Banro Updates Mine Construction Progress at its
Wholly-Owned Twangiza Gold Project
Toronto, Canada - November 10, 2010 - Banro
Corporation ("Banro" or the
"Company") (NYSE AMEX - "BAA"; TSX - "BAA")
reports that construction of its wholly-owned Twangiza
"Phase I" gold mine in South Kivu Province, Democratic Republic
of the Congo (the "DRC"), is proceeding quickly and that the
Company remains on schedule to begin commercial production in the fourth
quarter of 2011. The following
progress is reported:
- All
bulk earthworks have been completed at the plant site.
- All
gold plant components have arrived on site from Australia and
assembly of the plant is underway. Progress on mechanical works is on schedule.
- Civil works
are 38% completed.
- Mining
schedules are being prepared on site and are encouraging in that
they show slightly better results than those achieved in the July
2009 Twangiza Feasibility Study.
- Widening
of the main access road has been completed and access established to
the bottom of the tailings management facility (TMF) site and the
upper stream diversion. The road from the plant site to the top of
the proposed TMF wall is rapidly approaching the position of the
lower stream diversion.
- The
construction camp already houses a growing workforce. This facility
is to be completed by the end of this week, with the management
units to be finished by mid-December 2010.
- Construction
of the 100th new house has begun at the resettlement village of Cinjira. To date, 86 households out of a
projected total of 433 households have been resettled at Cinjira.
Photographs highlighting construction progress
at the Twangiza site can be viewed on the Banro website at: http://www.banro.com/s/TwangizaGoldPlantUpdate.asp?ReportID=380953. A
new gallery will be posted shortly.
Banro is a Canadian-based gold exploration and
development company focused on the development of four major,
wholly-owned gold projects, each with mining licenses, along the 210 kilometre-long 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, the Company is constructing "Phase I"
of its flagship Twangiza project. Banro's strategy is to unlock shareholder value by
increasing and developing its significant gold assets in a socially and
environmentally responsible manner.
Cautionary
Note Concerning Forward-Looking Statements
This press release
contains forward-looking statements. All statements, other than
statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements
regarding future gold production and the timing thereof and the Company's
development plans and objectives) are forward-looking statements. These
forward-looking statements reflect the current expectations or beliefs of
the Company based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking statements, and
even if such actual results are realized or substantially realized, there
can be no assurance that they will have the expected consequences to, or
effects on the Company. Factors that could cause actual results or events
to differ materially from current expectations include, among other
things: uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return; the possibility that
actual circumstances will differ from the estimates and assumptions used
in the Twangiza study and mine plan; failure to
establish estimated mineral resources or mineral reserves (the mineral
resource and mineral reserve figures for Twangiza
are estimates and no assurances can be given that the indicated levels of
gold will be produced); uncertainties relating to the availability and
costs of any financing needed in the future; fluctuations in gold prices
and currency exchange rates; inflation; gold recoveries for Twangiza being less than those indicated by the
metallurgical test work carried out to date (there can be no assurance
that gold recoveries in small scale laboratory tests will be duplicated
in large tests under on-site conditions or during production); changes in
equity markets; political developments in the DRC; lack of
infrastructure; failure to procure or maintain, or delays in procuring or
maintaining, permits and approvals; lack of availability at a reasonable
cost or at all, of plants, equipment or labour;
inability to attract and retain key management and personnel; changes to
regulations affecting the Company's activities; the uncertainties
involved in interpreting drilling results and other geological data; and
the other risks disclosed under the heading "Risk Factors" and
elsewhere in the Company's annual information form dated March 29, 2010
filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any
forward-looking statement speaks only as of the date on which it is made
and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although the Company believes that the assumptions
inherent in the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent
uncertainty therein.
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For further information, please visit our website at www.banro.com, or
contact: Simon Village, Chairman, United Kingdom, Tel: +44 1959 569 237,
Arnold T. Kondrat, Executive Vice-President,
Toronto, Ontario, or Martin Jones, Vice-President, Corporate Development,
Toronto, Ontario, Tel: (416) 366-2221 or 1-800-714-7938.
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