Banro announces senior appointments for its operations in D.R.Congo and Toronto
September 10 2007 - 9:53AM
PR Newswire (US)
TORONTO, Sept. 10 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX: "BAA"; TSX - "BAA") is pleased to
announce a number of senior appointments for its operations in the
Democratic Republic of the Congo (the "DRC") and Toronto. Daniel K.
Bansah, who is currently Banro's Mineral Resource Manager, is
promoted to the position of Vice President, Exploration. He has
over 19 years experience in mineral exploration and development in
Africa, with a principal focus on resource and ore reserve
estimation. Prior to joining Banro in 2004, Mr. Bansah was Group
Mineral Resource Manager with Ashanti Goldfields, with
responsibilities for the coordination, auditing and compilation of
Ashanti's Mineral Resources and Ore Reserves in Africa. Mr. Bansah,
who has a M.Sc in Mineral Exploration with Distinction from the
University of Leicester and is a Member of Aus.I.M.M., will
continue to be based at the Company's exploration office in Bukavu,
DRC. Dr. Howard Fall, who has served as Banro's Chief Geologist
since 2005, is promoted to the position of Exploration Manager. He
has over 25 years experience as a geologist in Africa, mainly in
gold exploration. He has a Ph.D. from Sheffield University in the
UK, and has managed exploration programs in Ghana, Burkina Faso,
Tanzania and the DRC for Gencor, Billiton, Ashanti Goldfields and
AngloGold Ashanti, respectively. Dr. Fall played a principal role
in the discovery and exploration of the Yamfo gold trend in Ghana.
He is also based at the Company's exploration office in Bukavu,
DRC. Mr. Desire Sangara, who has served for three years as the
Company's Administrative Manager, is promoted to the position of
Vice President, Government Relations. He has a Masters degree in
management from E.D.C. (Paris) and has over 17 years professional
experience in the DRC's exploration and mining sector. He
previously held senior positions with the Belgium-Luxemburg mining
company, Mindev, and with Ashanti Goldfields, where for seven years
he was the company's country manager. Mr. Sangara will continue to
be based in Kinshasa, DRC. Mr. Donat Madilo, who has served as
Banro's Treasurer since 1998, is promoted to the position of Vice
President, Treasury. Mr. Madilo has over 16 years experience in
finance and administration. He holds a Bachelor of Commerce
(Honors) from Institut Superieur de Commerce de Kinshasa, a B.Sc.
(Licence) in Applied Economics from University of Kinshasa and a
Masters of Science in Accounting (Honors) from Roosevelt University
in Chicago. Mr. Madilo will continue to be based in the Company's
head office in Toronto. Commenting on these appointments, Peter
Cowley, Banro's President and C.E.O., said: "We congratulate Dan,
Howard, Desire and Donat on their promotions, which are
exceptionally well-earned and demonstrate the tremendous depth of
talent that characterizes Banro's senior exploration and support
management in the DRC and elsewhere. Both Dan and Howard are highly
respected in the industry and both have made outstanding
contributions to the Company's successful exploration program.
Desire has performed an excellent job representing the Company in
the DRC and Donat has proved invaluable in his role as Treasurer.
The appointments will further position the Company to successfully
pursue its two-pronged strategy of moving Banro from explorer to
gold producer while enhancing the exploration program on the
Company's extensive landholdings on the Twangiza-Namoya gold belt."
Mr. Bansah replaces Michael Skead, who has resigned from the
Company. The Company thanks Mr. Skead for his contribution in
helping to set up and advance Banro's successful exploration
program over the past three years. "Mike has been a valued founder
member of our exploration team in the DRC and remains a very good
friend. We wish him all the best in his future endeavours," said
Mr. Cowley. 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. Cautionary Note to U.S.
Investors: The United States Securities and Exchange Commission
(the "SEC") permits U.S. mining companies, in their filings with
the SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. Certain terms are used
by the Company, such as "measured", "indicated", and "inferred"
"resources", that the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC.
U.S. Investors are urged to consider closely the disclosure in the
Company's Form 40-F Registration Statement, File # 001-32399, which
may be secured from the Company, or from the SEC's website at
http://www.sec.gov/edgar.shtml. 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 production, potential
mineralization and the Company's exploration and 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, failure to establish estimated mineral resources, gold
recoveries being less than those indicated by the metallurgical
testwork 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), the
possibility that future exploration results will not be consistent
with the Company's expectations, changes in world gold markets and
equity markets, political developments in the DRC, foreign currency
fluctuations, 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 geological 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. 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. DATASOURCE: Banro Corporation
CONTACT: please visit our website at http://www.banro.com/, or
contact: Simon Village, Chairman, United Kingdom, Tel: (44)
870-351-7904; 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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