Banro promotes Mike Skead to Vice-President, Exploration
August 08 2005 - 10:58AM
PR Newswire (US)
TORONTO, Aug. 8 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX: "BAA"; TSX Venture - "BAA") is
pleased to announce the promotion of Michael Skead to
Vice-President, Exploration for its four 100% owned projects along
the Twangiza-Namoya gold belt in the Democratic Republic of the
Congo (the "DRC"). Mr. Skead, who is currently Banro's Exploration
Manager, is based at the Company's exploration office in Bukavu,
DRC. This promotion recognizes Mr. Skead's management in
successfully establishing and advancing the Company's exploration
programs at its Namoya and Lugushwa gold projects. Under Mr.
Skead's direction, the Company also plans to commence exploration
activities at its Twangiza gold project in the third quarter of
2005 and to begin exploration at its fourth wholly-owned gold
project, Kamituga, in the first quarter of 2006. Prior to joining
Banro in May 2004, Mr. Skead was previously the Exploration Manager
for Samax Resources Limited and was responsible for the discovery
of the Kukuluma and Matandani gold deposits in the Lake Victoria
Goldfields in northern Tanzania. Mainly as a result of these two
discoveries and their proximity to Geita, Samax Gold Inc. was
subsequently acquired by Ashanti Goldfields Company Limited. Geita
is now East Africa's largest gold producer. Mr. Skead, a geologist,
has over 16 years of international experience in the mineral
exploration field, mainly in Africa. He has a B.Sc Honours from the
University of Cape Town, an M.Sc in Mineral Exploration from Rhodes
University and is currently completing a Ph.D. in Geology at Rhodes
University. In connection with Mr. Skead's appointment as Vice
President, Exploration, the Company has granted to Mr. Skead,
pursuant to the terms of the Company's stock option plan, 50,000
stock options, each such stock option entitling the holder to
purchase one common share of the Company at a price of Cdn$6.65 for
a period of five years. As part of the Company's acceleration of
its exploration activities in the DRC, the Company has further
increased its senior personnel with the appointment of Mr.Cisse
Amadou to the position of Senior Project Geologist for the Twangiza
project. Mr Amadou has over 10 years experience in the exploration
and development of gold projects in Africa. Cisse was previously
employed by Ashanti Goldfields Company Limited as Exploration
Manager for Niger, Mali and Burkina Faso. His responsibilities
included taking the Youga gold project in Burkina Faso to the
feasibility study stage. Commenting on Mr. Skead's appointment,
Peter Cowley, President and CEO of the Company, said: "We are very
proud to announce this appointment. Mike has made a valued
contribution to Banro's progress to date, and this promotion
reflects our confidence in Mike's capable leadership as the Company
continues to move forward with its accelerated exploration program,
which is expected to entail the further recruitment of senior
exploration and development personnel" Banro is a Canadian-based
gold exploration company focused on the development of four major,
wholly-owned gold projects 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, Banro's strategy is to unlock shareholder value
by increasing and developing its significant gold assets in a
socially and environmentally responsible manner. Forward-Looking
Statements: This press release contains forward-looking statements
that are based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan," "expect," "project," "intend," "believe,"
"anticipate", "estimate" and other similar words or statements that
certain events or conditions "may" or "will" occur, and include,
without limitation, statements regarding future plans and
objectives of the Company. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ materially from estimated
or anticipated events or results implied or expressed in such
forward-looking statements. Factors that could cause such
differences include changes in world gold markets and equity
markets, political developments in the DRC, changes to regulations
affecting the Company's activities, uncertainties relating to the
availability and costs of financing needed in the future, the
uncertainties involved in interpreting drilling results and other
ecological data and the other risks involved in the gold
exploration and development industry. 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. 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. The TSX
Venture Exchange does not accept responsibility for the adequacy or
accuracy of this press release. DATASOURCE: Banro Corporation
CONTACT: please visit our website at http://www.banro.com/, or
contact: Peter Cowley, President and C.E.O., United Kingdom, Tel:
(44) 790-454-0856; 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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