| Banro Corporation |  | Banro is constructing a "Phase 1" gold mine at its wholly-owned Twangiza gold property located near the city of Bukavu in the Democratic Republic of the Congo (the "DRC"). Scheduled for completion in late 2011, this gold operation is designed to produce 100,000 + ounces of gold per year, with future expansion to 300,000 + ounces of gold per annum. With Proven and Probable Reserves of 4.54 million ounces of gold, Twangiza already hosts a major gold resource and offers several promising new targets for exploration and future resource expansion, including Ntula, Mufwa, Tshondo, Luhwindja and Kaziba. The results of a full feasibility study of Twangiza were announced in January 2009 and updated in June 2009.
Banro's pipeline includes three additional, wholly-owned properties, each with mining licenses, along the 210 kilometre long northeast to southwest trending Twangiza-Namoya gold belt in the DRC. Banro's second major project is Namoya, where a scoping study was completed in July 2007; the Namoya Pre-Feasibility study is due for completion in 2010. Exploration is also ongoing at Lugushwa, where a Scoping Study is planned for completion in 2010. A "desktop" analysis of the Kamituga project was completed in 2009 and it is planned to begin exploration at Kamituga in 2010.
The Company has so far identified 6.72 million ounces of Measured and Indicated Resources, plus Inferred Resources of 4.46 million ounces.
In addition to its current properties, which have mining licenses and cover 2,613 square kilometers, Banro in 2007 was awarded 14 exploration permits covering 2,638 square kilometres and located on highly prospective ground between its Twangiza and Lugushwa projects. Applications for additional PRs contiguous to and located between the Company's Lugushwa and Namoya projects, along with areas south of Twangiza, are pending. | | Visit Website | | Office Address | 1 First Canadian Place, 100 King St., West, Ste. 7070
Toronto, ON, M5X1E3 Canada | | Phone | (416) 366-2221 | | Fax | (416) 366-7722 | | Executives | Simon F. W. Village, Chairman | | Michael J. (Mike) Prinsloo, President and CEO |
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