Peter Cowley to retire as president of Banro
December 24 2007 - 9:18AM
PR Newswire (US)
TORONTO, Dec. 24 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") announces
that Peter Cowley has elected to retire as President of the
Company, effective March 1, 2008. Mr. Cowley will remain on Banro's
Board of Directors as a non-executive director. Mr. Cowley joined
Banro's Board in January 2004 and was appointed President and Chief
Executive Officer in June 2004. Since this period, Banro has
established operations in the Democratic Republic of the Congo (the
"DRC") and significantly advanced the exploration and development
of the Company's wholly-owned gold projects of Twangiza, Lugushwa
and Namoya. Most recently, Mr. Cowley oversaw completion of
Preliminary Assessment studies of the Company's Twangiza and Namoya
projects. Mr. Cowley stepped down as Chief Executive Officer of the
Company in September 2007, following the appointment of Mike
Prinsloo as Banro's new CEO, and to reflect the advancement of the
Company from explorer to explorer/developer. As a non-executive
director, Mr. Cowley will continue to provide input to the
Company's exploration activities and specific aspects of the
feasibility studies being undertaken at Twangiza and Namoya. Simon
Village, Chairman of Banro, said: "On behalf of the Board and
management I would like to thank Peter for his major contributions
to Banro's achievements to date. The Board welcomes Peter's future
contributions to our technical and strategic thinking as we look to
unlock value from this significant exploration portfolio." 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: Simon
Village, Chairman, United Kingdom, Tel: (44) 788 405 4012; 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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