Banro to Host Investor Meetings on West Coast
and South East United States
Focus on updating current investors & introducing Banro to new investors on first gold production
at its Twangiza Phase 1 Mine in the DRC
Banro Corporation (TSX, NYSE AMEX: BAA) will be hosting investor group meetings throughout Oregon, California, Georgia and Florida during the first half of May to update investors on the Company's progress toward production at its flagship Twangiza Phase 1 mine in the Democratic Republic of the Congo. Later in June, Banro will hold similar meetings in the Texas and the mid-West United States, bringing the corporate update to well over 200 investors and potential investors.
Banro is a Canadian-based gold exploration and development company on the cusp of first gold production at its Twangiza Phase 1 mine, one of the Company's five wholly-owned projects along the 210 km Twangiza-Namoya gold belt in the Democratic Republic of the Congo in central Africa.
Banro's gold resources include 5.6 million ounces Measured & Indicated, within which are 4.5 million ounces of Proven & Probable. In addition, there are 400,000 ozs of Inferred at Twangiza; 920,000 ozs of Inferred at Kamituga; 2.74 million ozs Inferred at Lugushwa; and 1.14 million ozs Measured & Indicated plus 240,000 ozs inferred at Namoya.
With construction well advanced and first gold production planned for Q4 2011, the Twangiza Phase 1 mine is being designed for average annual gold production of 119,000 ounces for the first 5 years at total cash costs of US$356 per ounce during this time. A much larger Phase 2 mine is also planned for Twangiza, increasing the Company's production profile significantly. Banro's second mine planned for development is the Namoya heap leach project some 200 km south of Twangiza, where construction is scheduled to begin in 2012. A preliminary economic assessment recently completed at Namoya indicated average annual gold production of 124,000 ounces at a total average cash cost of US$359 per ounce.
For additional information on these meetings or other Banro updates, please contact Investor Relations - info@banro.com, +1 800-714-7938 or +1 416-366-2221.
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