HomeCentral AfricaBanro to develop new mines

Banro to develop new mines

Resource drilling on
Banro’s main Twangiza
deposit in the DRC
Toronto, Canada — MININGREVIEW.COM — 5 March, 2008 – Banro Corporation – a Canadian-based gold exploration company operating in the Democratic Republic of Congo (DRC) – will aggressively pursue development of new mines at its wholly-owned projects in that country.

A news release issue here late yesterday said the decision had been taken following a comprehensive company review of Banro’s strategic alternatives in the light of its mineral potential and the current fundamentals of the gold market.

Pre-feasibility studies of both of these projects are well-advanced and are scheduled to be completed in June 2008. “A number of development scenarios – each of which is flexible and not dependent on economies of scale – are being considered,” the release added. “The pre-feasibility studies follow preliminary assessment studies of the Twangiza and Namoya,  projects, the results of which were announced in July 2007.”

The engineering companies engaged in the pre-feasibility work have agreed to commence full feasibility studies immediately on completion of the pre-feasibility studies. “It is expected that this will reduce the time required to complete full feasibility studies by three to five months and, based on the current timetable, should result in the completion of the two bankable feasibility studies by December 2008,” said the release.

Discussions with respect to various options for financing mine development are well advanced, and it is expected that a decision will be announced shortly. According to the news release, it is the company’s intention to place orders for certain long-lead items in the second quarter of 2008 in order to meet the timelines which have been targeted for mine construction and production.

Banro is a Canadian-based gold exploration company focused on the development of four major, wholly-owned gold projects along the 210 km Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Led by a proven management team with extensive gold and African experience, Banro’s strategy is to unlock shareholder value by increasing and developing its significant gold assets in a socially and environmentally responsible manner.