Banro files NI 43-101 technical report on Twangiza Updated Feasibility Study
July 20 2009 - 10:10AM
PR Newswire (US)
TORONTO, July 20 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") is
pleased to announce that it has filed on SEDAR
(http://www.sedar.com/) a National Instrument 43-101 technical
report relating to the Updated Feasibility Study of the Company's
wholly-owned Twangiza gold project in the Democratic Republic of
the Congo. The report is dated July 17, 2009 and entitled "Updated
Feasibility Study NI 43-101 Technical Report, Twangiza Gold
Project, South Kivu Province, Democratic Republic of Congo." The
results of the Updated Feasibility Study were reported in the
Company's press release dated June 8, 2009. The current exploration
at Twangiza commenced in October 2005. A Preliminary Assessment
Study of Twangiza was completed in July 2007 and advanced to a
Pre-Feasibility Study in July 2008. The results of the Feasibility
Study of Twangiza were released in January 2009, with the
accompanying technical report being filed on SEDAR in February
2009. With the completion of the Updated Feasibility Study, the
Company has initiated certain infrastructure improvements at the
project site in advance of mine construction. Banro is continuing
to optimize the project economics of Twangiza while maintaining
exploration activities at Twangiza with the goal of further
expanding the oxide and transitional resources. Banro is a
Canadian-based gold exploration company focused on the development
of four major, wholly-owned gold projects, each with mining
licenses, along the 210 kilometre-long Twangiza-Namoya gold belt in
the South Kivu and Maniema provinces of the Democratic Republic of
the Congo (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. 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
gold production, potential mineralization, potential mineral
resources and mineral reserves and the Company's exploration and
development plans and objectives with respect to its Twangiza
project) 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:
uncertainties relating to the availability and costs of financing
needed in the future; uncertainty of estimates of capital and
operating costs, production estimates and estimated economic
return; the possibility that actual circumstances will differ from
the estimates and assumptions used in the Twangiza study and mine
plan; failure to establish estimated mineral resources or mineral
reserves (the mineral resource and mineral reserve figures for
Twangiza are estimates and no assurances can be given that the
indicated levels of gold will be produced); fluctuations in gold
prices and currency exchange rates; inflation; gold recoveries for
Twangiza being less than those indicated by the metallurgical test
work 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); changes
in equity markets; political developments in the DRC; lack of
infrastructure; failure to procure or maintain, or delays in
procuring or maintaining, permits and approvals; lack of
availability at a reasonable cost or at all, of plants, equipment
or labour; inability to attract and retain key management and
personnel; changes to regulations affecting the Company's
activities; the uncertainties involved in interpreting drilling
results and other geological data; and the other risks disclosed
under the heading "Risk Factors" and elsewhere in the Company's
annual information form dated March 30, 2009 filed on SEDAR at
http://www.sedar.com/ and EDGAR at http://www.sec.gov/. 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 Mike
Prinsloo, President and C.E.O., South Africa, Tel: + 27 (0) 11
958-2885; 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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