Banro is awarded 14 exploration titles (PRs) in the Democratic Republic of the Congo
March 08 2007 - 8:10AM
PR Newswire (US)
TORONTO, March 8 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased
to announce that its wholly-owned subsidiary, Banro Congo Mining
SARL, has been awarded titles for 14 Permis de Researches (PRs) by
the Mining Cadastral in the Democratic Republic of the Congo (the
"DRC"). These applications were originally filed with the Mining
Cadastral shortly after implementation of the new Mining Code in
June 2003. The PRs are contiguous to the Permis de Exploitation
(PEs) held by the Company's wholly-owned subsidiaries of Twangiza
Mining SARL, Kamituga Mining SARL and Lugushwa Mining SARL. With
the award of these 14 PRs, covering 3,130 square kilometres and
located on highly prospective ground, Banro now controls 5,730
square kilometres of land within and adjacent to the
Twangiza-Namoya gold belt in the South Kivu and Maniema provinces
of the DRC. A map highlighting Banro's PEs and PRs is found
accompanying this press release on the Company's web site at
http://www.banro.com/i/pdf/2007-03-08_NRM.pdf. Applications for
additional PRs contiguous to and located between the Company's
Lugushwa and Namoya PEs, along with areas south of Twangiza, are
pending. Commenting on the award of these PRs by the Mining
Cadastral, Peter Cowley, President and C.E.O. of the Company, said:
"The award of these titles further consolidates Banro's dominant
land position along the prospective Twangiza-Namoya gold belt."
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. 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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