. The current phase is complete and forms the basis of this update. A Scoping Study is expected to be completed during 2013.

Venmyn Deloitte undertook a field inspection in June 2011. No inspection took place during this update due to previous inspection already having taken place.

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Banro's wholly-owned subsidiary, Lugushwa Mining, has 100% ownership of the project and holds the Permit d’Exploration (PE), translated to Exploration Permits, for the Lugushwa Project. The corporate structure of Banro is illustrated in Figure 2. The Lugushwa Project consists of three PEs, namely PE68, PE238 and PE2,601, which cover an area of approximately 641km2. The PEs were renewed in 2006 and are valid for 30 years. According to the DRC laws, the mineral rights and the surface rights pertaining to one property are not separated, therefore Lugushwa Mining has access to both the surface and gold rights for the Lugushwa Project.

The legal tenement boundaries are illustrated in Figure 3. Originally Banro purchased 36% shareholding in 1996 and has since increased its shareholding to the 100% held today. The DRC Government signed a settlement agreement with Banro in 2002, which stipulated that Banro holds 100% interest in the Lugushwa Project, through Lugushwa Mining, under the revised 1997 Amended and Restated Mining Convention (ARMC). The agreement states that the rights expire in March 2027 (subject to extension under the ARMC). Re-definition of the original property boundaries was undertaken in order to conform to the DRC's ARMC; however, the project still covers the same areas as previously held. The ARMC provides for a ten-year tax holiday; exemption from customs duties and royalty payments; and the ability to run a United States Dollar (USD)-based business.

Whilst Venmyn Deloitte has made due inquiry regarding the legal status of the Lugushwa Gold Project, this does not constitute a legal opinion. However, Venmyn Deloitte is satisfied that the rights and the structure presented is a fair reflection of the current holdings and ownership.

4. Accessibility, Climate, Local Resources, Infrastructure and Physiography

Item 5

4.1. Accessibility and Infrastructure

Infrastructure is limited and in poor condition as a result of destruction during the civil war of 1996. Road access to the Lugushwa Project is extremely challenging due to the general lack of road maintenance and the destruction of bridges that has taken place in recent times. On the better quality gravel roads, where they do exist, trucks, buses, and utility vehicles operate. Local transport is via motorbike. The area is usually and preferentially accessed via helicopter and all supplies, personnel and equipment are provided by air as these are not readily available in the area. A 400m dirt airstrip, in reasonable condition, is located within the project boundary and allows landing and take-off of light aircraft.

Access within the Lugushwa Project area is generally limited to foot or by motorbike on foot paths. Banro is continuously carrying out basic repairs to improve access in and around the site as the project proceeds. The Lugushwa camp consists of tented accommodation, offices, and kitchen facilities. No national electricity supply is available on site and all power is provided by generators and solar power. Water supply is available from abundant streams throughout the area and is boiled and filtered for drinking purposes.

4.2. Topography, Climate and Vegetation

The project occurs within a mountainous region incised by deep valleys. Elevation varies between 600m above mean sea level (mamsl) to 1,300mamsl. The entire area is covered by extensive tropical vegetation. Numerous streams and tributaries feed into five main rivers, namely the Lugushwa, the Mapale, the Lugono, the Kilunga, and the Simali Rivers. Extensive alluvial workings are located on the broad flood plain of the Lugushwa River, north of the Lugushwa Village.

Vegetation is dense and tropical, generally thick forest or bush. Climate is subtropical to tropical with hot and humid conditions year round. The rainy season takes place from September to December and takes place in the form of showers. Rainfall received varies approximately between 110mm to 190mm per month during the rainy season. Only 2 months a year receive less than 50mm of rain per month. Temperatures vary from 13°C at night to 26°C during the day with little variation (less than 5°C) between seasons.

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4.3. Local Resources

The Lugushwa Village is located within the centre of the project area. A labour force is available locally from the village by semi-skilled labourers, tradesmen, and prospectors remaining as a result of historical activities in the area.

5. History

Irem 6

Alluvial gold was first discovered at Lugushwa in the 1920s, with gold mineralisation interpreted as being associated with the tin-tungsten bearing granites, which have intruded the metasediments of the Proterozoic Kibaran belt. The deposits have been exploited since 1958. Exploration for primary deposits began in 1963 leading to the discovery of a number of targets.

Exploitation by various parties in the area was initially focussed on mineralized quartz veins and stockworks through selective surface and underground development. Historical production records are available and estimate that between 1957 and 1996 (with intermittent gaps in information); approximately 457,000oz gold was produced from alluvial sources and 10,000oz from primary sources. Operations closed in 1996 with unexploited sources and anomalous but unexplored targets remaining. Lugushwa intends to define and exploit these targets.

Historical exploration by previous operators included comprehensive alluvial stream sampling, geochemical and surface pit sampling over potential targets, and trenching, small excavations and adits in anomalous areas. Copies of most of this information were obtained by Banro and are stored in their Bukavu offices, although 1996 unrest led to destruction of some data. The remaining information was captured digitally by Banro and a local grid established for the unreferenced information.

Lugushwa Mining began exploration in 2005. Initial exploration between 2005 and 2006 included gridding, geological mapping, soil sampling, trenching, surveying, adits sampling and drilling.

6. Geological Setting and Mineralisation

Item 7

6.1. Regional Geology

The Lugushwa Project lies in the Great Lakes Region of Central Africa on the western edge of the Kibaran Mobile Belt (KMB). The KMB is an intracontinental mobile belt which formed between 1,400Ma to 900Ma, when the supercontinent Rodinia was assembled, and is also known as a metallogenic province. The KMB is bound to the east by the Tanzanian Craton and the Bangweulu Block, and to the west by the Congo Craton and formed during collision of the adjacent cratons during the Kibaran Orogeny and has as a result, been heavily folded and metamorphosed.

The KMB is composed of Archaean granitoid, granulites, and greenstones; and Lower Proterozoic met sediments and gneisses making up the Burundian Supergroup. The belt trends northnortheast- southsouthwest over approximately 1,500km and reaching a width of up to 400km. The regional geological setting is illustrated in Figure 4.

The KMB is divided into three lithological units:-

● the Lower Group consists of laminated pelitic sedimentary rocks. Sedimentary structures are prevalent. This group is several thousand metres thick;  

● the Middle Group is characterised by banded arenaceous rocks. Intrusive sills occur to the west associated with carbonate bands. Granitic bands are common; and  

● the Upper Group is composed of immature clastic sediments with a minor erosional unconformity marking the base of the unit. This group is preserved in major synforms.

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The KMB is exposed as antiforms and uplifted blocks and does not exhibit typical Proterozoic features. The belt has strong structural grain that cuts across the grain of the craton. The mineralization also contrasts expected features and is comprised of typically shear-related granophile elements including tin, tungsten, lithium, beryllium, tantalum, and gold.

The KMB most likely represents response to formation and destruction of oceanic crust between the adjacent continental crust (craton) margins and records major extension and collision between the cratons. The relationship with the basement is well documented as a clear unconformity marked by conglomerates. The geological history spans most of the Proterozoic eon as summarised in Table 1.

Table 1: Summary of the Geological History

UNIT AGE  EVENT  RESULT

Palaeoproterozoic	2.5Ga	Sedimentation
	2.1-1.8Ga	Eburnean Orogeny	Northwest-southeast trend.
			Metamorphism to amphibolite facies.
			Uplift of mountain chain.
	1.8Ga	Sedimentation in shallow intracratonic basins	S0 and S1 fabric due to load pressure.
Mesoproterozoic
	1.4Ga	Extensional regime	Crustal thinning and bi-modal magmatism.
	1.0Ga	Irumide collision	Main fold belt develops with S2 fabric.
Neoproterozoic	970Ma		Widespread syntectonic granite intrusions.
			Possible gold mineralization.
			Restricted sedimentation continues.
	750Ma	West African Rift Valley	Alkaline complex intrusion.
	550- 520Ma	Pan African Orogeny	North-south folding.
			Possible gold mineralization.

A gradual increase in metamorphic grade occurs within the KMB from north to south. Metamorphism at Lugushwa is lower greenschist facies with weak mineral alignment. Folding is complex, with weak to moderate localised shearing, thrusting and weak to moderate foliation.

The change in metamorphic grade, in the area hosting Banro's Projects, is now understood to be due to varying ages of terrains forming the KMB. For example, the metamorphic grade at Twangiza, the most northerly of Banro's Projects, is sub-greenschist, with only a very weak mineral alignment, and no mineral segregation to form a schistose fabric which is attributed to relatively recent sedimentation in Neoproterozoic period which is marked by north-south to northnorthwest-southsoutheast regional structural trend.

Metamorphism at Lugushwa, 100km southwest of Twangiza, is noticeably higher, but the metasediments still do not normally display a schistose fabric. This is attributed to the relatively older Mesoproterozoic age terrain which extends northeast-southwest for more than 150km to Kamituga and west of Twangiza. However, at Namoya, approximately 100km further southwest, chlorite and sericite schists are the dominant lithologies and are attributed to Paleoproterozoic northwest-southeast trending terrain which cross-cuts the main northeast-southwest trend of the KMB.

The long history of the KMB is punctuated by several periods of regional and local scale structural reactivation and these add to the complexity of the belt as a whole.

6.1.1. Structural Geology

The main structural event affecting the region is the Kibaran Orogeny. The phase was marked by syntectonic granitic intrusion of upright folds. Erosion followed this main orogenic event, prior to the formation of rifting and half-grabens during an expansion period.

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The Lomamian Orogeny followed at approximately 950Ma, characterized by tin granite intrusions, and faulting and folding cross-cutting the Kibaran structures. The main structural events are summarized in Table 2.

Table 2: Summary of the Structural History

TYPE	AGE	TECTONIC EVENT	REGIONAL EVENT	SIGNIFICANCE
D1	1,300Ma	Early Kibaran	Low grade greenschist facies metamorphism	Early syn-orogenic. G1, G2 granite emplacement
G3	1,275Ma	Katangan	Tension - aulocogen? Formation	Granitic to mafic and ultramafic intrusives
D2	1,180Ma	Late Libran	Compression	Isoclinal upright northwest southeast Folding
G4	980-950Ma	Lomanian	Compression, strike-slip block faulting	Syntectonic tin granite emplacement
D3	950-60 0Ma	Pan-African	D2 reactivation? Wrench and strike-slip. Faulting	Quartz, veins and vein swarms

6.2. Local Geology

The Lugushwa Project is dominated by meta-sedimentary lower Burundian Supergroup rocks, which consist of:-

● massive and interbedded quartzites and sandstones in the host metapelites;

● red to grey chloritic and mica-bearing metapelites, often associated with disseminated sulphide agglomerations, mainly arsenopyrite;

● gneiss limited to the southern and northwestern regions of the Project;

● metadiorites with weak fabric at the margins, occurring as sills and plugs intercalated with sedimentary sequences. Previously considered to be amphibolite;

● granites and pegmatites, similar to the gneiss unit, being on the periphery of the property and mostly associated with tin mineralisation; and

● quartz veins present in the form of stringers and intersecting vein sets.

Metamorphism in the gold host rocks is weak and up to lower greenschist facies. The finer grained lithologies exhibit weak to moderate foliation, with development of a proper schistose fabric a rare feature. The prospects are generally metapelite rich with metasediment intercalations but becoming more quartzite rich northwards. The varying schistocity and metamorphic grade is attributed to late stage hydrothermal overprinting.

The sequence is folded with the plunging folds trending sub-parallel to the KMB. Shearing is observed in north northeast- south southwest to north-south corridors which were later cross cut by east-west trending shears.

6.3. Mineralization

There are eight primary gold prospects identified, namely the D18-19 Lugushwa, G20-21 Lugushwa, Mapale, Carriere A, Mpongo, D1 Simali (Filon de Luxe), Minkumbu and Kimbangu. Figure 5 illustrates the location of the various prospects within the Lugushwa Project and the geological maps for targets D18-19 Lugushwa, G20-21 Lugushwa, Mapale, and Simali. Lugushwa Mining has developed this geological understanding the Lugushwa Project through extensive exploration and desktop research. This understanding is summarised as follows.

The D18-19 Lugushwa target is composed of metapelites and interbedded siltstones folded into a recumbent asymmetrical anticline plunging 30° north northeast. Anomalies indicate mineralisation forms a broad and elongated north-south striking trend. Drilling confirmed the presence of mineralized tabular bodies up to 40m thick below surface. Mineralization consists of disseminated pyrite and arsenopyrite in cross-cutting as well as bedding-parallel tabular quartz veins, preferentially developed in the low pressure fold hinge. Mineralization intensity tends to decrease down dip to the east southeast, away from the fold closure. Directly north of the target, the metapelites are overlain by quartzite. The quartzite is likely to have deterred passage of mineralizing fluids. D18 is extremely weathered at surface and may represent supergene enrichment.

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The G20-21 Lugushwa target is situated southwest of the D18-19 Lugushwa target and is geologically similar. The deposit also consists of metapelites and interbedded metasiltstones with disseminated sulphides and a series of quartz veins concentrated along the fold closure and a similarly trending surface anomaly. Drilling has confirmed that the deposit is similar geologically and in surface trend to the D18-19 Lugushwa target and that it may be a different part of the same mineralised body, preserved at a different erosion level.

No major faulting or displacement of lithology is visible at G20-21. The target is folded into an eastnortheast plunging anticline with both fold limbs dipping eastsoutheast. The orientation varies from north to south. Mineralized bodies are up to 50m thick and are focussed in fold closures and along fold limbs in tabular bodies. Oxidation is deep, to approximately 80m and hosts free gold.

The G7 Mapale target is structurally complex and a series of folds and faults affect the lithologies and associated mineralisation. The major lithologies include metapelites interbedded with quartzites, mineralized quartz veins and a mineralised metadiorite, also associated with quartz veining. The target has been intruded by a wide metadiorite sill Tight folding has affected the sediments and quartz veins and a series of local, parallel east-west trending faults have disrupted the lithologies up to a few metres. The faults host quartz veining to the south of the deposit. Gold is disseminated in amphibolite and hosted in numerous auriferous quartz vein swarms.

The D1 Simali (Filon de Luxe) target is predominantly silicified metapelite. A red metapelite is found at surface. A marker of fine-grained, schistose and talcose blue metapelite occurs consistently above or hosting the main vein. Iron ore alteration zones are common along planes. A series of veins and stringers are present in the overlying sequences. Mineralization occurs within sulphides occur near axes of anticlines. The Filon de Luxe is a massive quartz vein hosting visible gold with pyrite inclusions, under the marker metapelite. The vein has a series of tight folds with strong faulting. The vein has been extensively mined through artisanal workings but extensions have not yet been defined.

The Carriere A anomaly strikes approximately northeast-southwest and appears to be a continuation of the G20-21 Lugushwa target. Gold is again associated with disseminated sulphides hosted in quartz veins with haloes of silica carbonates and silica alteration. The main lithologies are metapelites with interbedded metasiltstones and metadiorite. Mineralization appears to be controlled by mixed packages of lithologies within homogenous metapelite units, which have been tightly folded into anticlines. Veining is again concentrated in the fold closure. Folding is more complex at Carriere A and the resulting mineralisation is relatively discontinuous in plunging shoots. Often down dip extensions are barren. The target falls within a shear zone and shearing towards the southern extent has disrupted mineralization and strike.

The Mpongo target contains three distinct anomalies generally trending northeast-southwest. The anomaly is considered an extension of the Carriere A target and is open ended towards Minkumbu to the south. Mpongo is dominated by a metasedimentary sequence with a relatively steep dip. The sequence is porphyroblastic and intercalated metapelite and metasiltstone, intruded by a metadioritic sill. Post- mineralization shearing truncates mineralization to the southwest. Mineralization is associated with hydrothermal alteration and is hosted in all the lithologies. Higher grades are limited to quartz-carbonate veins with disseminated wall rock sulphides.

The Minkumbu target is a metasedimentary package intruded by metadioritic sills with strong east-west deformation marked by regional scale shear structures. The sequence is deformed and hydrothermally altered, marked by quartz-carbonate veins, sericite, and sulphides. Mineralization is sub-vertical with steep dip to the north. Oxidation depth reaches up to 100m in the central area as a result of intense deformation.

The Kimbangu target is underlain by a sequence of interbedded quartzite and metapelite with the quartzite increasing in dominance towards the northeast. The target is intruded by two metadiorite sills and has a dilational structural setting. Gold mineralization is hosted by metadiorites where there is contact with metasediments in the dilational zone. Mineralization is characterized by quartz veins and veinlets with disseminated sulphides. The metasediments are devoid of mineralization.

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A model showing the mineralisation model in plan-view is illustrated in Figure 6. Figure 6 also illustrates the schematic cross-section perpendicular to and along strike the fold hinge through the G20-21 and D18-19 prospects, showing the general location of mineralization.

7. Deposit Types

Item 8

Lugushwa Mining has come to understand that primary mineralization at the Lugushwa Project is intrusion- related, tungsten/tin-associated type, and occurs within magmatic provinces known for tungsten and tin mineralization. This magmatic-hydrothermal type of deposit is located on cratonic margins or within continental collision settings, related to felsic intrusions of intermediate oxidation state, and contains a metal suite which includes various combinations of bismuth, tungsten, arsenic, tin, molybdenum, tellunium, and antimony. Intrusion related gold deposits occur in numerous forms, namely, sheeted quartzite veins and veinlets; flat quartz veins; quartz breccias and stockworks; disseminated to greisen; and dyke/sill hosted veinlets. Mineralization may occur in the intrusive body or distally from the intrusion.

At the Lugushwa Project, the deposits are mainly tabular and veined, together with disseminated mineralization in the host rock, distally from the intrusion. Gold is commonly present with low sulphide contents in pyrite and arsenopyrite. The Lugushwa Project is targeting open-pittable, intrusion-related deposits with mineralized located in quartz vein systems and disseminated in host rock. Deep, discrete mineralized veins comprise a secondary target for underground mining; however this not the focus of Lugushwa Mining. Due to the structural complexity of the area, careful evaluation of structural data is carried out.

8. Exploration

Item 9

Lugushwa Mining commenced exploration in 2005 comprising of gridding, geological modelling, soil sampling, trenching, surveying, and adit sampling. Drilling commenced in 2006, upon completion of the initial program, in parallel with further gridding and soil sampling. This exploration program included a total of 299.0km of gridding, 8.3km of drilling in 54 holes, 3.7km of trenching and 20 stream samples. Landsat imagery was used to determine structural trends, revealing a general northeast-southwest trend extending through the region.

During 2007 to 2012, a new exploration program was initiated by Lugushwa Mining to include a combination of new and infill drilling as well as grassroots activities. Exploration was aimed at improving geological confidence, increasing the resource base and providing information for further work required during development of the project. The exploration activities began in 2007 and included trenching; stream sampling, diamond drilling, a Light Detection and Ranging (LiDar) survey and airborne geophysical survey were completed for Lugushwa Mining during 2007. A Ground Induced Polarization (IP) survey was completed over 13.6km during 2012 for Lugushwa Mining. The program is summarised in Table 3.

Table 3: Summary of Exploration Results since 2007

YEAR	DIAMOND DRILL HOLES	AUGER DRILL HOLES	SOIL SAMPLES	STREAM SEDIMENT SAMPLES	TRENCHING (km)	OTHER
2005	0	0	3,871	0	3.7	-
2006	54	0	2,721	20	0	-
2007	11	0	267	173	3.2	-
2008	32	0	124	200	3.0	-
2009	0	469	1,493	931	0.4	9 pits
2010	0	1,374	168	0	2.8	37 rock chips
2011	46	423	546	0	0.3	25 rock chips
2012	57	507	0	90	0.5	103 rock chips
TOTAL	200	2,773	9,190	1,414	13.9	-

Targeted mineralization is amenable to exploration by soil geochemical sampling followed up by trenching and detailed mapping in anomalous areas. Once a good understanding of the target is developed, drilling follows. The total database includes 200 boreholes, 2,753 auger holes and numerous trench, soil and stream sediment samples.

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8.1. Gridding and Soil Sampling

Soil sampling was found by Lugushwa Mining to be an effective exploration method used in locating new targets and extensions of known targets. Stream sediment sampling was specifically designed to identify the near-surface grade versus grain size distribution of gold mineralization and to assist in selecting zones of significant mineralization for further follow-up work.

8.2. Trenching

Trenching is completed by Lugushwa Mining on an ongoing throughout all phases of exploration. Trenching provides a preliminary indication of mineralized widths and grades and a measure on orientation of veins and structural features. The extent of trenching has been limited to mineralized zones where more clarity and definition on horizontal extent is required.

8.3. Survey Methods

The LiDar survey was completed by the Southern Mapping Company and assisted with producing a detailed and accurate Digital Terrain Model (DTM), volumes of areas and ground cover. The survey allowed information to be collected about otherwise inaccessible areas. The result is used for general topography, surface mapping, geological and resource modelling, mine planning purposes.

The magnetic and radiometric survey was completed by New Resolutions Geophysics using 100m line spacing approximately 50m above the ground. The survey provided information valuable for geological interpretation and target generation. A ground IP survey assisted with identifying disseminated sulphide mineralisation.

8.4. Mapping

Mapping has been completed by Lugushwa Mining over various targets throughout the exploration projects, where access allows. Soil sampling and rock chip samples were taken by Lugushwa Mining in conjunction with mapping and have helped define the extent of the various targets.

9. Drilling

Item 10

Lugushwa Mining commenced drilling at the Lugushwa Project in 2006 and 54 diamond drillholes were completed at the site during this initial drilling program. Drilling carried out was intended to increase confidence in the Mineral Resources thereby estimating Indicated Resources and to potentially increase the Inferred Resource base by drilling target extensions and new targets. Drilling results demonstrated complex gold mineralization causing the drilling project to refocus on the acquisition of structural and lithological data rather than resource estimation.

Drilling by Lugushwa Mining during 2007 to 2012 included both diamond and auger drilling intended to intersect zones of mineralization. A new diamond drilling campaign was initiated by Lugushwa Mining in 2007 to continue with resource drilling. This drilling is ongoing in annual phases. Diamond drilling was performed by Geosearch International Limited, utilizing Longyear 38 drill rigs with a maximum depth capability of 600m. All drill holes collars were surveyed with Real Time DGPS equipment. Drill hole collar azimuths were established at surface by using hand held compasses. Down-hole surveying of drill holes utilized a Reflex Single Shot or Flexit instrument, which measures both azimuth and dip. Attempts were made to ensure that all core was orientated. Orientation was carried out by either the ‘Spear” method or the “Ezy Mark” system.

The objective of the diamond drilling is to follow up stream, soil and rock chip anomalies and testing the down-dip continuity not determined by surface techniques. All drill materials, equipment and personnel are transported via helicopter.

The drilled rocks consist generally of mineralized metapelites, metasiltstones and quartzites hosting numerous quartz-carbonate veins in fold limbs. Mineralization, through drilling results, has been determined to be concentrated in contact zones related to intrusive bodies. These have subsequently undergone extensive folding and deformation, which is deconstructed using the drilling information. The interpretation of these results led to the determination of the geology within the project and the area, which is summarised in Section 6.3.

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Auger drilling was initiated by Lugushwa Mining in 2009 and allows for testing of regolith through surface soils and bedrock mineralization and is a follow up method that minimizes the environmental impact of trenching. Mechanical auger drilling by Lugushwa Mining, using an Atlas Copco percussion hammer and window sampling barrels, was employed. The technique provides an intersection of the whole soil profile, and can penetrate the upper saprolite if this is within 7m of the surface, the maximum depth that the auger can reach.

Drilling helped to define geological interpretation including grades and continuity. 146 diamond drill holes and

3,552 auger holes totalling 24,894m and 14,122m, respectively, have been completed to date. These holes were completed in the Carriere A, G18-19, G20-21, G7 Mapale, Kimbangu, Mpongo and Minkumbu targets. The updated geological model and Mineral Resources reviewed in this report are a result of the updated drilling results as well as results of other exploration methods. A number of samples from the D18-D19 deposit were sent for metallurgical test work.

An exploration plan and section showing location, orientation, and extent of boreholes as well as location, orientation, thickness, and significant intersections of mineralization are illustrated in Figure 7. A summary of the diamond drillholes completed during the current exploration program is detailed in Appendix 3.

10. Sample Preparation, Analyses and Security   Item 11

10.1. Sample Preparation

Stream sediment samples are collected on lines approximately 200m apart, orientated normally to the direction of the river. Individual samples were collected from surface to a depth of approximately 50cm. The spacing of samples along lines is approximately 20-40m, where possible.

Soil sampling lines are spaced at lines 160m apart (infilled to 80m at the Lugushwa Target) with samples taken every 40m along the line. Approximately 2kg of soil was taken for each sample to an average depth of 35cm. Soil colour, grain-size, slope, and slope direction were recorded for each sample.

Trenching samples are determined geological features, rather than at a defined interval over a defined length. The minimum sample interval was 0.3m in length with a standard 2cm buffer from the nearest contact with another unit. Samples were taken from geological units such as veins, altered zones and distinct units. Samples were removed using a hammer or a mechanical rock cutter.

Auger core sampling was carried out using a percussion hammer and window sampling tubes. Samples can be taken up to 7.5m depth in surface soil, regolith, and saprolite material but are terminated after penetrating 1m of saprolite. Various core sizes and geological sampling create variation in sample size again; however the average sample size is 2.4kg. Auger samples are collected as whole samples with no splitting and are a minimum of 0.3m and a maximum of 1m. Samples can be logged within the windowed collection tube prior to bagging. Field description, collar information, end of hole, alteration and other details are recorded on logs.

Diamond drill core samples are sampled along the entire length of the core. Core is logged and then split lengthways using a diamond saw on site. Sampling is completed geologically with the same 0.3m to 1m minimum and maximum sample lengths and a 2cm buffer from geological contacts. Veins, altered zones and distinct units are sampled separately.

All field samples are bagged and sealed individually with a cable tie and then grouped in large bags holding up to 30kg of sample. A despatch form is completed in triplicate and two copies accompany samples to Banro’s sample preparation laboratory in Bukavu. Banro, through a DRC subsidiary, runs its own sample preparation facility in Bukavu, DRC using its own full-time employees. ALS Chemex, Johannesburg built and commissioned the sample preparation facility and trained staff for Banro in 2005.

The Bukavu sampling laboratory sorts the samples and oven dries samples in an electric oven. All trench and core samples are then crushed to 80% in a jaw crusher. The crushed samples are split using a riffle splitter. Soil samples are sieved to 2mm. The samples are then pulverised in Low Chrome Bowls to 90%.

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The resulting pulp samples of approximately 150g are then bagged individually in brown envelopes and labelled. Pulp samples are placed in a box holding 20 pulp samples. These resulting sample pulps are shipped in batches to the SGS Laboratory in Mwanza, Tanzania (SGS Laboratory) for analysis. Genalysis in Western Australia is the umpire laboratory.

All equipment is cleaned between samples with compressed air and is flushed with barren granite after every tenth sample. Soil samples are prepared independently of trench and core samples to prevent contamination. The procedures are based on ISO 9001-2000 quality assurance requirements.

10.2. Laboratory Analyses

10.2.1. Analysis

Both the primary SGS Laboratory and the umpire Genalysis Laboratory are National Association of Testing Authorities accredited to operate in accordance with ISO/IEC 17025:2005. The laboratories are internationally recognised and use standard preparation, analysis, and quality control procedures. All gold analyses have been completed using 50g charge fire assay with atomic absorption spectrography finish. The laboratories have internal QA/QC checks and procedures to comply with international requirements.

10.2.2. QA/QC

Screen test of crushed and pulverized data are undertaken to monitor integrity of samples during preparation. A range of reference materials, duplicates and blanks are routinely but randomly inserted into each sample batch. Blanks are inserted at the sample preparation lab. Blanks and duplicates are inserted at a rate of 1 in every 50. Standard reference material is inserted at a rate of 4 in every 50 and is primarily sourced from Rocklabs Limited. Reference materials are provided in standard pulp form and are inserted into the batches with continuous sample numbering.

A selection of sample pulps are despatched to the umpire Genalysis Laboratory for check assays. Samples are submitted quarterly in batches of 50 to 80 samples including the standard reference material as described. Results are compared to the primary laboratory assay results. The results show good comparability and no significant variation in grades or bias.

Reference material results are assessed statistically and compared to precision control charts. Banro considers the standard reference material in general to be within the acceptable limits. No analytical bias or control issues are noted from the assay results and results are considered precise. Duplicates show good repeatability, blanks show no contamination.

10.3. Security

Samples, including field sample, pulp samples, duplicates, and reference material are stored at the sample preparation laboratory in Bukavu. Security personnel are employed on site. Despatch forms follow the samples from the field to the laboratory for analysis to verify each step of the process and to ensure that all samples are accounted for.

11. Data Verification   Item 12

11.1. Data and Database Management

The exploration and drilling information is stored in two databases created and managed by Lugushwa Mining. Historical data is stored in a Microsoft Access TMdatabase and current data is stored in Microsoft Excel TM. Plans are in place to migrate the databases into a Century System database. Data verification is handled internally and was reviewed by Venmyn Deloitte, then Venmyn Rand (Pty) Ltd, during their site visit in 2011.

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Logging data is entered manually by Lugushwa Mining from handwritten field logs. The new database will allow direct capture of logging into the database using palm top computers. Assay data is received by Lugushwa Mining in electronic format and is entered directly into the database. All data is cross referenced and verified by Lugushwa Mining when entered.

Venmyn Deloitte carried out a validation review of the drilling and sampling information during their field inspection in 2011. Venmyn Deloitte carried out a high level validation of the digital information recorded on the log sheets against original handwritten borehole logs and also carried out searches within databases for typing and other errors as well as duplicate records. The data validation review of drilling database yielded results that are within acceptable limits and Venmyn Deloitte is satisfied that the drilling databases are adequate and representative.

Data verification for sampling stages was also carried out, by Venmyn Deloitte, therefore for the fire assay analyses carried out for gold grade data. Venmyn Deloitte carried out validation of the QA/QC methods utilised by Lugushwa Mining and the analytical laboratories. Venmyn Deloitte further verified that the laboratory certificates for assays match the figures recorded in the database. Venmyn Deloitte is therefore satisfied that assay data and databases are within the acceptable limits and that the data has undergone appropriate QA/QC procedures.

12. Mineral Processing and Metallurgical Testing
Item 13

No mineral processing or metallurgical test-work has yet been completed at Lugushwa. SENET is currently managing metallurgical test work carried out by KCP and SGS South Africa. Samples from 2011 diamond drilling in the D18 and D19 targets were sent for metallurgical testing. The results are not available at this stage.

13. Mineral Resource Estimates
Item 14

13.1. Mineral Resource Estimation and Modelling Techniques

CAE Mining's Datamine Studio 3TM(Datamine) was used by Lugushwa Mining to model the Mineral Resource. Venmyn Deloitte independently validated the modelling process under the auspices of Andy Clay as Qualified Person.

13.2. Database Integrity

Borehole and surface trench data are captured electronically by Lugushwa Mining into Microsoft Excel TM, imported into Datamine, and desurveyed to combine position, grade, and descriptive data into a single master file of drillhole traces. Error checking was performed by Lugushwa Mining in Datamine at the time of desurveying and detected errors corrected at source. Venmyn Deloitte verified that the Datamine master drillhole file correctly represents the data. The dataset defined for the present stage of modelling consisted of 160 diamond drillholes, 89 trenches, and 527 auger holes. Regolith is modelled by Lugushwa Mining from the auger drill holes.

13.3. Geological Interpretation and Dimensions

Lugushwa has six targets, which have been subdivided and modelled by Lugushwa Mining as nine individual models, following an arc of some 6,000m from Minkumbu in the southsouthwest, through Mpongo, Carriere A (subdivided into south and north domains), the main Lugushwa target (subdivided into three domains), to Mapale in the north, with the small Kimbangu target occurring somewhat further to the east.

The main Lugushwa D18-19 and G20-21 deposit was modelled by Lugushwa Mining as three separate but contiguous domains. Domaining depended on position with respect to local folds and/or faults. For example, the main Lugushwa target consists of D18-19 and G20-21.

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The former represents the upthrown side of an inferred fault marked physically by the path of the Lugushwa River. The latter corresponds to the down-thrown side of the same fault. D18-19 is subdivided into an eastern and a western domain, known as Domain 1 and Domain 3 respectively, whilst G20-21 is referred to as Domain 2.

Three dimensional (3D) closed wireframe models of the mineralization have been constructed by Lugushwa Mining, interpreted with a 0.5g/t cut-off grade. The wireframes are shown in Figure 8. The overall dimensions are 3,790m east to west and 4,690m north to south. The Mineral Resource is defined by Lugushwa Mining from surface to a vertical depth of an average of 100m below diamond core end-of- hole, which is generally between 100m and 500m below surface depending on the target. Surface topography, bottom of complete oxidation of the orebody (BOCO) and top of fresh ore (TOFR) were defined by DTMs. The regolith has been modelled by Lugushwa Mining for the first time as a layer some 4m to 8m thick, delineated also by closed 3D wireframes for each target.

The amount of data varies considerably amongst the geological models. Figure 9 shows the 3D data populations, with diamond drillholes and trenches for two examples. Domain 1 is plentifully supplied with data. In comparison, the Minkumbu target is sparsely supplied with data. The other targets fall somewhere between these two extremes.

At Lugushwa, mineralization is not strictly confined to a specific lithology but is dispersed across several lithologies. Lugushwa Mining has separated the wireframes into zones that represent reefs within the entire package of each target. Drilling at surface intersected high grades and has been modelled as a thin layer at surface. Auger drilling provided the data for modelling the regolith. Some zones appear to continue across different structural domains, as shown by Figure 10.

13.4. Compositing

The dominant sampling length is 1m. Data were however composited by Lugushwa Mining at 2m to reduce variability. The same compositing length was used for all nine targets. Compositing lengths were automatically adjusted for every borehole to ensure that every portion of every sample was included in a composite. Compositing analysis showed that the exploratory data statistics' mean values were retained whilst coefficients of variation were reduced satisfactorily.

13.5. Block Model

Block model parameters cannot be optimally oriented with respect to strike and dip across many individual deposits each with different strikes and dips. As a consequence, Lugushwa Mining standardised on a North-South, East-West, vertically oriented model. The block size chosen by Lugushwa Mining is 20m x 20m x 10m for the parent cell size on the grounds that section spacing is 80m. Finer resolution is appropriate in the vertical sense. Estimation was carried out by Lugushwa Mining into the parent cell. Subcell splitting honouring the geological wireframes was permitted for the purpose of precision in volume hence tonnage calculations.

13.6. Variography

The experimental variograms were calculated only from the diamond drillhole data. Trench data and borehole data were however used in estimation.

Variographic analysis was not attempted on any but the largest prospects. Of these, Domains 1 and 2, are spatially the simplest, the most comprehensively drilled, and yielded usable results. The variogram model obtained from this deposit by Lugushwa Mining was used as a generic model for the estimation of all the others, with only the angle parameters changed.

Variogram models for the regolith showed similar ranges in the two long directions, so the generic model was used by Lugushwa Mining for the regolith estimation with the adaptation that the range in perpendicular direction was considerably shortened to 10m and the regolith search parameters adjusted accordingly.

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Variograms were calculated by Lugushwa Mining at different lags, appropriate for the data spacing in different directions. The model obtained was fitted by Lugushwa Mining to the untransformed variogram, calculated with top cutting. The grade distribution is highly positively skewed, so the ranges and sills were checked against log transformed and normal-score transformed variograms. Some examples of the variogram model are shown in Figure 11 and the parameters of the final model are given in Table 4.

Table 4: Normalised Variogram Model

STRUCTURE	NORMALIZED		DIRECTIONAL RANGES
	NUGGET	SILL	STRIKE AXIS	DIP AXIS	PERPENDICULAR AXIS
0	0.25
1		0.4	69	61	16
2		0.34	150	121	65

In common with many small-scale or early-stage operations, the lack of infill drilling or closely spaced drilling at Lugushwa presents problems for conventional directional variography. Subdivision into several reefs per domain is also not conducive to obtaining clear variograms. Grades below the defining cut-off grade are present in the reef structures wireframed, and conversely grades above the defining cut-off grade are present outside. An earlier variogram modelling exercise did however obtain results from the entire dataset of Domain 1, from the first to the last above cut-off grade intersection, regardless of reef. These better structured, less noisy directional variograms showed similar ranges to the latest model. Venmyn Deloitte is of the opinion that the variography is not yet robust enough to use for change of support calculations. Venmyn Deloitte encourages revisiting the variogram model as more information comes in.

13.7. Estimation Methodology

All the models were estimated by Lugushwa Mining using Ordinary Kriging, with ellipsoidal search parameters as listed in Table 5. A minimum number of 5 samples and a maximum number of 40 samples were used. A 2 time’s expansion of the search volume was permitted.

Table 5: Search Neighbourhood Parameters

SEARCH DISTANCES (km)			SEARCH ANGLES (°)			SEARCH AXES
1st	2nd	3rd	1st	2nd	3rd	1st	2nd	3rd
150	120.5	65	90	45	0	3	1	2

A block model prototype was prepared for each target by Lugushwa Mining by filling the closed-volume geological wireframe with cells. The block models were then truncated by the surface topography DTM and subcell splitting was introduced at boundaries defined by the other DTMs. The regoliths were treated similarly. The regolith block models were combined by Lugushwa Mining using Datamine’s ADDMOD, ensuring that there was no double accounting at boundaries. Each cell of the prototype was uniquely allocated one of three oxidation states:-

● oxidised – between surface and BOCO;

● transition – between BOCO and TOFR; and

● fresh – below TOFR

Slices through the prototype are illustrated in Figure 12 illustrating alteration states. For the sake of simplicity, only the three domains of the main Lugushwa deposit are shown. The wireframed interpretation of the various deposits shows considerable variability in the local strike directions. Estimation utilized the Dynamic Anisotropy optional feature of Datamine. The block model prototype was first prepared by calculating the true dip and dip azimuth of the wireframe triangles, which were then angle-estimated into the blocks (using Inverse Distance Squared, with adaptation for circular data.) Constraints were applied to avoid incorporating inappropriate angles from the edges of truncated wireframes. The grade estimation by Ordinary Kriging then used the local orientation of the search ellipsoid.

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13.8. Validation

The models were validated by Lugushwa Mining by comparing block model means with the means of raw and declustered data, per deposit. Statistical agreement was satisfactory. Visual comparison and swathe plots show reasonable agreement between the raw data and the most well-informed models, namely Domains 1, 2 and 3. Figure 13 includes on a more detailed scale an example of a reconciliation plot.

13.9. Mineral Resource Classification

In accordance with NI 43-101, targets Minkumbu and Kimbangu have been classified as Inferred by Lugushwa Mining on account of sparse data, unknown statistical continuity, and lack of geological detail.

The block models of the main Lugushwa target, however, include estimates from relatively more closely spaced data. Cells estimated from sampling within a one-variogram range search ellipsoid, supported by positive Kriging efficiency, were identified, interpreted and the resulting strings linked to form a wireframe surface. Cells falling inside this wireframe surface were classified as Indicated by Lugushwa Mining. Figure 14 shows Mineral Resource classification breakdown for Domain 2 of the Lugushwa Target.

The grade-tonnage curves for the Lugushwa Project generally demonstrate that from a cut-off grade from 0.5g/t to 1.0g/t there is a significant reduction in tonnage with only a marginal increase in the average grade of the deposit. This indicates that high-grading the deposit is generally not a feasible option and mine planning should focus on a bulk, low-grade mine design. There is potential to optimise the cut-off grade based on the principles of Storrar, C., 1981, South African Mine Valuation and Lane, K.,

1997, The Economic Definition of Ore.

The Mineral Resources per Mineral Resource Category estimated for the Lugushwa Project are summarised Table 6. The entire regolith is regarded as Indicated Mineral Resources due to the closely spaced auger drilling and trenching data.

Table 6: Mineral Resources per Mineral Resource Category (effective date: 31stJanuary 2013)

DOMAIN	RESOURCE CATEGORY	TONNAGE (Mt)	GRADE (g/t)	OUNCES (Moz)
DOMAIN 1 (G18-19 EAST)	Indicated	7.51	1.23	0.30
	Inferred	59.47	1.15	2.19
DOMAIN 2 (G20-21)	Indicated	3.01	1.41	0.14
	Inferred	26.77	1.63	1.40
DOMAIN 3 (G18-19 WEST)	Indicated	2.75	1.37	0.12
	Inferred	2.45	0.98	0.08
D18-19 G20-21TARGET TOTAL	Indicated	13.27	1.30	0.55
	Inferred	88.69	1.29	3.67
CARRIERE A NORTH	Indicated	1.30	1.12	0.05
	Inferred	9.84	0.76	0.24
CARRIERE A SOUTH	Indicated	0.84	1.27	0.03
	Inferred	6.10	1.55	0.30
CARRIERE A TARGET TOTAL	Indicated	2.13	1.18	0.08
	Inferred	15.93	1.06	0.54
MPONGO	Indicated	1.31	1.91	0.08
	Inferred	7.38	1.47	0.35
G7 MAPALE	Indicated	0.32	0.95	0.01
	Inferred	1.36	1.80	0.08
KIMBANGU	Inferred	0.58	1.26	0.02
MINKUMBU	Inferred	2.51	2.60	0.21
OTHER TARGETS TOTAL	Indicated	1.63	1.72	0.09
	Inferred	11.83	1.74	0.66
LUGUSHWA TOTAL RESOURCE	Indicated	17.03	1.32	0.73
	Inferred	116.46	1.30	4.88

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14. Mineral Reserve Estimates   Item 15

No Mineral Reserves have been estimated for the Lugushwa Project.

15. Mining Methods   Item 16

DueJ to the early nature of this project, the mining methods were not assessed by Lugushwa Mining. It is expected by Lugushwa Mining that the project will develop an open pit, similar in nature to the Twangiza and Namoya Projects.

16. Recovery Methods   Item 17

Due to the early nature of this project, the recovery methods were not assessed by Lugushwa Mining. No mineral processing or metallurgical testwork has been completed.

17. Project Infrastructure   Item 18

The Project currently has an exploration camp situated within the Lugushwa Project boundary. The camp includes tented accommodation, kitchen, and bathroom facilities. Power is supplied by generators located on site and water is available from streams.

Access is generally via air only with all supplies, personnel and equipment brought in by helicopter. Road access is poor due to destruction during the civil war. Lugushwa Mining is currently developing and upgrading the roads within the exploration area to provide easier access. Lugushwa is currently in pre-construction phase and infrastructure is currently under planning and development.

18. Market Studies and Contracts   Item 19

18.1. Demand

Gold demand in 2012 showed a year-on-year decrease of 4% on a tonnage basis to 4,405t although the annual demand measured on a value basis reached a record value of USD236.4bn as an increase in demand from institutional investors and central banks only partly offset a year on year decline in consumer demand.

Jewellery continues to be the most important end use for gold, making up some 49% of demand. Demand during 2012 fell 3% on a volume basis to 1,908.1t, primarily due to a relatively weak year in India. The value of jewellery demand reached a record of USD102.4bn rose 3% above 2011 as consumers allocated greater sums to gold jewellery despite a 6% year on year rise in the price. India and China are responsible for 56% of the total annual jewellery demand (Street et al, 2012).

Annual demand for gold in the technology sector decreased by 5% in 2012 to 428.2t, in value terms demand rose to USD23bn. The general picture of the year was that of persistent decline in tonnage with values maintained at steady levels. The electronics sector saw a decline in demand of 5% over the year to 302.7t. Other industrial and decorative (OID) saw a decline of 4% to 85.7t and gold uses in dentistry also declined due to higher gold prices. (Street et al, 2012). The demand was derived from the various uses of gold, as shown in Figure 15. (Street et al, 2012).

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Annual investment for bars and coins decreased by 17% and a 51% increase in Exchange-Traded Funds (ETF) and similar products resulted and adding a positive contribution from Over the Counter (OTC) investment and stock flows results in a total investment of 1,582.5t, 3% lower than 2011. The total demand for ETFs of 279.0t had a value of almost USD15bn OTC investment and stock flows contributed

47.8t to total investment but fluctuated throughout the year due to gold price moves, policy announcements from monetary authorities, and the economic situation in Europe. Exclusive of OTC investment and stock flows, bar and coin demand accounts for the greatest share of investment (79%) in this sector during 2012. Although demand for gold bar and coins was lower than year earlier levels, they are still 31% above the 5 year average of 961.0t.

However, there was a significant change in the demand for gold for investment purposes, with investment demand as a percentage of total demand for gold increasing from 35% to 41%. For private investors, a decision to invest in gold is believed to lie in positive price expectations, the fact that low interest rates offer little returns from alternative investments; there was high inflation in many countries that resulted in investors turning to gold to protect their wealth; and concern that Euro zone instability may affect regional and global growth rates. Demand for gold bars and coins was particularly influenced by an increased desire to invest in gold, with ETFs and similar products experiencing a drop in demand on a year-on-year basis (Street et al, 2011).

18.2. Supply

Historically, supplies of gold have come from mine production, recycling and from sales of Central Bank gold. Australia, South Africa, Russia, Chile, the United States, and Indonesia each have above 3,000t of gold reserves, with a combined 55% of global reserves, according to the United States Geological Survey (USGS) (George, 2012).

Of the African countries, South Africa has the second-largest number of global reserve tonnages, while Ghana ranks 11th in global gold reserve tonnages. Countries such as Mali, Tanzania, the DRC, and Zimbabwe are among the African countries which are included in the ‘other countries’ classification provided by the USGS – indicating that they are not among the top 14 countries in terms of gold reserves. Table 7 shows the estimated gold reserves by country.

The USGS has placed falling South African production as the fifth largest by tonnage globally. It is believed that South African production has slowed and this is due to increasing depth of resources and the consequent difficulty in mining, although other reasons, including safety stoppages and erratic electricity supplies, have been blamed in the past (Reuters, 2010). Table 8 summarises estimated global production by country.

The USGS estimates that total world gold production was 2,687t in 2011, while the World Gold Council places this a bit higher, at 2,809.5t (George, 2012; Street et al, 2012). The World Gold Council further indicates that mine production increased by 4% while the USGS figures suggest that production has increased by even more than this.

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The USGS estimates that total world gold production was 2,687t in 2011, while the World Gold Council places this a bit higher, at 2,809.5t (George, 2012; Street et al, 2012). The World Gold Council further indicates that mine production increased by 4% while the USGS figures suggest that production has increased by even more than this.

Table 7: Estimated Global Gold Reserves in 2011

COUNTRY	RESERVES
	(t)
Australia	7,400
South Africa	6,000
Russia	5,000
Chile	3,400
United States	3,000
Indonesia	3,000
Brazil	2,400
Peru	2,000
China	1,900
Uzbekistan	1,700
Ghana	1,400
Mexico	1,400
Papua New Guinea	1,200
Canada	920
Other countries	10,000
TOTAL	50,720

Source: George (2012)

Table 8: Estimated Global Gold Production for 2010 and 2011 (t)

	MINE PRODUCTION
COUNTRY	2010 (t)	2011e (t)
China	345	355
Australia	261	270
United States	231	237
Russia	192	200
South Africa	189	190
Peru	164	150
Canada	91	110
Ghana	82	100
Indonesia	120	100
Uzbekistan	90	90
Mexico	73	85
Papua New Guinea	68	70
Brazil	58	55
Chile	38	45
Other countries	559	630
TOTAL	2,561	2,687

Source: George (2012)

e=estimate

However, while mine production appears to be edging up, the other two contributors to the supply of gold, i.e. recycling and Central Bank gold supplies, do not follow the same trend.

Central Banks, after being net sellers of gold for decades, reversed this trend in 2010 and continued to be net purchasers of gold in 2011. This trend was motivated by a variety of reasons, including increased purchases of gold by Central Banks wishing to preserve national wealth, diversify reserves and reduce reliance on foreign currencies. As a result, there were no supplies of gold that came from Central Banks (Street et al, 2012).

The volume of recycled gold available on the market appears to also be falling and recycled gold is therefore not contributing as much to global gold supplies as it has done in the past. Gold that was recycled in 2011 stood at 1,611.9t compared to 1640.7t in 2010.

With mine supplies, Central Bank purchases and recycled gold in the market, as well as decreases in the supply of gold available due to producer hedging, the total supply of gold was 3,994t in 2011 as compared to 4,163.9t in 2010.

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18.3. Gold Price Trend

There was a strong upward trend in the USD price of gold over the last 12 years (Figure 16). This continued in 2011, although the strong price increase to September, of 30% for the year, was reduced to some extent by a price decrease towards the end of the year (Street et al, 2012).

Figure 16: Gold Spot Price (USD) January 2004 – April 2012

18.4. Gold Market Outlook

There are significant changes to both supply and demand dynamics that are fundamentally altering the gold market. From a supply perspective, the high gold price has resulted in a number of significant mine producers ramping up production. This has led to gold mine production increasing, although this tended to be from existing operations rather than from new mines.

The difficulty of making new gold finds, as well as the increases in costs associated with gold production, suggest that mine production increases are not sustainable in the long term (Street et al, 2012).

Other factors influencing supply relate to recycling and to Central Banks: there appears to be a decreasing recycling trend, although this is not uniform throughout the world; and Central Banks are no longer contributing to global gold supplies and are instead purchasing gold, altering supply dynamics significantly.

From a demand perspective, jewellery demand has fallen in India, and has led analysts to suggest that China and India need to be viewed separately rather than linked together, as Asian economic powerhouses that will continue to grow, rather than seen as being influenced by individual factors.

This said, it is likely that China and India are also likely to be the leading drivers of gold consumption in future, although these countries’ gold demand growth rates may be influenced by slowing Gross Domestic Product (GDP) growth and, in the case of India, fewer auspicious holidays in 2012 that require gold purchases as well as a currency that sometimes fluctuates quite widely.

The other change that has dominated the global gold demand landscape is the increasing demand for gold as an investment. Two divergent views on this issue have been suggested by analysts:-

● it has been traditionally acknowledged that gold is favoured at times of turbulence and, since Euro zone stability is yet in the balance, some believe that gold’s bull run will continue as investors turn to it as a safe investment; but

● others, notably the Financial Times, however, that suggest that the Bull Run is nearing its end because this has been supported unsustainably by loose monetary policies and inflationary worries. Those who believe that it is not necessarily the case that gold will continue to be in demand note that “the current absence of a major catalyst in the global economic system has set gold adrift on something of a windless ocean” (McKay, 2012).

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19. Environmental Studies, Permitting and Social or Community Impact   Item 20

Historical and current artisanal mining could pose environmental issues within the project area. Artisanal miners utilize local streams to wash gravel and crushed ore. These miners also use mercury during extraction of gold, leading to potential health issues and contamination of water supply. Lugushwa Mining commissioned an environmental baseline survey of artisanal and historical mining activities to establish current environmental issues, to define environmental liabilities and meet objectives set out in the ARMC.
 

20. Capital and Operating Costs   Item 21

Due to the early nature of this project, the capital and operating costs were not assessed.

21. Economic Analysis   Item 22

No economic assessment took place during this review, nor is this required given the development stage of this project.

22. Adjacent Properties   Item 23

Banro’s other Projects, including Twangiza, Namoya and Kamituga are the only similar projects currently in existence near Lugushwa. All occur within the Twangiza-Namoya gold belt. Their locality can be seen in Figure 1. Twangiza is an operating mine, located approximately 45km southsouthwest of Bukavu, which began production in October 2011. The Twangiza plant will have the capacity of 1.7Mt throughput per annum, producing up to 120,000oz of gold per year and a Life of Mine (LoM) estimated at seven to eight years.

The Namoya Project is currently undertaking construction activities and development of the open pit, as reported by their study undertaken in 2011. The Namoya Project is expected to begin gold production during 2013 and a total of approximately 124,000oz production per annum over a seven year LoM is anticipated. This project lies approximately 75km southwest of Kugushwa. The Kamituga Project is still in an exploration phase and is located approximately 10km north of Lugushwa.

23. Other Relevant Data and Information   Item 24

23.1. Political Background

The Republic of the Congo gained independence from Belgium in 1960 and, after gaining power, Colonel Joseph Mobuto Sese Seko renamed the country Zaire. He was overthrown by Laurent Kabila in 1997, who appointed himself president and changed the country’s name to the DRC. Since then the DRC has had two additional presidents and a civil war which commenced in 1998.

Laurent Kabila was assassinated in January 2001 and was succeeded by his son Joseph Kabila, as Chief of State and Head of Government. Joseph Kabila negotiated with rebel leaders to establish a transitional government in 2003. On July 2006 the first multi-party elections were held in the country since its independence, and the second was held on 28 November 2011. From that time the country has been relatively peaceful.

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Unrest is still a problem since the recent elections, but it has quieted down after the late official election results in January 2012, declaring Joseph Kabila president for another term. The main area of unrest related to the election is still in the capital. The other areas of unrest are to the north and east of the country, where rebel soldiers still have a foothold.

It is not clear as to the extent of the recent conflict areas, but there is a strong likelihood that it has affected the southern areas of the North Kivu Province. The primary security risks facing the region are:-

● continued disarmament of armed groups in the North Kivu and Ituri and the extension of state authority to all areas of the DRC; and

● this change could signal a movement in the Kinshasa government that could either bring North Kivu to rebellion or the final disarmament of the Democratic Forces for the Liberation of Rwanda (FDLR), who are associated with the 1994 genocide in Rwanda.

Since peace was re-established in 2003 the DRC has seen the return of international investment, particularly in the minerals industry. According to the Central Intelligence Agency World Factbook, exports of minerals have increased and the GDP has been boosted. The GDP was estimated to be USD25.19bn in 2011, an increase from the estimated USD23.66bn in 2010. The real GDP growth rate was 6.5% in 2011.

Exports were estimated to be USD10.93bn in 2011, with earnings derived predominately from diamonds, copper, coffee, and sugar. The country has seen significant improvements in the inflation rate compared to their war-ridden periods; it was recorded at 17% in 2011, down from the 23.1% in 2010

In late 2012 to 2013, violence once again affected the country, this time where Rwandan and Congolese forces clashed along the eastern border with Rwanda affecting Goma in the North Kivu Province. A new peace deal was approved in February 2013 by Congolese and 11 other governments in an effort to improve the situation, however, the situation remains volatile and unstable.

23.2. Minerals Industry

The DRC is renowned for its extensive mineral wealth, especially the Copper Belt situated in the Katanga Province along the border with Zambia. The DRC plays a globally significant role in the world’s production of cobalt and diamonds. In 2007, the country’s share of the world’s cobalt production amounted to 36%; industrial diamond, 31%; and gem-quality diamond, 6%. DRC accounted for about

49% of the world’s cobalt reserves. Copper and crude petroleum production also played a significant role in the domestic economy. The country was not a globally significant consumer of minerals or mineral fuels.

The mining and Industry sector accounted for 27.6% of the gross domestic product in 2011 (World Fact Book). An estimated 700,000 artisanal miners were involved in diamond production; employment in diamond trading amounted to about 100,000 (International Monetary Fund, 2005, p. 48-49; 2007, p. 46).

La Générale des Carrières et des Mines (Gécamines), which was a state-owned company, produced cobalt and copper; other cobalt and copper mining companies were privately owned. Due to the war the mines fell into disrepair and became uneconomical. In recent years the copper mines have received extensive interest from large international mining companies. The cement producers Cimenterie de Lukala and Interlacs were privately owned. The Government held an 80% share in the large-scale diamond producer Société Minière de Bakwanga (MIBA). Artisanal and small-scale miners accounted for most Congolese output of diamond, gold, niobium (columbium), tantalum, tin, and tungsten. Artisanal and small-scale miners also played a significant role in the country’s cobalt mine production.

In 2007, the production of niobium (columbium) in DRC increased by an estimated 133%; tantalum, by an estimated 129%; tin, by an estimated 89%; silver, by 13%; refined cobalt, by 10%; zinc, by 10%; and copper, by an estimated 10%. Refined copper production was restarted in 2007. Cobalt mine production declined by an estimated 7%; and diamonds, by an estimated 5%.

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The DRC is a major diamond producer primarily from artisanal operations situated in the Tshikapa, Mbuji Mayi, and Kinsangani areas. The production reported for 2003 amounted to 21.1Mcts and represents 75% of the country’s total alluvial production. The remainder is sourced from MIBAs Mbuji Mayi mine in the Kasai Province. International mining companies have returned to the diamond areas within the DRC and are actively exploring for both alluvial and kimberlite deposits. The DRC is a member of the Kimberley Process.

The DRC recorded gold production of 20t for 2003. The country is also a significant oil producer, recording a production of 85M barrels for 2003.

International companies with exploration and/or mining interests in the DRC include BHP Billiton, De Beers Group, Anvil Mining NL, Kinross Gold Corporation, Adastra Minerals Inc, SouthernEra Diamonds Inc, Gravity Diamonds Ltd, GEM Diamonds Ltd, Metorex Ltd, and Banro Corporation.

24. Interpretations and Conclusions   Item 25

Lugushwa Mining has materially upgraded the Mineral Resources estimated for the Lugushwa Project. This increase includes upgrading a portion into the Indicated Mineral Resource category as well as expanding the current Mineral Resource base through the continued exploration taking place.

While this Mineral Resource is largely classified in the Inferred category with the geological information collected to date, the Lugushwa Mining exploration team is confident about the continuity and structure of the reefs and their inherent mineralisation.

Gold grade is variable within the resource, which is typical of most gold-bearing deposits world-wide. Continued exploration is warranted to reduce the variance of the grade, thus increase overall geological confidence. Continued exploration will assist with declaring Mineral Resources over the targets which have not yet undergone extensive studies.

The modelling techniques employed by Lugushwa Mining for the Lugushwa Project are in keeping with the guidelines of NI 43-101 and the Mineral Resource estimation presented in this report is considered by Venmyn Deloitte to be representative of the mineralisation contained within the Lugushwa Project based on our review of the geological model and resource estimates. Venmyn Deloitte is satisfied that all drilling, sampling, database management and geological modelling protocols comply with the standards prescribed by NI 43-101.

25. Recommendations   Item 26

Venmyn Deloitte recommends that further exploration take place in order to improve geological confidence in the targets. Lugushwa Mining has compiled a work programme for the ongoing exploration activities for the Lugushwa Project. A total of USD4.25 million has been assigned by Lugushwa Mining for the purpose of exploration during the 2013 financial year, which Venmyn Deloitte considers appropriate. The main operational objectives of the

2013 Lugushwa exploration programme are:-

● to define additional oxide resources at Lugushwa to facilitate the completion of an economic assessment of the Lugushwa Project by the end of the fourth quarter, 2013;

● to undertake regional exploration and target generation programs on the remaining portions of the Lugushwa Project to ensure growth in the defined Mineral Resources by the end of the fourth quarter, 2013. In particular the focus for Lugushwa will be on:-

● conversion of Inferred oxide ounce Mineral Resources to higher confidence categories through infill drilling;

● follow-up on potential oxide Mineral Resources within the Kimbangu- Mpongo- Minkumbu trend utilizing shallow delineation drilling; and

● target generation through grassroots and follow-up work in the southwestern and northeastern extensions of the Lugushwa mineralized trend.

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26. Date and Signature Page

Yours faithfully,

/s/ Andrew Neil Clay

ANDREW NEIL CLAY

M.Sc. (Geol.), M.Sc. (Min.Eng.), Dip.Bus.Man.,

Pr.Sci.Nat., MSAIMM, FAusiMM, ,

FGSSA, MAIMA, MSPE, loD.

MANAGING DIRECTOR

QUALIFIEDPERSON

Signedon15th March2013.

EffectiveDateofReport:15th March2013

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Appendix 1: References

Item 27

AUTHOR	DATE	TITLE	SOURCE
Banro Corporation	March 2007	Third NI 43-101 Technical Report, Lugushwa Project, South Kivu Province, Democratic Republic of the Congo.	Banro Corporation
Brooks, L.	11 March 2013	Cooperation in the Congo: Will the Regional Peace Deal Bring Stability?	Think Africa Press: http://thinkafricapress.com/drc/cooperation-congo-can-regional-initiatives-end-violence
George, M.W.	2012	Gold, Mineral Commodity Summaries.	USGS
Kersi, P.	2012-2013	Geological Models provided in DatamineTM format.	Banro Corporation
Lane, K.	1997	The Economic Definition of Ore
McKay, D.	2012	The golden doldrums.	www.miningmx.com
Reuters	2011	SAfrica slips to fourth in world gold production.	www.reuters.com
SRK Consulting	February 2005	NI 43-101 Technical Report Resource Estimation and Exploration Potential at the Kamituga, Lugushwa and Namoya Concessions, Democratic Republic of Congo.	Banro Corporation
Street, L., Palmberg, J., Artigas, J.C., Ong, E., Grubb, M.	2012	Gold Demand Trends –Full year 2011.	World Gold Council
Storrar, C.	1981	South African Mine Valuation
World Climate Guide	February 2013	Bukavu Climate Guide, Democratic Republic of the Congo.	http://www.worldclimateguide.co.uk/climateguides/ democraticrepublicofthecongo/bukavu.php

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Appendix 2: Qualified Person’s Certificate

Name of Staff:	Andrew Neil Clay
Name of Firm:	Venmyn Deloitte, a subsidiary of Deloitte Consulting South Africa (Pty) Ltd
Address:	First Floor, Block G, Rochester Place, 173 Rivonia Road, Sandton, 2146, South Africa
Contact:	Telephone: +27 11 783 9903, Fax: +27 11 783 9953
Position:	Managing Director
Profession:	Geologist
Date of Birth:	16 April 1955
Years with Firm/Entity:	25
Nationality:	British

CERTIFICATE OF QUALIFIED PERSON

I, Andrew Neil Clay, do hereby certify that:-

1. I am the Managing Director of Venmyn Deloitte

First Floor, Block G

Rochester Place

173 Rivonia Road

Sandton, 2146

South Africa;

2. I am a graduate in Geology and have a Bachelor of Science from University College Cardiff in 1976;

3. I am a member/fellow of the following professional associations:-

CLASS	PROFESSIONAL SOCIETY	YEAR OF REGISTRATION
Member	Canadian Institute of Mining, Metallurgy and Petroleum	2006
Advisor	JSE Limited Listings Advisory Committee	2005
Issuer	JSE Issuer Services	2008
Member	JSE Issuer Mining Sub-committee	2009
Associate Member	American Association of Petroleum Geologists	2005
Member	South African Institute of Directors	2004
Fellow	Geological Society of South Africa	2003
Member	American Institute of Mineral Appraisers	2002
Member	South African Institute of Mining and Metallurgy	1998
Fellow	Australasian Institute of Mining and Metallurgy	1994
Member	Natural Scientist Institute of South Africa	1988
Member	Investment Analysts Society of South Africa	1990
Member	Society of Petroleum Engineers	2009
Member	Project Management Institute	2011
Expert	Hong Kong Stock Exchange	2012

4. I have practiced my profession continuously since graduation. My relevant experience for the purpose of the technical report (the “Technical Report”) dated 15th March 2013, entitled “Independent National Instrument 43-101 Technical Report on the Lugushwa Gold Project, South Kivu Province, Democratic Republic of the Congo” is:-

YEAR	CLIENT	COMMODITY	DOCUMENTATION
2012	Araxa	Rare Earths	NI 43-101
2012	Bauba	Platinum	Technical and Economic Assessment
2012	IFC Mining		Technical and Economic Assessment
2012	Central Rand Gold	Gold	CPR
2012	Lanxess	Chrome	Technical and Economic Assessment
2012	Loncor Ngayu	Gold	Mineral Resource Valuation
2012	Loncor Makapela/Mangajuripa	Gold	Mineral Resource Valuation
2012	Pering Listing Hong Kong	Zinc Lead / Base metals	CPR
2012	Stonebridge Hanieal Mozambique	Gold	Corporate Advice and Project setup
2012	Stonebridge Zim Gold	Gold	Corporate Advice and Project setup
2012	Terra Nova Manica Investment	Gold	Technical and Corporate Valuation
2012	PSIL Arbitration		Expert Witness
2012	AngloCoal	Coal	Valuation
2012	Virgil Mining	Gold	Technical Report
2012	Sikhuliso Harmony Dumps	Gold	Corporate Transaction Advice
2012	Smart Carbon Combrink Coal	Coal	Technical Report and Valuation
2012	Optimum Coal	Coal	Independent Opinion

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YEAR CLIENT COMMODITY DOCUMENTATION

2012	Wits Gold	Gold	CPR and Valuation
2012	Pan African Resources	Gold	CPR and Valuation
2012	Banro	Gold	Technical Report and Valuation
2012	Harmony Evander	Gold	Full CPR and Valuation
2012	Boynton	PGM	Pre-feasibility Study
2012	Sudor Coal	Coal	Valuation
2012	NMIC	Gold	Technical Report and Valuation
2011	SSC Mandarin	Gold	Independent Corporate and Technical Advisor
2011	Harmony	Gold	CPR
2011	Afrisam	Cement	Independent Valuation
2011	Chromex	Chrome	Hong Kong Listing
2011	Banro	Gold	Independent Technical Statement
2011	Xceed Capital	Coal	Independent Valuation Statement
2011	Chrometco	Chrome	Independent Valuation
2011	Scinta	Coal	Independent Technical Statement and Valuation
2011	Seque Manganese	Manganese	Prospectivity and Scoping Study
2011	Sable	PGE	Prospectivity and Drilling Density CP
2011	Taung	Gold	Hong Kong Listing
2011	Maghreb Minerals	Zinc	CPR
2011	Veremo	Iron	Updated Technical Statement on Veremo
2011	Smart Carbon	Coal	Strategic Advisor
2011	Sephaku	Cement	Technical and Economic Documentation
2011	Axmin	Gold	Technical and Economic Documentation
2011	Absa Vanadium	Vanadium	Vanadium Project Valuation
2011	BCL Dumps	Nickel	Scoping Study
2011	AMRT	Copper/Gold	Scoping Study
2011	Jindal Mining	Coal	Techno-Economic Statement on the Mbili Coal Project
2011	Essar RioZim	Various	Corporate Transaction
2011	SEW Trident	Coal	Transaction and Valuation Planning
2011	PSIL	Uranium	Strategic Valuation
2011	Kibo Mining	Gold/Various	Tanzanian Assets
2011	Moabsvelden Coal	Coal	Technical and Valuation Work
2011	Wesizwe	PGE	Fairness Opinion
2010	Namane	Coal	Technical Assessment
2010	Bauba Platinum	Platinum	Independent Strategic Technical Advisor
2010	Evraz Mapochs		Independent Valuation
2010	African Copper	Copper	Independent Mass Balance and Orebody Fatal Flaws Assessment
2010	Advanced Mineral Recovery Technologies	Gold	Independent Sampling and Mass Balance Report
2010	Xstrata Coal	Coal	Independent Valuation Certificate
2010	Sephaku	Cement	Independent Technical Review
2010	White Water Resources	Gold	Independent Competent Persons’ Report
2010	White Water Resources	Gold	Independent Technical Statement
2010	Platmin	Platinum	Independent Techno-Economic Reports and Valuation
2010	West Wits Mining	Gold	Independent Prospectivity Review
2010	SSC Mandarin	Gold	Independent Corporate and Technical Review
2010	Ultra Tech	Cement	Independent Techno-Economic Statements
2010	Taung	Gold	Independent Technical Review
2010	Taung	Gold	Independent Valuation Statement
2010	Sylvania	PGMs	Independent Technical and Valuation Experts Report
2010	Mzuri Capital	Gold	Independent AIM Compliant Competent Person’s Report
2010	Kalagadi	Manganese	Independent High Level Techno-Economic Review
2010	Lesego	Platinum	Independent Techno-Economic Valuation Report
2010	Lesego	Platinum	Independent Executive Summary
2010	G&B Resources	Li	Independent Prospectivity Review
2010	Miranda	Coal	Independent Technical Resource and Valuation Statement
2010	Loncor	Gold	Independent Techno-Economic Valuation Report
2010	Gentor Resources	Copper	Independent Techno-Economic Report
2010	ETA Star	Coal	Independent Valuation Report
2010	AfriSam	Cement	Independent Technical Review
2010	Buildmax	Cement	Independent Short-Form Competent Report
2010	Anglo Platinum	Platinum	Independent Valuation of the PGM Assets
2010	Nyota Minerals	Gold	Independent Inferred Resource Estimate
2010	Absolute Holdings	Platinum	Independent Competent Persons’ Report
2010	AfriSam	Cement	Independent Technical Review
2010	African Copper	Copper	Mass Balance and Orebody Fatal Flaws Assessment
2010	Ruukki	Platinum	Short-Form Techno-Economic Statements
2010	Umbono Capital	PGMs	Independent Competent Persons’ Report
2010	Anglo Platinum	PGMs	Independent Mineral Asset Valuation
2010	Zambia Copper Investments	Copper	Mineral Asset Valuation
2010	White Water Resources	Gold	Short-Form Valuation Statements

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YEAR CLIENT COMMODITY DOCUMENTATION

2010	Central African Gold	Gold	NI 43 – 101 Technical Report
2010	Platmin	Platinum	Updated NI 43 – 101 Technical Report
2009	G & B Resources	Uranium	Independent Competent Persons’ Report
2009	Kalagadi	Manganese	Independent Techno-Economic Review
2009	Sephaku Cement	Cement	Indendent Competent Persons’ Report
2009	Metorex	Gold	Independent Fairness Opinion
2009	Kivu Resources	Pegmatites	Independent prefeasibility study
2009	Kalagadi Manganese	Manganese	Independent Techno-Economic Review
2009	Taung Gold	Gold	Independent Competent Person’s Report
2009	Sylvania Resources	Platinum	Independent Technical and Valuation Expert’s Report
2009	Ernst & Young Jordan	Gold	Independent Valuation Report on mineral assets of a Gold Mining Concession in Ethiopia
2009	Dwyka Resources	Gold	Independent Technical Statement on Tulu Kapi Gold Project
2009	G & B African Resources	Pot Ash	Independent Prospectivity Review
2009	Central African Gold	Gold	Information Memorandum in the form of NI 43-101 Compliant Technical Statement
2009	Braemore Resources	Platinum	Fairness Opinion
2009	New Dawn	Gold	Independent Technical Statement
2009	Investec	Cement	Independent Technical Review of CILU Cement assets
2009	IBI	Iron ore	Independent Technical Resource Statement
2009	Chrometco	Chrome	Fairness Opinion
2009	Rand Uranium	Uranium	Mineral Resource Review and Modelling
2008	Signet Mining	Coal	Independent valuation of coal assets
2008	Lesego Platinum	PGMs	Independent Competent Person’s Report for JSE Listing
2008	Norilsk Nickel	Nickel	Review of business strategy
2008	Minero Group	Zinc/Lead	Review of business strategy and Competent Person’s Report
2008	Paramount Mining	Diamonds	Independent Technical Statements
2008	Anglo Platinum	PGMs	Independent Technical Report and valuation
2008	Demindex	Diamonds	Review of business strategy and Technical Advice
2008	Investec	Cement	Due Diligence and valuation of Cilu Cement
2008	DGI	Copper/Cobalt	Independent Technical Statements
2008	Abalengani	Platinum	Review of plant and valuation
2008	Absolute Holdings		Quarry valuation
2008	Metorex	Copper/Cobalt	Fairness Opinion
2008	Investec	Cement	Due diligence on Sephaku assets
2008	Kivu Resources	Tantalite	Tantalite strategic planning and valuation
2008	Tantilite Resources	Tantalite	Independent Technical Report
2008	DGI	Copper/Cobalt	Independent Technical Statement and valuation
2008	Uramin	Uranium,	Resourse Review and Technical Statements
2008	Harmony Gold Mining	Au, Uranium	Independent Technical Statements and Strategic business plan
2008	Harmony Gold	Uranium	Cooke Dump Resource and Finacial Valuation
2008	Harmony Gold	Au Uranium	Resevre and Resource Audit for the group
2008	Nkwe Platinum	PGMs	Independent Technical Statement and Competent Person’s Report
2008	Highveld Steel & Vanadium Corporation	Steel, Vanadium	Independent Resource and Reserve planning
2008	African Minerals	Diamonds	Independent Technical Statements
2008	Continental Coal	Coal	Independent Technical Report
2008	Industrial Base Metals	Base Metals	Base Metal Refinery Audit
2007	Crushco	Industrial Minerals	Independent valuation
2007	Kimberley Consolidated Mining	Diamonds	Independent valuation
2007	LionOre Mining	Nickel.  PGMs	Technical and economic valuation
2007	PBS Group	PGMs	Project review
2007	Western Areas	Au	Independent valuation
2007	Harmony Gold Mining	Au. Uranium	Independent scoping and valuation
2007	Great Basin Gold	Au	Independent valuation for BEE transaction
2007	BRC/Diamondcore Resources	Diamonds	Valuation and Opinion provider
2007	Urals Investors	Diamonds Au. PGMs and Oil and Gas	Independent Transaction Report
2007	Energem	Diamonds	Indepndent Technical Statement for Koidu
2007	Xstrata	Cr	Independent CGT and Valuation advice
2007	PWC Magnetite Mine Review	Magnetite	Independent Mineral Resource Review and Valuation for apportionment calculations
2007	Magnum Resources	Ta	Independent Mineral Resource Review
2007	Gaanahoek Coal Deposit	Coal	Prospectivity Review
2007	DRDGold	Au	Emperor Gold Mines independent forensic review
2007	Kimberley Diamonds Corporation	Diamonds	Independent Listings Documentation
2007	Rockwell	Diamonds	Transhex Transaction Documentation
2007	Rockwell	Diamonds	Independent Mineral Resource Review
2007	Caledonia Mining	Au	Independent Disposal Documentation Eersteling
2007	Caledonia Mining	Au	Independent Disposal Documentation Barbrook

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March 2013 47

YEAR CLIENT COMMODITY DOCUMENTATION

2007	Adsani Tantalite Refinery	Ta	Independent Technical Report
2006	LionOre	Ni Base Metals	Independent Valuation of Falconbridge International and Nikkelverk Refinery
2006	LionOre/BCL	Ni Base Metals	Independent Technical and Economic Valuation
2006	Vanamin	V	Independent Report for disposal
2006	Kurils Islands	Au	Independent Technical Report NI 43-101
2006	Mgart Armenia	Au	Independent Assessment and Valuation for AIM
2006	Zimbabwe Mining Bill	All	Preparation of industry submission to government
2006	Energem	Oil & Gas	Preparation of National Instrument Compliance
2006	Ncondedzi Coal	Coal	Technical & Corporate Listing Documentation
2006	Metallon International - Armenia	Gold & Base Metals	Prospectivity & Exploration Programme Preparation
2006	Hood Tantalite	Tantalite	Independent Techno Economic Valuation Report
2005	Letseng	Diamonds	Independent Competent Person’s Report for disposal
2005	Zimplats Tenements	Platinum Group Metals	Independent Competent Person’s Report for disposal
2005	DRD	Gold	Fair & Reasonable
2005	ARM Madikwa	Platinum Group Metals	Independent Valuation for Impairment Calculation
2005	Harmony Competitions Tribunal	Gold	Independent Expert Witness
2005	Ecca Holdings	Bentonite	Independent Industry Review
2005	Harmony Randfontein 4 Shaft	Gold	Independent Valuation
2005	Gallery Gold	Gold	Independent Competent Person’s Report for disposal
2005	Stuart Coal	Coal	Independent Competent Person’s Report for disposal
2005	Elementis Chrome	Chrome	Independent Industry Review
2005	Diamond Core	Diamonds	Independent Competent Person’s Report
2005	Diamond Core	Diamonds	Fair & Reasonable Statement
2005	Kensington Resources	Diamonds	Independent Inspection & Certification of Laboratory
2005	Bayer Valuation	Chrome	Independent Valuation for Economic Empowerment Transaction
2005	Pangea Diamonds	Diamonds	Independent Competent Person’s Repor
2005	LionOre International	Nickel	Tati Nickel Review of Mineral Resources.
	Aquarius PSA2		Independent Competent Person’s Repor
2005	Aquarius	Platinum	Marikana Mineral Resources Review.
2005	LionOre International	Nickel	Nkomati Due Diligence and Transaction Value Calculations.
2005	LionOre International	Nickel	World Nickel market study for group corporate work.
2004	Avgold Limited	Gold	Fair & Reasonable Opinion on the Methodologies applied and Values attributed to the Mineral Assets of ET Cons
2004	Aquarius	Platinum	Update of Independent Valuation of Mimosa
2004	Aquarius	Platinum	Independent Techno-Economic Report and Fair and Reasonable Opinion tot the PIC, DBSA and IDC on the 26% BEE Transaction for AQPSA – Document waived by the JSE.
2004	Mimosa Mining Company	Platinum	Mineral Resource and Ore Reserve Review
2004	Zimplats	Platinum	Zimplats Makwiro Valuation and Corporate Restructuring
2004	Assmang	Manganese	CGT Valuation
2004	Aquarius	Platinum	CGT Valuation
2004	Sishen South	Iron	CGT Valuation
2003	Unki Platinum Project	Platinum	CGT Valuation
2003	Hernic Ferrochrome (Pty) Ltd, Itochu Corporation	Chromite	Independent valuation of the Stellite Chromite Mine Joint Venture.
2003	African Diamond Holdings (Pty) Ltd	Diamonds	Independent techno-economic due diligence and valuation of African Diamond Holdings marine diamond concessions and diamond cutting operation in Walvis Bay, Namibia.
2003	Unki Platinum Project, Zimbabwe	Platinum	Techno-Economic Valuation Report & Fair & Reasonable Opinion
2003	Transvaal Ferrochrome Ltd	Ferrochrome	Independent Competent Person’s Report and Valuation as a bankable Document for Australian Stock Exchange
2003	Aquarius Platinum (SA) (Pty) Ltd	Platinum	Independent Competent Person’s Report and Valuation for the Everest South Project
2002	Zimbabwe Platinum Mines Ltd	Platinum	Independent valuation of Zimplats relative to the value of the Impala Platinum Ltd/AurionGold Ltd transaction.
2002	Mitsubishi Corporation	Ferrochrome	Expansion Report and Valuation on Hernic Ferrochrome (Pty) Ltd.

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YEAR CLIENT COMMODITY DOCUMENTATION

2002	Aquarius Platinum Ltd	Platinum	Acquisition Report on ZCE Platinum Ltd including the due diligence and valuation of Mimosa Mine in Zimbabwe.
2002	Freddev	Gold	Valuation of Mineral Rights & Royalties
2002	Barnex	Gold	Valuation of Mineral Rights & Royalties
2002	Western Areas	Gold	WA4 Project : Valuation of Mineral Rights & Royalty Agreement
2002	Mitsubishi	Ferrochrome	Expansion report and valuation
2002	Aquarius	Platinum	Acquisition Report
2001	Northam	Platinum	Valuation
2001	Mitsubishi Corporation	Ferrochrome	Due Diligence, Valuation and Acquisition Report
2001	Amcol Due Diligence	Bentonite	Independent due diligence and valuation on G&W
2001	Zimplats Impala Raising	Platinum	Circular to shareholders valuation report
2000	African Minerals	Varied	Independent competent person’s report
2000	Barnato Exploration Limited	Varied	Competent person’s report
2000	Durban Deep	Gold	Independent valuation report
2000	Iscor Limited	Varied	Independent valuation of exploration assets
1999	Harmony Gold Mining Co Ltd	Gold	Harmony / Kalgold / West Rand Cons
1999	Leighton Contractors	Tin	Pre-feasibility study Pemali Tin (Indonesia)
1999	Mitsubishi	Ferro-Chrome	Techno-economic valuation of Hernic Chrome
1998	Barnex Ltd	Wits Gold	Due diligence
1998	Camco	Diamonds	Independent  Competent Person’s Report and valuation
1998	Crown Mines and DRD	Wits Gold	Valuation
1998	Egyptian Government	Phosphate	Due diligence and valuation
1998	Great Fitzroy Mines	Copper	Competent Person’s Report and Valuation
1998	Iscor Mining	Greenstone Gold	Due diligence and valuation
1998	JCI Ltd	Wits Gold	Competent Person’s Report
1998	Randgold & Exploration Co Ltd	Gold	Competent Person’s Report
1998	Western Areas	Wits Gold	Competent Person’s Report
1997	CBR Mining	Coal	Due diligence
1997	Durban Roodepoort Deep Ltd	Wits Gold	Competent Person’s Report
1997	G&W Base	Bentonite	Due diligence
1997	JCI Ltd	Wits Gold	Competent Person’s Report
1997	Opaline Gold	Greenstone Gold	Competent Person’s Report
1997	Penumbra	Coal	Due diligence
1997	Randgold & Exploration Co Ltd	Greenstone Gold	Competent Person’s Report
1997	Rondebult Colliery	Coal	Due diligence
1996	African Mining Corporation*	Alluvial Gold	Project valuation
1996	Australian Platinum Mines NL	Platinum	Due diligence
1996	Benoni Gold Holdings Ltd	Wits Gold	Competent Person’s Report
1996	Consolidated Metallurgical Industries	Ferrochrome	Competent Person’s Report and valuation
1996	Durban Roodepoort Deep Ltd	Wits Gold	Competent Person’s Report
1996	Harmony Gold Mining Co Ltd	Wits Gold	Competent Person’s Report
1996	JCI Ltd	Wits Gold	Valuation
1996	Rand Leases Properties Ltd	Wits Gold	Competent Person’s Report and valuation
1996	Randgold & Exploration Co Ltd	Wits Gold	Due diligence
1995	African Mines Limited*	Greenstone Gold	Project valuation
1995	Barney-Seidle Arbitration	Granite	Project valuation arbitration
1995	Mopet Oil*	Oil and Gas	Market analysis facilitator
1995	Randgold & Exploration Co Ltd	Wits Gold	Competent Person’s Report and valuation
1995	Randgold Durban Deep	Wits Gold	Competent Person’s Report and valuation
1995	Randgold Harmony Unisel Merger	Wits Gold	Competent Person’s Report and valuation
1994	Aurora Exploration	Varied - Industrials	Competent Person’s Report and valuation
1994	Consolidated Mining Corp	Wits Gold	Due diligence and valuation
1994	CRA (Australia)	Iron Ore	Due diligence
1994	Durban Roodepoort Deep Ltd	Wits Gold	Competent Person’s Report and valuation
1994	Ghana Gold Mines*	Greenstone Gold	Due diligence and valuation
1994	Gold Fields of SA Ltd	Wits Gold	Competent Person’s Report and valuation
1994	Hernic Chrome	Ferro-Chrome	Valuation and Strategic Analysis
1994	Inca	Magnesium	Due diligence and valuation
1994	Mitsubishi	Ferrochrome	Due diligence and valuation
1994	Namco*	Diamonds	Competent Person’s Report and valuation
1994	Randgold & Exploration Co Ltd	Wits Gold	Due diligence
1993	Namibia Oil & Gas licence applications	Oil & Gas	Working with Paul Blair licence applications
1993	Atomic Energy Commission	Uranium	Strategic Analysis
1993	Eskom	Base metals	Strategic Analysis
1993	JCI	Wits Gold	Financial Planning Analysis (Rehabilitation)
1993	Lonrho	Platinum	Financial Planning Analysis (Rehabilitation)
1993	Rand Mines Properties	Varied	Mineral rights evaluation
1992	Barbrook Gold Mines	Greenstone Gold	Ore resource modelling and mine valuation
1992	Rand Merchant Bank	Copper	Ore resource modelling and project valuation
1992	Rembrandt	Platinum	Mine valuation (Northam Platinum)
1992	West Rand Cons	Wits Gold	Ore resource modeling and mine valuation
1991	Rand Merchant Bank	Wits Gold	Ore reserve evaluation (Westonaria Gold Mine)
1991	Rembrandt (Gold Fields of SA)	Varied	Due diligence, valuation and strategic analysis
1991	Standard Merchant Bank	Greenstone Gold	Due diligence and valuation (Eersteling Gold Mine)
1990	Sequence Oil and Gas	Oil & Gas	Due Diligence Report
1990	Atomic Energy Corporation	Nuclear Fuels	Strategic analysis
1990	Consolidated Mining Corp	Wits Gold	Due diligence and valuation
1990	Eskom	Copper/Zinc	Strategic Market Analysis (Toll Smelter potential)

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YEAR CLIENT COMMODITY DOCUMENTATION

1990	Freddies Minerals	Feldspar - Industrials	Due diligence
1990	Industrial Machinery Supplies	Coal	Strategic analysis and valuation (Bricketting plant)
1990	Knights Gold Mine	Wits Gold	Competent Person’s Report
1990	Rand Merchant Bank	Diamonds	Due diligence and valuation (Alluvial Mine)
1990	Corex	Oil & Gas	Evaluation of prospectivity
1990	Rand Merchant Bank	Lead/Zinc	Due diligence and valuation (Miranda Mine)
1990	Rand Mines	Varied	Corporate Strategic Analysis
1990	Rhogold	Wits Gold	Ore resource modeling
1990	Rice Rinaldi	Coal	Due diligence and valuation
1990	Sub Nigel Gold Mine	Wits Gold	Due diligence and valuation
1990	Zaaiplaats Tin Mine	Tin	Due diligence and valuation
1989	Avontuur Diamond Mines	Diamonds	Due diligence and valuation
1989	Granite Consolidated Mining	Granite	Due diligence and valuation
1989	Osprey Gold Mine	Greenstone Gold	Due diligence and valuation
1989	Rand Leases Gold Mine	Wits Gold	Ore resource modeling
1989	Rand Merchant Bank*	Varied	Mineral portfolio analysis (Swanson Rights)
1989	Rhovan	Vanadium	Competent Person’s Report and valuation
1989	Vanamin Severrin Mining	Vanadium	Due diligence and valuation
1989	Zimco	Andalusite	Competent Person’s Report and valuation
1988	Mullet Slate	Slate	Due diligence and valuation
1988	Rand Merchant Bank	Wits Gold	Risk assessment analysis (Peritus Exploration)
1988	Wit Nigel Gold Mine	Wits Gold	Ore resource modelling

5.   I visited the project site, on the 11th June 2010;

6.   I have read the definition of “Qualified Person” as set out in National Instrument 43-101 (“NI 43-101”) and certify that I fulfil the requirements to be a “Qualified Person” for the purposes of NI 43-101;

7.   I have had no prior involvement with the properties that are the subject of the Technical Report;

8.   I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with that instrument and form;

9.   I am responsible for all of the Technical Report;

10.   At the effective date of the Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading;

11.   I am independent of the issuer as described in section 1.5 of NI 43-101; and

12.   I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the Technical Report.

Dated the 15th day of March 2013 at Johannesburg, South Africa.

/s/ Andrew Neil Clay

ANDREW NEIL CLAY

M.Sc. (Geol.), M.Sc. (Min.Eng.), Dip.Bus.Man.,

Pr.Sci.Nat., MSAIMM, FAusiMM, ,

FGSSA, MAIMA, MSPE, loD.

MANAGING DIRECTOR

Lugushwa Project NI 43-101 Review

Appendix 3: Summary of Significant Diamond Borehole Intersections

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2006	595,631.83	9,623,694.52	903.84	LDD001	G20-21	0.00	42.90	42.90	1.77	91.21
						48.94	57.08	8.14	0.87	97.05
	595,609.06	9,623,659.25	922.76	LDD002	G20-21	0.00	58.56	58.56	1.52	83.15
	595,598.35	9,623,757.05	870.43	LDD003	G20-21	0.00	13.10	13.10	0.63	68.02
						31.00	33.00	2.00	1.84	55.00
						40.90	42.90	2.00	1.09	90.00
						54.00	62.80	8.80	0.54	90.91
	595,721.73	9,623,774.47	849.14	LDD004	G20-21	0.00	15.45	15.45	0.90	81.75
						20.43	24.82	4.39	1.48	79.50
						28.00	31.92	3.92	1.92	100.00
						33.42	36.76	3.34	0.97	98.50
						43.55	54.36	10.81	1.00	93.15
	595,635.25	9,623,739.99	894.36	LDD005	G20-21	0.00	27.89	27.89	2.75	55.15	Open-ended intersection. Hole abandoned due to core loss.
						Including:
						17.35	24.53	7.18	7.64	70.75
	595,635.25	9,623,739.99	894.36	LDD006	G20-21	0.00	33.18	33.18	2.07	58.20
						Including:
						18.65	25.85	7.20	4.30	57.36
						37.00	50.39	13.39	0.79	83.20
						56.97	60.35	3.38	1.25	79.00
	595,603.06	9,624,064.14	876.70	LDD007	D18-19	80.27	83.77	3.50	2.21	100.00
						88.00	91.53	3.53	1.35	100.00
						97.96	115.09	17.13	1.50	99.36
						150.98	156.98	6.00	1.77	100.00
	595,564.00	9,623,984.21	830.97	LDD008	D18-19	0.00	20.80	20.80	2.41	42.98
						27.54	30.85	3.31	1.31	65.26
	595,480.32	9,624,089.15	864.76	LDD009	D18-19	72.38	80.71	8.33	1.58	98.08
	595,418.46	9,624,133.34	846.77	LDD011	D18-19	80.11	91.70	11.59	11.37	66.70
	595,654.69	9,624,123.37	897.70	LDD012	D18-19	0.00	11.30	11.30	0.99	50.97
						54.00	58.10	4.10	1.04	57.32
						81.95	94.00	12.05	0.97	89.96
						99.90	101.80	1.90	0.90	100.00
						127.00	128.20	1.20	1.06	100.00
						131.12	131.82	0.70	2.11	100.00
						144.35	147.40	3.05	1.22	100.00
						163.30	165.35	2.05	1.06	91.71
						224.45	225.45	1.00	1.86	100.00
	595,656.72	9,623,824.84	832.52	LDD013	G20-21	0.00	17.40	17.40	1.67	78.39
						Including:
						0.00	6.45	6.45	3.00	63.88
						38.40	41.00	2.60	4.19	93.08
						64.00	71.25	7.25	0.96	100.00
	595,630.19	9,623,694.38	903.96	LDD014	G20-21	0.00	41.55	41.55	1.59	55.76	Borehole stopped at 63.78 m and redrilled due to poor poor recovery.
						49.76	63.78	14.02	1.01	74.18
	595,630.19	9,623,694.38	903.96	LDD015	G20-21	0.00	43.90	43.90	1.65	78.84
						43.90	76.85	32.95	0.56	90.50
						92.75	93.55	0.80	2.41	100.00
						97.38	98.13	0.75	8.26	100.00
	595,672.87	9,623,693.55	870.67	LDD016	G20-21	0.00	9.85	9.85	0.71	73.30
						13.65	41.85	28.20	1.95	90.14
						41.85	67.35	25.50	0.55	71.29
						77.75	81.70	3.95	2.84	72.91
	595,604.89	9,622,936.88	959.21	LDD017	Carriere A	46.90	53.30	6.40	1.09	94.38	Open ended. Drilling stopped in low grade mineralization.
						62.20	67.00	4.80	1.75	85.63
						100.70	104.03	3.33	0.51	78.08
	595,638.42	9,623,621.99	884.89	LDD018	G20-21	No significant intersection
	595,542.91	9,622,990.67	962.86	LDD019	Carriere A	9.20	26.20	17.00	1.80	86.53
						46.75	64.05	17.30	0.54	96.53
						77.70	78.60	0.90	1.02	100.00
						102.10	103.05	0.95	1.36	100.00
	595,666.83	9,623,751.23	875.87	LDD020	G20-21	2.30	30.00	27.70	1.60	66.68
						59.65	63.30	3.65	1.93	97.81
						68.30	70.30	2.00	0.88	97.50
						76.35	76.70	0.35	5.27	100.00
105.80						112.90	7.10	1.34	95.77
596,775.92	9,624,569.33	924.47	LDD021	Kimbangu	No significant intersection
596,698.91	9,624,645.30	970.15	LDD022	Kimbangu	No significant intersection
595,734.11	9,623,527.61	920.25	LDD023	G20-21	14.70	18.60	3.90	1.03	87.18
					30.35	49.25	18.90	0.84	91.80
					53.30	66.45	13.15	1.34	89.13
595,571.39	9,624,103.07	875.51	LDD024	D18-19	34.00	41.00	7.00	0.66	88.57
					85.35	94.00	8.65	1.35	87.86
					112.00	124.00	12.00	2.92	97.08
					140.80	147.30	6.50	0.75	78.15
					150.70	151.70	1.00	1.39	100.00
					154.70	158.70	4.00	0.70	100.00
					166.70	172.40	5.70	1.20	100.00
					182.00	183.00	1.00	1.03	100.00
595,772.89	9,623,367.06	946.04	LDD025	G20-21	59.70	64.40	4.70	3.98	68.09
					125.90	127.30	1.40	2.23	78.57
					139.40	140.30	0.90	1.00	83.33
595,628.29	9,624,043.22	882.99	LDD026	D18-19	0.00	23.60	23.60	1.53	81.69
					42.70	48.00	5.30	0.96	93.77
					89.00	108.15	19.15	0.79	97.70
					117.00	120.85	3.85	0.66	100.00
595,526.23	9,624,031.95	829.85	LDD027	D18-19	17.00	19.80	2.80	1.17	57.86
					22.50	29.50	7.00	1.69	95.29
					47.60	53.00	5.40	1.05	97.96
					113.55	115.15	1.60	1.31	100.00
595,823.15	9,623,594.60	900.64	LDD028	G20-21	1.70	9.10	7.40	0.51	76.89
					20.70	23.30	2.60	0.93	100.00
					27.95	50.90	22.95	1.33	97.25
					55.90	59.30	3.40	0.77	88.24
					61.20	73.90	12.70	1.08	94.49
					91.40	98.10	6.70	0.65	91.04

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2006	595,526.58	9,624,076.94	861.37	LDD029	D18-19	24.00	25.65	1.65	1.56	100.00
						30.70	32.70	2.00	0.81	100.00
						40.70	41.90	1.20	1.38	100.00
						69.20	72.00	2.80	2.59	100.00
						136.45	137.45	1.00	1.05	100.00
	595,682.28	9,623,156.23	977.34	LDD030	Carriere A	15.00	16.90	1.90	1.66	84.21
						22.75	40.20	17.45	0.98	96.85
						45.65	47.90	2.25	0.67	100.00
						55.75	61.75	6.00	1.02	97.50
						70.50	74.25	3.75	1.05	89.33
						77.00	92.75	15.75	0.83	97.02
						101.05	103.35	2.30	1.10	86.96
	595,530.09	9,624,030.82	829.79	LDD031	D18-19	17.50	18.40	0.90	1.99	51.11
						26.80	33.80	7.00	1.87	90.43
						44.00	58.00	14.00	0.72	71.00
						93.70	94.70	1.00	1.50	100.00
	595,588.51	9,623,077.06	964.39	LDD032	Carriere A	0.00	7.20	7.20	0.69	70.14
						12.00	25.20	13.20	1.98	81.06
						42.80	63.40	20.60	0.74	96.12
						75.60	77.40	1.80	0.89	100.00
						80.00	84.05	4.05	0.89	55.56
						93.65	99.00	5.35	0.97	77.57
						103.80	108.35	4.55	0.70	60.44
	595,991.04	9,625,390.49	891.35	LDD033	G7 Mapale	48.00	50.00	2.00	2.39	50.00
						139.95	140.92	0.97	2.59	100.00
	595,411.34	9,622,869.92	937.60	LDD034	Carriere A	No significant intersection
	595,901.26	9,625,524.55	906.88	LDD035	G7 Mapale	37.90	39.90	2.00	0.71	100.00
						179.10	186.80	7.70	0.58	95.71
	595,842.52	9,623,688.16	852.65	LDD036	G20-21	17.20	31.00	13.80	0.92	91.67
						37.40	38.10	0.70	8.17	78.57
						45.20	50.20	5.00	0.67	95.60
						56.30	66.15	9.85	0.70	91.57
						78.10	85.70	7.60	0.93	100.00
						90.10	94.60	4.50	0.57	94.44
						129.50	143.40	13.90	0.63	99.64
	595,499.08	9,623,044.75	922.70	LDD037	Carriere A	No significant intersection
	595,477.86	9,622,820.07	966.11	LDD038	Carriere A	No significant intersection
	595,910.95	9,623,590.26	892.80	LDD039	G20-21	36.25	39.20	2.95	0.76	74.58
						46.10	49.65	3.55	2.31	42.25
						52.60	54.15	1.55	0.92	90.32
						59.45	61.30	1.85	0.82	72.97
						62.74	66.55	3.81	0.87	92.13
						77.10	78.35	1.25	1.20	66.40
						90.05	90.70	0.65	1.28	100.00
						93.70	95.30	1.60	2.97	98.13
						107.10	110.65	3.55	0.74	100.00
						139.60	141.70	2.10	0.88	98.10
						146.95	148.55	1.60	1.25	95.00
	595,398.36	9,622,699.97	967.67	LDD040	Carriere A	96.70	99.50	2.80	0.99	100.00
						105.50	109.00	3.50	1.17	83.43
						136.90	137.75	0.85	1.08	100.00
						169.20	170.30	1.10	0.90	100.00
	595,812.46	9,623,743.40	823.51	LDD041	G20-21	3.00	5.20	2.20	1.10	77.27
						7.40	10.00	2.60	0.89	67.69
						14.00	16.00	2.00	0.81	100.00
						25.75	26.60	0.85	1.72	100.00
						45.90	47.70	1.80	2.04	100.00
						52.00	53.70	1.70	0.50	54.71
						62.15	62.65	0.50	131.00	100.00
						94.35	95.50	1.15	0.67	100.00
						99.20	100.00	0.80	5.73	100.00
						104.40	110.20	5.80	0.60	100.00
						121.45	121.85	0.40	2.70	100.00
						129.65	130.10	0.45	1.58	100.00
595,546.23	9,622,886.83	974.02	LDD042	Carriere A	8.50	10.60	2.10	0.74	72.86
					148.30	149.30	1.00	0.61	100.00
595,759.85	9,623,813.14	811.00	LDD043	G20-21	0.00	27.05	27.05	2.50	71.76
					37.35	67.06	29.71	1.20	94.72
					Including:
					37.35	48.05	10.70	1.56	89.91
					75.90	83.61	7.71	0.70	98.31
					101.56	103.71	2.15	1.29	93.49
					109.00	111.00	2.00	0.59	100.00
					120.00	122.00	2.00	0.97	84.00
595,633.96	9,622,896.94	954.85	LDD044	Carriere A	2.50	5.05	2.55	0.60	77.25
					11.30	26.00	14.70	0.66	87.55
					30.61	32.08	1.47	2.37	74.83
					46.00	47.00	1.00	0.61	100.00
					60.45	66.50	6.05	1.56	58.02
					69.80	71.40	1.60	0.70	100.00
					74.40	76.45	2.05	0.80	70.73
					108.65	109.45	0.80	2.59	100.00
595,585.81	9,623,075.11	964.39	LDD045	Carriere A	3.75	7.00	3.25	0.95	63.69
					19.20	21.45	2.25	0.82	89.33
					33.60	44.95	11.35	1.04	97.53
					51.10	70.15	19.05	1.01	93.70
					84.40	85.10	0.70	1.09	100.00
					90.50	95.25	4.75	0.56	56.42
					101.70	110.80	9.10	0.49	94.62
					125.20	126.20	1.00	1.12	90.05
					131.05	137.00	5.95	1.32	81.51
596,737.16	9,624,622.07	955.87	LDD046	Kimbangu	2.60	3.75	1.15	1.03	61.74
595,087.84	9,622,344.26	919.47	LDD047	Carriere A	5.00	7.00	2.00	1.56	100.00
					28.60	34.00	5.40	1.59	87.04
					37.00	45.70	8.70	1.09	67.93
					85.15	85.85	0.70	1.37	100.00
596,126.14	9,623,511.81	919.06	LDD048	Carriere A	68.60	69.40	0.80	1.95	100.00
					133.90	135.60	1.70	1.30	100.00
595,744.44	9,623,220.00	968.58	LDD049	Carriere A	40.00	46.65	6.65	0.90	74.89
					58.73	59.90	1.17	0.95	100.00
					70.58	71.83	1.25	1.38	100.00

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2006	595,134.49	9,622,840.36	874.91	LDD050	Carriere A	No significant intersection
	595,209.89	9,622,108.55	937.02	LDD051	Carriere A	20.64	21.64	1.00	13.90	100.00
	595,211.51	9,622,657.33	903.06	LDD052	Carriere A	35.78	36.80	1.02	1.36	80.39
						50.00	50.75	0.75	7.32	100.00
						55.17	58.91	3.74	2.50	100.00
						72.60	99.20	26.60	2.37	100.00
						166.20	171.00	4.80	2.64	92.08
	595,110.03	9,622,645.99	911.44	LDD053	D18-19	70.56	73.80	3.24	1.13	100.00
						76.20	80.20	4.00	3.26	100.00
						82.70	92.25	9.55	1.30	100.00
						97.00	100.05	3.05	1.29	100.00
						104.64	110.62	5.98	3.33	100.00
	595,736.96	9,624,075.69	932.40	LDD054	D18-19	0.00	22.00	22.00	1.18	65.91
						25.00	104.30	79.30	1.46	89.16
						120.00	137.70	17.45	0.61	82.75
						140.68	153.82	13.14	1.07	93.53
						164.50	178.90	14.40	3.18	99.10
						182.10	187.56	5.46	0.78	98.35
						223.06	229.15	6.09	1.23	99.01
						234.00	243.90	9.90	1.27	86.46
						249.05	275.45	26.40	1.83	99.58
2007	595,734.86	9,624,078.03	932.34	LDD055	D18-19	0.00	30.35	30.35	1.73	79.37
	595,734.86	9,624,078.03	932.34	LDD056	D18-19	0.00	33.00	33.00	1.43	58.40
						34.10	44.00	9.90	0.75	93.94
						45.90	50.45	4.55	1.46	78.02
						54.48	55.30	0.82	1.83	100.00
						58.30	59.60	1.30	1.37	100.00
						84.63	89.46	4.83	0.64	81.37
						90.85	96.33	5.48	1.61	63.50
						124.86	136.04	11.18	0.83	88.73
						139.40	143.37	3.97	0.91	97.98
						233.51	236.07	2.56	1.57	100.00
						253.71	254.75	1.04	1.17	91.70
	595,943.86	9,624,040.61	846.00	LDD057	D18-19	5.00	11.00	6.00	0.67	81.33
						13.00	21.31	8.31	1.13	73.76
						23.75	26.93	3.18	1.22	85.83
						29.93	32.11	2.18	1.49	100.00
						40.77	41.75	0.98	1.71	100.00
						45.50	58.37	12.87	1.30	100.00
						60.22	60.90	0.68	1.74	100.00
						77.33	78.44	1.11	1.18	100.00
						81.97	83.65	1.68	0.97	100.00
						85.50	88.40	2.90	0.73	100.00
						90.07	101.70	11.63	1.41	99.77
						Including:
						97.45	101.70	4.25	1.85	100.00
						106.35	110.15	3.80	0.77	100.00
						112.33	191.10	78.77	1.56	98.40
						Including:
						137.12	152.25	15.13	3.35	93.30
						199.28	201.21	1.93	1.03	100.00
						225.30	225.87	0.57	29.90	94.74
						285.86	287.78	1.92	0.81	100.00
						296.56	300.26	3.70	0.72	100.00
	595,211.67	9,622,652.84	902.90	LDD058	Carriere A	45.00	48.50	3.50	0.71	100.00
						53.40	56.15	2.75	1.00	100.00
						62.80	66.15	3.35	2.78	100.00
						68.15	72.56	4.41	1.23	100.00
						74.80	77.25	2.45	1.19	100.00
						84.50	97.00	12.50	1.35	100.00
	595,250.06	9,622,722.14	945.15	LDD059	Carriere A	35.00	37.00	2.00	1.71	98.50
						40.00	41.00	1.00	1.22	70.00
						61.58	62.68	1.00	1.11	90.91
						91.15	102.00	10.85	4.01	97.63
						Including:
						92.60	98.39	5.79	6.41	99.17
	595,738.54	9,624,075.88	932.50	LDD060	D18-19	0.00	192.80	192.80	2.15	94.76
	595,741.29	9,624,123.76	923.95	LDD061	D18-19	0.00	110.00	100.00	2.24	88.39
						Including:
						75.00	83.20	8.20	13.63	92.31
	595,741.63	9,624,123.57	923.97	LDD062	D18-19	0.00	218.07	218.07	0.92	92.50
						Including:
						10.50	24.85	14.35	1.05	84.66
						44.18	49.89	5.71	2.69	99.04
						68.47	73.60	5.13	1.79	98.42
						145.80	152.85	7.05	2.09	100.00
						203.18	210.32	4.26	1.61	100.00
	596,000.88	9,624,114.15	841.27	LDD063	D18-19	55.60	58.60	3.00	0.88	99.02
						61.90	62.90	1.00	1.18	100.00
						65.90	70.10	4.20	1.03	100.00
						71.75	73.50	1.75	0.84	100.00
						80.95	82.95	2.00	0.87	100.00
						132.15	136.00	3.85	1.86	100.00
						139.55	142.40	2.85	0.73	100.00
						160.25	162.85	2.60	1.90	100.00
178.65						185.20	6.55	1.12	100.00
191.15						199.30	8.15	0.99	100.00
595,867.78	9,623,939.95	830.19	LDD064	D18-19	0.80	3.96	3.16	1.85	79.13
					49.25	151.90	102.65	1.15	98.38
					Including:
					88.39	93.83	5.44	2.22	100.00
					113.37	118.46	5.09	2.66	100.00
					133.46	137.72	4.26	2.20	100.00
					142.26	148.83	6.57	1.36	100.00
					150.14	151.90	1.76	0.80	77.27
					176.39	182.00	5.61	0.51	100.00

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2007	595,801.21	9,623,788.61	804.62	LDD065	D18-19	14.47	15.56	1.09	2.38	89.91
						41.85	49.30	7.45	0.62	100.00
						51.32	56.39	5.07	0.92	100.00
						59.80	62.00	2.20	0.61	96.36
						63.00	65.15	2.15	1.42	100.00
						73.39	73.78	0.39	32.90	100.00
						113.75	114.35	0.60	2.89	100.00
						129.53	141.93	12.40	0.82	99.35
						149.95	163.80	13.85	0.64	100.00
						169.55	170.55	1.00	1.40	100.00
2008	595,763.07	9,624,048.19	921.94	LDD066	D18-19	0.00	73.90	73.90	1.20	77.75
						77.95	97.05	19.10	1.04	85.34
						103.70	118.15	14.45	1.66	97.72
						125.85	135.10	9.25	1.00	100.00
						138.10	140.00	1.90	1.26	100.00
						145.25	147.00	1.75	0.80	100.00
	595,750.26	9,624,118.86	925.48	LDD067	D18-19	0.00	49.85	49.85	1.61	52.42	Low recovery.
						69.00	78.90	9.90	1.18	95.45
						83.00	91.00	8.00	0.62	85.63
						100.80	119.70	18.90	0.79	97.88
	595,753.82	9,624,117.56	925.28	LDD068	D18-19	0.00	65.75	65.75	1.56	80.00
						70.10	71.90	1.80	1.37	90.56
						79.25	89.60	10.35	1.07	100.00
						94.00	95.45	1.45	0.56	77.24
						101.85	121.50	19.65	1.21	97.40
						129.00	133.00	4.00	0.79	100.00
						139.60	145.00	5.40	0.88	86.48
						148.35	151.00	2.65	1.16	98.11
						160.75	166.25	5.50	0.79	100.00
	595,674.85	9,624,071.82	907.79	LDD069	D18-19	5.30	9.30	4.00	0.64	86.25
						15.25	21.80	6.55	0.84	68.40	Low recovery.
						26.80	27.55	0.75	1.44	100.00
						38.10	43.00	4.90	0.78	94.69
						47.00	50.40	3.40	1.32	100.00
						56.30	77.30	21.00	1.15	100.00
						82.10	94.00	11.90	1.31	100.00
						100.00	102.00	2.00	1.27	100.00
						114.00	115.00	1.00	1.05	100.00
						118.00	128.25	10.25	0.65	100.00
						170.70	189.00	18.30	0.79	100.00
						196.00	204.00	8.00	0.51	100.00
						227.80	231.60	3.80	1.20	100.00
	595,874.38	9,624,122.00	902.18	LDD070	D18-19	4.60	12.90	8.30	1.27	77.83
						19.00	36.50	17.50	1.06	92.17
						42.70	49.60	6.90	1.23	90.72
						54.50	82.60	28.10	1.21	87.79
						86.50	96.10	9.60	0.98	92.40
						102.10	105.00	2.90	0.72	100.00
						111.55	112.55	1.00	0.82	100.00
						115.55	118.10	2.55	1.33	100.00
						121.10	132.40	11.30	0.86	97.35
						135.40	189.00	53.60	1.08	99.07
						194.00	195.20	1.20	1.23	100.00
	595,851.26	9,624,030.45	874.51	LDD071	D18-19	5.00	8.00	3.00	0.65	100.00
						13.00	18.00	5.00	0.56	100.00
						20.00	71.10	51.10	1.02	94.21
						77.30	77.65	0.35	3.71	100.00
						85.65	114.05	28.40	1.15	99.65
						118.05	130.70	12.65	0.98	99.68
						135.20	161.00	25.80	1.02	98.45
						164.00	171.00	7.00	1.27	100.00
						174.50	175.50	1.00	0.56	100.00
						181.48	181.90	0.42	1.50	100.00
						189.45	190.15	0.70	1.22	100.00
						192.25	193.60	1.35	0.62	100.00
						194.75	195.40	0.65	0.72	100.00
	595,793.36	9,623,955.70	875.87	LDD072	D18-19	0.00	84.00	84.00	1.75	97.11
						100.70	101.70	1.00	0.78	100.00
						120.00	121.90	1.90	0.55	100.00
						128.40	129.40	1.00	1.28	100.00
						139.20	140.20	1.00	0.52	100.00
	595,796.41	9,623,955.49	875.74	LDD073	D18-19	0.00	29.75	29.75	1.10	85.38
						37.15	43.85	6.70	1.46	94.03
						57.80	61.80	4.00	1.01	100.00
68.10						111.00	42.90	1.69	99.81
119.40						120.25	0.85	0.65	100.00
123.25						124.25	1.00	1.05	100.00
137.40						139.10	1.70	2.82	100.00
595,811.65	9,623,916.20	857.77	LDD074	D18-19	9.00	13.00	4.00	3.46	43.75	Low recovery.
					26.38	27.38	1.00	1.01	100.00
					31.15	32.10	0.95	0.63	100.00
					36.85	45.70	8.85	0.69	97.97
					53.00	56.00	3.00	1.03	100.00
					58.80	61.50	2.70	1.08	100.00
					64.45	72.25	7.80	1.44	93.59
					75.00	107.40	32.40	1.35	99.38
					111.10	112.00	0.90	2.15	100.00
					115.00	121.75	6.75	0.75	100.00
					135.00	136.00	1.00	0.78	100.00
					160.00	161.00	1.00	0.89	100.00
595,868.27	9,623,942.26	830.16	LDD075	D18-19	15.00	16.00	1.00	0.79	100.00
					39.50	40.20	0.70	0.52	100.00
					65.70	66.70	1.00	0.55	100.00
					69.70	118.50	48.80	3.51	99.28
					121.00	134.90	13.90	0.76	100.00
					150.90	152.60	1.70	0.75	100.00
					161.40	167.00	5.60	1.09	100.00
					170.00	171.00	1.00	0.86	100.00
					194.90	197.85	2.95	0.57	100.00

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2008	595,813.06	9,623,873.55	831.91	LDD076	D18-19	0.00	1.00	1.00	0.64	90.00
						11.00	13.00	2.00	0.45	37.50	Very low recovery.
						29.00	45.10	16.10	3.98	99.06
						48.10	88.10	40.00	1.55	98.58
						91.90	92.90	1.00	0.67	100.00
						99.90	100.90	1.00	0.63	100.00
						115.90	116.90	1.00	0.65	95.00
						120.30	121.00	0.70	1.06	100.00
						127.70	128.70	1.00	0.63	100.00
	595,973.72	9,624,078.38	853.24	LDD077	D18-19	19.00	20.00	1.00	0.60	80.00
						28.00	29.00	1.00	0.74	70.00
						34.00	35.00	1.00	0.65	100.00
						39.00	40.00	1.00	1.39	100.00
						43.00	44.90	1.90	1.79	97.37
						47.00	48.00	1.00	0.55	100.00
						51.00	51.50	0.50	0.65	70.00
						55.00	58.10	3.10	0.82	100.00
						62.00	64.00	2.00	0.69	100.00
						69.55	70.55	1.00	1.25	100.00
						76.00	87.00	11.00	1.66	100.00
						90.65	102.00	11.35	2.64	100.00
						110.40	111.40	1.00	0.56	100.00
						124.30	141.00	16.70	2.38	100.00
	595,792.59	9,624,016.38	893.59	LDD078	D18-19	13.10	48.75	35.65	1.65	80.17
						52.75	94.28	41.53	2.56	98.53
						101.68	102.88	1.20	1.22	83.33
						107.03	108.03	1.00	0.60	100.00
	595,796.65	9,624,018.18	893.33	LDD079	D18-19	4.31	11.21	6.90	1.10	86.96
						20.45	25.25	4.80	1.31	100.00
						28.80	32.77	3.97	2.78	50.38	. Very low recovery
						35.77	41.85	6.08	0.85	74.50
						45.20	46.30	1.10	1.05	90.91
						49.40	50.40	1.00	1.22	100.00
						53.40	85.50	32.10	3.01	97.10
						88.50	89.50	1.00	0.51	100.00
						92.50	120.45	27.95	1.19	96.24
						123.30	143.90	20.60	3.27	99.51
						147.85	148.85	1.00	0.62	100.00
						153.45	154.45	1.00	0.59	100.00
	595,875.90	9,624,119.11	902.04	LDD080	D18-19	0.00	1.50	1.50	0.75	66.67	Low recovery.
						6.10	16.66	10.56	2.49	87.94
						30.58	40.78	10.20	1.37	66.67	Low recovery.
						43.18	44.08	0.90	0.82	100.00
						48.70	52.90	4.20	0.53	47.62	Very low recovery.
						55.90	60.90	5.00	6.07	100.00
						71.06	79.81	8.75	0.67	99.43
						82.81	87.81	5.00	3.87	100.00
						91.81	110.91	19.10	3.04	99.48
						115.91	116.91	1.00	0.54	100.00
						129.24	141.24	12.00	0.74	100.00
						147.24	152.24	5.00	1.36	100.00
						155.34	156.10	0.76	1.23	100.00
	595,840.98	9,623,968.51	848.31	LDD081	D18-19	0.00	4.00	4.00	0.98	75.00
						8.20	9.20	1.00	0.81	100.00
						11.50	18.25	6.75	0.80	88.89
						21.70	25.70	4.00	1.20	100.00
						31.70	32.70	1.00	0.88	100.00
						37.86	48.16	10.30	1.04	96.11
						51.16	59.86	8.70	0.94	100.00
						65.91	69.91	4.00	1.25	100.00
						72.91	73.91	1.00	0.64	100.00
						78.98	81.98	3.00	1.15	100.00
						85.98	86.98	1.00	1.25	100.00
						90.53	94.53	4.00	0.65	100.00
99.66						106.66	7.00	0.53	100.00
121.66						122.66	1.00	4.03	100.00
127.66						128.66	1.00	0.70	100.00
138.66						139.66	1.00	2.33	100.00
143.66						144.66	1.00	0.91	100.00
147.66						155.24	7.58	1.48	96.83
168.05						173.05	5.00	0.59	100.00
177.95						178.95	1.00	0.55	100.00
595,877.62	9,624,014.85	853.20	LDD082	D18-19	6.55	12.75	6.20	0.80	96.77
					26.00	30.00	4.00	0.52	98.50
					35.00	49.00	14.00	1.47	100.00
					51.85	57.80	5.95	0.82	100.00
					64.00	65.00	1.00	0.58	100.00
					69.00	83.00	14.00	0.72	100.00
					95.00	96.00	1.00	0.88	100.00
					99.00	99.80	0.80	0.50	100.00
					101.40	102.40	1.00	0.50	50.00	Very low recovery.
					105.00	106.00	1.00	0.59	100.00
					111.00	115.00	4.00	0.65	100.00
					117.00	118.00	1.00	0.62	100.00
					120.00	134.70	14.70	1.12	100.00
					138.00	174.00	36.00	1.33	99.72
595,811.38	9,623,912.84	857.83	LDD083	D18-19	0.00	0.70	0.70	8.83	100.00
					6.00	9.40	3.40	0.56	61.76	Low recovery.
					13.00	14.00	1.00	0.52	100.00
					17.00	21.00	4.00	2.19	100.00
					24.90	25.80	0.90	0.68	100.00
					30.00	31.00	1.00	0.60	100.00
					33.00	52.00	19.00	1.07	99.32
					56.00	63.00	7.00	1.13	98.29
					65.00	65.80	0.80	0.80	100.00
					68.00	98.45	30.45	1.32	99.90
					110.00	116.00	6.00	0.86	97.50
					122.00	127.00	5.00	0.54	97.00

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2008	595,825.33	9,624,184.84	896.11	LDD084	D18-19	0.00	19.00	19.00	1.30	86.58
						23.00	27.00	4.00	0.67	98.75
						32.00	33.00	1.00	0.92	100.00
						36.50	54.10	17.60	1.59	98.30
						57.10	77.45	20.35	1.10	99.26
						80.35	114.15	33.80	1.58	97.34
						118.15	121.15	3.00	0.64	100.00
						125.00	126.00	1.00	0.75	100.00
						135.00	150.75	15.75	1.12	100.00
						154.75	163.75	9.00	0.63	100.00
	595,767.59	9,624,227.58	871.53	LDD085	D18-19	3.10	5.10	2.00	0.60	100.00
						24.55	26.65	2.10	0.90	95.24
						29.65	30.75	1.10	0.70	90.91
						34.75	35.75	1.00	0.54	100.00
						39.88	43.88	4.00	0.62	100.00
						84.68	85.68	1.00	0.53	100.00
						89.60	107.00	17.40	1.01	99.02
						115.40	124.40	9.00	1.42	100.00
						128.40	139.40	11.00	0.64	100.00
	595,719.20	9,623,876.71	795.27	LDD086	D18-19	1.25	16.25	15.00	0.98	100.00
						20.25	55.30	35.05	1.45	99.71
						61.30	63.18	1.88	0.87	100.00
						69.00	72.07	3.07	0.55	97.72
						75.07	76.07	1.00	12.80	100.00
						79.07	86.07	7.00	0.82	100.00
						89.07	102.13	13.06	1.00	99.54
	595,944.70	9,624,042.50	846.23	LDD087	D18-19	1.10	14.80	13.70	0.62	58.39	Low recovery.
						19.50	20.65	1.15	0.66	86.96
						25.50	27.50	2.00	0.73	100.00
						37.50	40.50	3.00	0.83	100.00
						46.50	47.50	1.00	1.25	100.00
						50.50	51.50	1.00	15.20	100.00
						61.50	66.70	5.20	0.56	78.85
						80.30	100.90	20.60	0.56	100.00
						103.90	105.90	2.00	1.20	100.00
						114.90	115.90	1.00	1.20	100.00
						124.00	125.00	1.00	0.57	100.00
						131.00	132.00	1.00	0.71	100.00
						135.90	137.90	2.00	0.71	100.00
						174.45	176.00	1.55	0.59	100.00
						180.00	182.00	2.00	0.63	100.00
						186.00	187.00	1.00	0.80	100.00
						189.50	216.00	26.50	0.94	99.32
						220.00	221.00	1.00	1.61	100.00
						225.00	227.00	2.00	0.73	100.00
						230.00	231.00	1.00	0.50	100.00
						238.00	239.00	1.00	0.69	100.00
	595,940.81	9,624,042.50	846.31	LDD088	D18-19	2.35	10.90	8.55	0.80	81.87
						18.08	19.21	1.13	0.57	88.50
						25.01	27.19	2.18	1.41	91.74
						30.44	34.42	3.98	1.11	90.91
						37.42	42.42	5.00	1.11	100.00
						48.47	53.47	5.00	0.61	100.00
						63.50	66.50	3.00	0.85	100.00
						74.80	94.50	19.70	0.82	100.00
						106.50	109.50	3.00	0.55	100.00
						143.00	176.50	33.50	1.84	100.00
						179.50	227.55	48.05	1.13	99.58
						248.30	249.30	1.00	0.68	100.00
						260.30	261.30	1.00	0.68	100.00
	595,994.26	9,623,913.20	832.98	LDD089	D18-19	43.00	44.00	1.00	0.78	100.00
						86.00	87.00	1.00	0.52	100.00
						112.00	115.00	3.00	1.42	100.00
						138.45	139.00	0.55	0.92	100.00
170.00						171.00	1.00	0.70	100.00
173.00						174.00	1.00	0.76	100.00
178.00						184.00	6.00	0.63	100.00
187.10						188.10	1.00	1.01	100.00
194.00						195.00	1.00	0.50	100.00
203.00						204.00	1.00	0.94	100.00
232.00						235.00	3.00	0.51	100.00
240.00						255.50	15.50	1.03	100.00
260.50						287.50	27.00	1.42	100.00
595,884.66	9,623,789.98	820.44	LDD090	D18-19	15.30	16.30	1.00	1.25	100.00
					35.83	36.83	1.00	0.52	100.00
					49.83	50.83	1.00	0.92	100.00
					56.88	59.92	3.04	0.55	98.36
					70.00	77.00	7.00	1.25	100.00
					82.00	83.00	1.00	0.77	100.00
					105.00	106.00	1.00	1.97	100.00
					110.00	113.00	3.00	0.62	100.00
					121.00	142.30	21.30	1.20	98.59
					145.30	150.20	4.90	1.02	100.00
					154.00	179.00	25.00	1.16	97.80
					188.00	189.00	1.00	3.48	100.00
					195.00	198.00	3.00	0.64	100.00
					207.00	209.00	2.00	0.71	100.00
595,787.95	9,624,086.18	913.59	LDD091	D18-19	0.00	20.15	20.15	0.94	72.61
					25.25	48.15	22.90	1.18	100.00
					51.15	52.45	1.30	1.14	100.00
					56.35	77.75	21.40	1.18	100.00
					81.75	82.75	1.00	0.78	100.00
					86.50	106.50	20.00	1.01	94.00
					109.50	118.30	8.80	1.91	100.00
					121.30	138.00	16.70	0.83	94.31
					143.10	147.40	4.30	1.53	93.49
594,914.93	9,622,007.49	966.87	LDD092	Mpongo	25.90	66.20	40.30	1.54	93.40
					74.70	79.90	5.20	0.58	90.38

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2008	594,946.66	9,621,984.91	972.13	LDD093	Mpongo	22.75	25.00	2.25	0.60	31.11	Very low recovery.
						31.00	32.00	1.00	1.12	100.00
						35.00	36.00	1.00	0.73	95.00
						75.00	81.00	6.00	1.12	100.00
						87.00	96.40	9.40	2.44	95.74
	594,815.03	9,621,903.98	965.13	LDD094	Mpongo	6.00	7.45	1.45	0.53	68.97
						9.45	10.90	1.45	0.55	65.52
						26.00	27.00	1.00	1.61	100.00
						52.00	54.00	2.00	0.61	100.00
						93.80	95.05	1.25	0.56	80.00
	594,772.63	9,621,946.69	933.26	LDD095	Mpongo	10.00	11.00	1.00	0.64	100.00
						19.00	20.40	1.40	1.36	71.43
						27.85	28.85	1.00	0.60	85.00
						35.00	36.70	1.70	0.96	100.00
						40.00	41.00	1.00	0.60	100.00
	594,703.22	9,621,840.17	980.34	LDD096	Mpongo	50.80	55.80	5.00	0.54	100.00
						83.00	84.00	1.00	0.56	50.00	Poor recovery.
	594,662.96	9,621,764.61	952.78	LDD097	Mpongo	0.00	4.45	4.45	0.62	65.17
						12.30	13.40	1.10	0.62	90.91
						24.00	32.25	8.25	0.82	96.97
						40.20	43.00	2.80	1.67	100.00
						48.00	50.00	2.00	0.83	100.00
						54.90	55.90	1.00	0.85	100.00
						69.35	76.60	7.25	1.06	85.52
						85.30	86.20	0.90	0.72	100.00
2011	596,790.70	9,624,641.77	934.59	LDD103	Kimbangu	3.00	12.80	9.80	1.43	77.45
	596,735.78	9,624,585.11	947.44	LDD104	Kimbangu	1.00	6.50	5.50	1.37	96.36
	596,701.77	9,624,606.02	964.54	LDD105	Kimbangu	3.00	4.00	1.00	2.77	85.00
	596,768.28	9,624,673.73	952.13	LDD106	Kimbangu	0.00	5.00	5.00	0.86	77.00
						9.00	18.60	9.60	1.21	91.35
	596,691.42	9,624,538.54	963.95	LDD107	Kimbangu	0.00	9.00	9.00	1.97	91.67
	596,695.11	9,624,542.70	963.96	LDD108	Kimbangu	1.00	16.00	15.00	1.44	89.67
	595,268.00	9,622,640.00	921.00	LDD109	Carriere A	0.00	2.00	2.00	1.01	97.50
						5.90	10.60	4.70	0.75	87.23
						16.00	29.55	13.55	1.25	88.41
						33.95	40.00	6.05	2.18	91.74
						42.50	66.20	23.70	1.71	96.46
						69.35	75.10	5.75	1.85	93.91
	595,268.27	9,622,702.92	948.17	LDD110	Carriere A	13.00	14.25	1.25	0.57	100.00
						35.20	37.00	1.80	4.02	88.88
						41.45	42.00	0.55	1.83	100.00
						62.30	65.05	2.75	3.71	96.36
						71.75	72.40	0.65	10.10	100.00
						92.40	93.40	1.00	1.47	90.00
						98.60	99.30	0.70	1.57	100.00
						110.60	111.00	0.40	4.29	100.00
						115.00	116.40	1.40	1.76	100.00
	595,337.89	9,622,746.21	978.97	LDD111	Carriere A	2.00	2.70	0.70	0.54	85.71
						13.00	14.00	1.00	0.71	90.00
						17.65	26.67	9.02	0.80	93.34
	595,217.36	9,622,856.18	904.48	LDD112	Carriere A	0.00	10.00	10.00	1.19	96.00
	595,302.25	9,622,682.79	952.62	LDD113	Carriere A	1.00	12.05	11.05	0.68	90.95
						17.00	20.80	3.80	0.62	100.00
						43.60	52.70	9.10	0.75	97.80
						55.50	56.50	1.00	0.52	100.00
	595,617.24	9,623,059.13	978.97	LDD114	Carriere A	0.00	28.75	28.75	1.22	90.95
						31.75	39.90	8.15	0.96	92.02
						44.05	52.00	7.95	1.51	89.94
						61.00	63.00	2.00	0.69	97.50
						65.70	67.70	2.00	0.70	96.00
	595,775.29	9,623,652.19	877.85	LDD115	G20-21	0.00	16.90	16.90	1.08	82.54
						19.90	24.90	5.00	0.61	86.00
						29.90	36.00	6.10	1.01	94.26
						41.00	46.20	5.20	1.44	91.34
						48.90	61.20	12.30	1.00	87.56
						64.00	72.00	8.00	0.82	82.50
	595,602.00	9,624,062.71	876.72	LDD116	D18-19	0.00	8.00	8.00	0.87	94.37
						17.00	22.10	5.10	0.56	88.23
	595,602.25	9,624,062.99	876.71	LDD117	D18-19	0.00	7.10	7.10	0.86	90.14
						20.10	22.10	2.00	0.66	92.50
						38.50	44.60	6.10	0.45	94.26
						56.00	59.10	3.10	0.56	96.77
						64.40	66.90	2.50	1.12	100.00
						69.90	83.10	13.20	0.83	100.00
						90.90	111.71	20.81	1.06	89.43
	595,654.65	9,624,124.23	897.92	LDD118	D18-19	0.00	5.75	5.75	0.88	91.30
						31.00	32.00	1.00	0.51	100.00
						39.40	44.00	4.60	0.58	89.00
						50.00	50.80	0.80	0.96	100.00
						65.70	72.00	6.30	0.90	92.06
						74.45	76.00	1.55	1.06	80.64
	595,727.40	9,624,024.23	900.79	LDD119	D18-19	0.00	71.90	71.90	1.79	76.98
						Including:
						17.60	21.50	3.90	7.89	21.79	Very poor core recovery
						78.00	87.00	9.00	0.72	87.78
						99.70	108.60	8.90	0.54	95.51
						111.00	114.00	3.00	0.67	100.00
						117.10	118.10	1.00	6.45	100.00
	594,945.89	9,622,053.76	956.58	LDD120	Mpongo	No significant intersection
594,703.50	9,621,840.99	980.24	LDD121	Mpongo	17.00	18.00	1.00	0.76	100.00
					25.40	26.20	0.80	1.73	68.75
					30.95	34.90	3.95	0.59	72.15
					39.20	51.00	11.80	0.61	95.76
					56.00	57.00	1.00	0.87	100.00
					59.35	60.40	1.05	0.53	90.48
					62.55	63.00	0.45	1.29	100.00
					65.65	66.05	0.40	3.74	100.00
					76.00	77.10	1.10	0.71	95.45
594,857.25	9,621,859.98	967.16	LDD122	Mpongo	37.00	40.00	3.00	0.77	100.00
					49.00	50.00	1.00	0.77	90.00
					59.00	60.00	1.00	0.61	100.00

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2011	594,716.30	9,621,718.05	927.59	LDD123	Mpongo	19.60	27.00	7.40	1.22	90.00
						47.30	49.30	2.00	1.09	90.00
						53.70	54.70	1.00	1.07	100.00
	594,825.57	9,621,822.05	965.37	LDD124	Mpongo	13.00	27.00	14.00	0.71	92.14
						39.00	40.00	1.00	1.06	100.00
						45.00	46.00	1.00	0.77	100.00
						70.90	71.90	1.00	0.51	100.00
						76.85	77.90	1.05	0.69	100.00
	594,545.83	9,621,881.65	968.09	LDD125	Mpongo	10.00	11.00	1.00	0.86	80.00
						19.00	20.35	1.35	0.51	74.07
						25.90	29.00	3.10	0.67	96.77
						40.00	46.00	6.00	1.33	95.00
	594,577.22	9,621,942.80	965.42	LDD126	Mpongo	20.00	21.00	1.00	1.01	100.00
						27.50	42.00	14.50	0.82	93.10
	594,417.21	9,621,865.11	939.20	LDD127	Mpongo	No significant intersection
	594,492.39	9,621,806.77	952.27	LDD128	Mpongo	0.00	6.00	6.00	0.81	77.50
						15.00	18.00	3.00	0.59	100.00
						23.00	24.00	1.00	1.54	100.00
						34.05	38.00	3.95	0.60	100.00
						51.00	52.00	1.00	1.79	100.00
						54.40	61.50	7.10	1.63	94.37
						69.75	71.60	1.85	1.95	83.78
	594,676.62	9,621,962.35	935.85	LDD129	Mpongo	0.00	19.00	19.00	3.86	91.32
						24.00	47.00	23.00	2.09	89.35
						Including:
						29.60	34.00	4.40	6.52	86.36
	595,272.50	9,622,800.70	948.00	LDD130	Carriere A	7.25	20.00	12.75	1.37	90.20
						23.00	44.00	21.00	1.77	97.38
	595,628.34	9,623,106.27	971.49	LDD131	Carriere A	4.80	6.85	2.05	0.50	90.24
						10.25	25.10	14.85	1.40	97.64
						35.80	36.80	1.00	1.27	100.00
						42.95	60.30	17.35	0.89	95.97
						81.60	86.70	5.10	0.41	96.08
						94.30	95.30	1.00	0.58	100.00
	595,706.00	9,623,112.00	982.00	LDD132	Carriere A	6.15	14.00	7.85	0.69	87.90
						17.10	39.70	22.60	2.20	95.13
	595,813.08	9,623,432.20	914.43	LDD133	G20-21	0.00	16.60	16.60	1.50	94.28
						19.80	25.60	5.80	1.29	100.00
						29.60	30.60	1.00	3.42	100.00
						35.60	40.60	5.00	9.65	96.00
						43.60	61.00	17.40	0.80	97.53
						65.00	66.00	1.00	0.81	100.00
	595,800.61	9,623,529.24	916.86	LDD134	G20-21	10.00	11.00	1.00	0.98	100.00
						15.00	16.00	1.00	0.61	90.00
						19.00	25.00	6.00	0.76	95.83
						32.00	40.00	8.00	0.72	91.25
						44.00	63.00	19.00	1.46	99.47
	595,771.98	9,623,290.92	951.98	LDD135	G20-21	26.40	28.00	1.60	0.74	100.00
						41.80	46.80	5.00	0.97	98.00
						60.70	61.60	0.90	0.55	100.00
						64.70	67.80	3.10	0.79	100.00
	595,754.43	9,623,360.00	953.66	LDD136	G20-21	4.40	4.90	0.50	0.62	100.00
						53.25	55.00	1.75	0.69	100.00
	595,800.24	9,623,688.53	857.05	LDD137	G20-21	0.00	31.90	31.90	1.88	92.95
						Including:
						10.00	19.00	9.00	4.40	91.11
						35.80	49.10	13.30	1.04	90.60
						53.70	68.65	14.95	1.23	96.66
	595,936.86	9,625,403.27	891.41	LDD138	G7 Mapale	3.90	6.00	2.10	1.47	47.62	Very poor core recovery
						17.00	18.00	1.00	0.74	100.00
	596,014.35	9,625,509.21	881.27	LDD139	G7 Mapale	0.00	4.00	4.00	1.85	58.75	Poor recovery
						13.00	16.45	3.45	0.43	100.00
						20.50	24.40	3.90	2.05	100.00
	595,962.40	9,625,447.34	908.55	LDD140	G7 Mapale	4.90	19.50	14.60	1.62	89.73
26.10						36.10	10.00	0.73	46.50	Very poor core recovery
596,822.96	9,624,675.67	934.83	LDD141	Kimbangu	19.30	21.50	2.20	3.52	90.91
					27.50	29.50	2.00	8.34	100.00
596,652.06	9,624,491.44	976.70	LDD142	Kimbangu	2.30	10.90	8.60	0.70	90.70
					37.30	38.50	1.20	1.30	83.33
595,820.35	9,624,121.17	893.40	LDD143	D18-19	0.00	37.30	37.30	0.95	73.99
					40.90	102.00	61.10	0.96	97.71
2012	595,328.26	9,622,866.22	933.60	LDD144	Carriere A	2.10	5.10	3.00	0.40	65.00
						17.20	21.70	4.50	0.58	100.00
						24.70	25.70	1.00	0.89	100.00
						29.70	30.70	1.00	1.54	100.00
	595,275.41	9,622,797.97	948.06	LDD145	Carriere A	16.20	47.71	31.51	2.11	94.28
						50.70	61.90	11.20	0.68	98.21
						67.90	69.90	2.00	0.56	100.00
						72.60	83.90	11.30	1.49	100.00
						86.10	97.90	11.80	1.88	100.00
	595,248.54	9,622,721.42	945.09	LDD146	Carriere A	3.00	4.00	1.00	0.56	100.00
						20.10	21.00	0.90	5.24	88.89
						33.60	38.80	5.20	0.65	100.00
						61.00	63.80	2.80	2.14	96.43
						69.60	78.40	8.80	2.45	100.00
	595,405.69	9,622,744.53	974.40	LDD147	Carriere A	No significant intersection
	595,308.87	9,622,772.45	967.27	LDD148	Carriere A	0.00	3.30	3.30	0.62	87.88
						14.00	15.20	1.20	1.19	83.33
						37.50	58.00	20.50	0.69	97.56
						79.80	86.00	6.20	1.23	90.32
						93.00	94.00	1.00	0.59	100.00
	595,118.85	9,622,313.31	931.32	LDD149	Carriere A	7.50	9.50	2.00	1.30	100.00
						12.50	13.50	1.00	0.71	90.00
						18.80	19.80	1.00	0.90	100.00
						22.80	24.50	1.70	1.31	100.00
						29.00	36.00	7.00	1.10	100.00
						46.00	54.00	8.00	0.46	98.75
						57.00	58.00	1.00	1.63	100.00
						61.00	67.00	6.00	0.47	86.67
						91.00	92.00	1.00	0.78	100.00
						103.00	104.00	1.00	0.53	100.00
	595,033.07	9,622,287.89	879.59	LDD150	Carriere A	2.10	6.00	3.90	0.43	100.00
						8.45	17.00	8.55	0.55	97.66
						52.70	55.00	2.30	0.53	100.00
						58.00	62.00	4.00	0.65	100.00

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2012	595,611.60	9,622,510.00	983.23	LDD151	Carriere A	6.50	7.00	0.50	0.74	100.00
						41.60	42.40	0.80	1.44	100.00
						47.55	49.30	1.75	1.01	100.00
						83.00	84.00	1.00	0.94	100.00
	595,690.66	9,622,544.78	984.06	LDD152	Carriere A	No significant intersection
	595,610.37	9,622,542.56	997.14	LDD153	Carriere A	6.90	7.90	1.00	0.88	100.00
						14.50	23.40	8.90	5.45	100.00
						Including:
						18.00	21.00	3.00	10.43	100.00
						75.00	76.00	1.00	0.63	100.00
						78.00	79.00	1.00	0.58	100.00
	595,298.25	9,622,621.22	915.69	LDD154	Carriere A	6.90	7.90	1.00	0.88	100.00
						11.00	15.00	4.00	1.08	100.00
						17.50	22.00	4.50	0.50	86.67
						25.00	26.40	1.40	1.12	100.00
						34.80	54.40	19.60	1.44	100.00
						Including:
						42.70	45.45	2.75	5.59	100.00
						56.60	61.00	4.40	1.55	100.00
						63.70	64.30	0.60	2.13	100.00
	595,268.23	9,622,584.27	925.22	LDD155	Carriere A	0.00	2.00	2.00	0.55	100.00
						16.55	21.50	4.95	0.73	100.00
						24.20	27.20	3.00	0.62	100.00
						30.20	35.20	5.00	0.78	100.00
						39.20	40.20	1.00	1.05	100.00
						43.80	50.80	7.00	0.91	100.00
						66.30	68.30	2.00	0.95	100.00
						72.10	73.00	0.90	0.90	100.00
	595,145.77	9,622,389.02	962.22	LDD156	Carriere A	11.70	12.50	0.80	0.62	100.00
						18.00	19.00	1.00	1.00	100.00
						22.00	23.80	1.80	0.83	100.00
						42.00	45.10	3.10	0.82	96.77
						52.00	60.00	8.00	0.90	93.50
	593,207.12	9,621,051.96	921.41	LDD157	Minkumbu	0.00	9.50	9.50	1.07	94.74
						12.50	13.50	1.00	67.00	100.00
						36.50	38.00	1.50	4.96	100.00
						51.00	52.30	1.30	0.88	100.00
						81.60	83.60	2.00	0.93	100.00
						89.30	90.30	1.00	3.03	100.00
						98.20	107.50	9.30	2.16	100.00
						Including:
						100.10	102.50	2.40	5.98	100.00
						110.20	119.30	9.10	2.79	95.60
						Including:
						110.20	112.30	2.10	9.87	80.95
	593,370.18	9,621,012.58	908.04	LDD158	Minkumbu	10.00	11.00	1.00	1.29	100.00
						46.00	47.00	1.00	0.55	100.00
						73.00	78.00	5.00	3.04	98.00
						82.00	83.50	1.50	6.61	100.00
	593,460.13	9,621,027.83	879.52	LDD159	Minkumbu	No significant intersection
	593,256.60	9,621,004.76	919.12	LDD160	Minkumbu	0.00	2.00	2.00	0.79	100.00
						82.00	83.00	1.00	3.02	100.00
						89.90	94.80	4.90	2.22	100.00
						107.00	110.00	3.00	3.37	100.00
						125.60	131.40	5.80	0.71	100.00
	594,450.37	9,621,840.23	953.76	LDD161	Mpongo	2.00	4.00	2.00	0.69	100.00
	594,693.90	9,621,940.45	923.34	LDD162	Mpongo	0.00	1.30	1.30	1.35	69.00
						42.00	43.00	1.00	0.55	100.00
						51.00	52.00	1.00	1.98	100.00
						71.00	77.50	6.50	0.96	100.00
	594,742.10	9,621,985.00	893.77	LDD163	Mpongo	44.30	46.30	2.00	0.82	100.00
						53.60	56.40	2.80	0.70	100.00
	594,757.67	9,621,873.88	971.55	LDD164	Mpongo	24.15	27.85	3.70	93.70	100.00
						Including:
24.15						25.15	1.00	340.00	100.00
31.65						33.20	1.55	1.73	100.00
40.20						44.80	4.60	0.74	100.00
55.40						65.90	10.50	0.67	97.62
68.90						72.90	4.00	0.72	97.50
81.80						82.80	1.00	0.95	100.00
594,666.95	9,621,870.51	964.26	LDD165	Mpongo	2.00	3.60	1.60	0.61	100.00
					12.60	14.10	1.50	0.50	100.00
					17.00	18.00	1.00	1.13	100.00
					21.50	23.10	1.60	0.64	100.00
					33.10	34.00	0.90	0.56	100.00
					64.00	65.00	1.00	0.52	100.00
					67.00	68.00	1.00	0.63	100.00
					75.00	76.00	1.00	1.23	100.00
					83.00	84.00	1.00	1.01	100.00
594,933.51	9,622,068.06	953.15	LDD166	Mpongo	6.00	8.00	2.00	1.39	100.00
					10.70	12.85	2.15	0.47	100.00
595,563.94	9,622,982.82	977.11	LDD167	Carriere A	2.00	17.20	15.20	2.17	99.34
					20.60	21.60	1.00	0.99	100.00
					36.70	40.00	3.30	0.56	100.00
					51.80	53.80	2.00	0.78	100.00
					56.00	63.00	7.00	0.94	98.57
595,694.13	9,622,490.75	991.07	LDD168	Carriere A	48.80	50.30	1.50	0.53	100.00
595,584.42	9,623,019.25	976.91	LDD169	Carriere A	0.00	4.70	4.70	1.17	95.74
					7.40	11.80	4.40	0.68	100.00
					20.00	32.70	12.70	2.39	99.21
					35.70	49.00	13.30	0.59	95.49
					56.00	56.85	0.85	0.94	100.00
					61.65	70.50	8.85	0.48	97.74
595,520.59	9,622,967.77	954.14	LDD170	Carriere A	0.00	12.50	12.50	3.78	99.20
					Including:
					1.50	5.50	4.00	9.33	100.00
					17.50	18.50	1.00	1.39	100.00
					21.40	25.40	4.00	0.56	95.00
					37.30	43.00	5.70	0.50	94.74
					58.00	60.00	2.00	0.57	100.00
595,619.00	9,622,990.00	955.00	LDD171	Carriere A	1.10	14.00	12.90	0.62	98.06
					21.70	22.70	1.00	0.63	100.00
					29.10	32.00	2.90	1.06	100.00
					55.00	55.70	0.70	0.56	100.00

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2012	595,603.61	9,623,126.00	952.08	LDD172	Carriere A	11.10	11.80	0.70	1.01	100.00
						33.15	35.20	2.05	0.56	100.00
						42.00	51.00	9.00	1.30	100.00
						Including:
						46.40	47.00	0.60	8.64	100.00
						55.00	56.00	1.00	1.31	100.00
						58.40	62.70	4.30	1.00	100.00
						67.70	69.70	2.00	1.60	100.00
						72.20	73.20	1.00	1.26	100.00
	595,662.78	9,623,073.67	984.36	LDD173	Carriere A	0.00	20.30	20.30	0.61	95.57
						30.70	32.80	2.10	0.74	95.23
						36.00	45.00	9.00	0.63	98.00
	595,750.79	9,623,401.37	949.06	LDD174	G20-21	7.70	27.00	19.30	4.04	99.48
						Including:
						19.50	20.50	1.00	59.60	100.00
						30.00	31.00	1.00	0.94	100.00
						34.30	46.00	11.70	0.85	99.14
						50.00	55.00	5.00	0.55	100.00
	595,730.63	9,623,159.28	968.21	LDD175	Carriere A	5.00	5.70	0.70	1.46	100.00
						12.70	13.30	0.60	0.83	100.00
						20.00	27.00	7.00	1.23	100.00
						29.30	36.00	6.70	0.56	100.00
						41.00	55.00	14.00	0.87	100.00
						63.80	73.50	9.70	1.01	100.00
						80.60	82.60	2.00	1.37	100.00
	595,857.64	9,623,525.26	926.79	LDD176	G20-21	40.00	45.00	5.00	0.63	100.00
						52.00	75.00	23.00	1.04	99.57
	595,749.16	9,623,441.31	937.25	LDD177	G20-21	0.00	4.55	4.55	1.00	95.60
						8.75	24.40	15.65	2.73	100.00
						Including:
						18.00	21.00	3.00	9.33	100.00
						53.00	53.90	0.90	0.56	100.00
						55.20	55.80	0.60	0.54	100.00
	595,760.24	9,623,535.03	904.23	LDD178	G20-21	0.00	43.00	43.00	1.31	99.77
						49.00	79.00	30.00	1.05	100.00
	595,841.77	9,623,443.70	910.01	LDD179	G20-21	13.00	16.00	3.00	24.29	100.00
						27.00	37.90	10.90	2.11	99.08
						41.00	65.00	24.00	1.62	99.58
						69.00	74.00	5.00	0.75	100.00
						78.00	80.00	2.00	0.67	100.00
						83.00	85.00	2.00	0.76	100.00
						113.00	114.80	1.80	0.72	100.00
	595771.42	9623594.64	906.73	LDD180	G20-21	0.00	27.50	27.50	1.29	96.91
						38.30	54.60	16.30	0.77	98.77
						57.60	59.35	1.75	1.02	100.00
						64.30	67.30	3.00	1.29	100.00
	595830.91	9623649.11	870.43	LDD181	G20-21	2.00	5.00	3.00	0.92	100.00
						8.30	21.60	13.30	0.57	100.00
						37.00	38.00	1.00	1.00	100.00
						94.00	101.85	7.85	0.47	100.00
	595876.42	9624187.31	902.88	LDD182	D18-19	0.00	8.00	8.00	0.50	100.00
						10.70	11.20	0.50	1.37	100.00
						19.00	34.00	15.00	2.02	100.00
						36.40	46.00	9.60	0.60	100.00
						48.40	71.10	22.70	1.06	99.56
						76.00	77.00	1.00	0.61	100.00
						81.00	87.00	6.00	0.52	100.00
						90.00	103.90	13.90	0.81	100.00
	595791.56	9623399.3	933.56	LDD183	G20-21	17.00	37.80	20.80	1.53	99.52
						40.80	41.80	1.00	1.06	100.00
						57.40	58.40	1.00	0.70	100.00
						63.00	64.00	1.00	1.01	100.00
						67.00	69.00	2.00	0.86	100.00
						77.00	81.00	4.00	0.70	100.00
101.00						102.00	1.00	0.50	100.00
595879.04	9624190.16	902.76	LDD184	D18-19	0.00	5.00	5.00	0.79	98.00
					13.00	22.00	9.00	0.63	96.67
					25.00	31.00	6.00	1.20	95.00
					35.00	39.00	4.00	2.00	100.00
					45.80	46.80	1.00	0.67	100.00
					49.00	51.00	2.00	1.02	100.00
					55.00	78.00	23.00	0.71	99.13
595866.37	9624228.96	877.37	LDD185	D18-19	3.00	8.10	5.10	0.82	100.00
					11.00	19.00	8.00	0.99	97.50
					33.00	34.00	1.00	0.66	100.00
					75.00	102.00	27.00	6.37	100.00
					105.00	111.00	6.00	0.68	100.00
595906.25	9624137.48	896.78	LDD186	D18-19	0.00	4.00	4.00	1.77	100.00
					21.00	22.00	1.00	0.62	100.00
					31.00	35.00	4.00	0.59	100.00
					43.00	50.00	7.00	0.56	100.00
					53.00	54.00	1.00	0.66	100.00
					57.00	68.00	11.00	0.45	99.09
					74.00	77.30	3.30	3.60	100.00
					82.60	87.90	5.30	0.67	100.00
					90.90	112.00	21.10	1.06	100.00
					115.00	118.00	3.00	0.69	100.00
					128.00	132.00	4.00	0.69	100.00
					140.00	142.00	2.00	1.22	100.00
595700.01	9624168.95	882.24	LDD187	D18-19	0.00	12.00	12.00	1.14	98.33
					19.00	20.90	1.90	0.76	94.74
					29.80	31.80	2.00	0.66	95.00
					38.70	40.40	1.70	0.63	100.00
					43.80	44.80	1.00	0.73	100.00
					47.00	50.00	3.00	0.55	100.00
					53.60	59.90	6.30	0.38	100.00
					75.00	75.70	0.70	0.46	100.00
595,907.73	9,624,272.00	866.54	LDD188	D18-19	0.00	1.00	1.00	0.81	100.00

	Coordinates					Interval
Year Completed	East	North	Elevation	Borehold ID	Target	To (m)	From (m)	Width (m)	Gold Grade (g/t)	Core Recovery	Comment

2012	595909.17	9624139.68	896.68	LDD189	D18-19	0.00	10.20	10.20	2.21	95.09
						12.50	14.00	1.50	2.08	100.00
						18.00	19.00	1.00	0.82	100.00
						23.30	24.30	1.00	1.54	80.00
						29.00	35.40	6.40	0.99	100.00
						40.30	41.00	0.70	0.71	71.42
						58.00	59.00	1.00	0.52	100.00
						72.50	87.00	14.50	0.64	100.00
						93.00	94.10	1.10	5.42	100.00
						99.50	104.40	4.90	1.06	100.00
						107.00	108.00	1.00	0.45	100.00
						111.00	112.00	1.00	1.03	100.00
						116.00	118.00	2.00	1.31	100.00
	595,686.36	9,624,057.20	910.96	LDD190	D18-19	0.00	5.00	5.00	1.20	82.00
						11.00	17.50	6.50	0.44	96.92
						27.80	28.80	1.00	0.70	100.00
						33.80	45.10	11.30	1.09	100.00
						50.00	53.00	3.00	0.54	100.00
						57.00	61.70	4.70	0.63	100.00
						82.60	92.00	9.40	1.48	100.00
						106.00	136.00	30.00	2.43	100.00
	596010.34	9625469.11	904.27	LDD191	G7 Mapale	34.30	34.70	0.40	0.44	100.00
						39.50	42.00	2.50	0.52	100.00
						41.40	42.00	0.60	0.79	100.00
						44.00	45.00	1.00	7.02	100.00
	596004.51	9625420.95	905.78	LDD192	G7 Mapale	12.20	12.90	0.70	0.54	100.00
						20.90	21.20	0.30	0.78	100.00
						37.00	38.00	1.00	1.59	100.00
						48.80	50.00	1.20	0.68	100.00
						54.70	59.70	5.00	0.58	100.00
						63.15	66.00	2.85	1.28	100.00
						71.00	75.00	4.00	1.20	100.00
						77.80	78.80	1.00	0.60	100.00
						83.00	84.00	1.00	0.47	100.00
						98.25	99.10	0.85	1.59	100.00
	596,084.58	9,625,744.86	883.42	LDD193	G7 Mapale	1.00	3.00	2.00	0.76	90.00
						36.00	37.00	1.00	0.56	100.00
	593,210.18	9,621,051.08	921.23	LDD194	Minkumbu	0.00	8.60	8.60	1.75	90.11
						11.60	12.60	1.00	0.54	100.00
						20.60	36.30	15.70	0.74	99.36
						42.00	47.50	5.50	0.46	100.00
						52.40	55.30	2.90	0.54	100.00
						61.80	67.00	5.20	10.39	100.00
						66.00	67.00	1.00	47.60	100.00
	593,171.43	9,621,108.51	905.19	LDD195	Minkumbu	6.00	23.70	17.70	16.09	96.04
						31.70	39.70	8.00	2.34	98.75
						43.70	53.10	9.40	1.22	95.74
	593,414.42	9,621,071.83	875.99	LDD196	Minkumbu	0.00	3.00	3.00	1.20	90.00
						17.60	18.60	1.00	0.83	100.00
						21.60	22.30	0.70	2.02	100.00
	593,330.36	9,621,069.31	898.36	LDD197	Minkumbu	0.00	1.00	1.00	0.60	100.00
	595,994.00	9,628,916.00	856.00	LDD198	G8-Kolo	9.30	10.70	1.40	0.64	78.57
	595,920.00	9,628,875.00	915.00	LDD199	G8-Kolo	48.60	49.60	2.18	2.18	100.00
	594,991.00	9,628,835.00	904.00	LDD200	G8-Kolo	10.80	11.60	0.80	2.06	100.00
						17.00	17.70	0.70	6.01	100.00
						35.70	36.45	0.75	0.91	100.00