 |
 | |
Banro's Mission: "To unlock shareholder value by increasing and developing the Company's significant gold assets in a socially and environmentally responsible manner".
Banro's first producing operation, the wholly-owned Twangiza mine located near the city of Bukavu in the Democratic Republic of the Congo (the "DRC"), began production in October 2011 following 24 months of construction. Twangiza, an oxide operation, is designed to produce some 120,000 ounces of gold per year.
With a Measured and Indicated resource of 6.74 million ounces of gold and an inferred resource of 4.59 million ounces, Banro's properties host a major gold resource.
In addition to the Twangiza oxide mine, Banro's three other key projects, which are summarized below. They lie along the 210 kilometre long northeast to southwest trending Twangiza-Namoya gold belt in the DRC and each project has a mining license. As well as the key projects, Banro's properties include more than a dozen exploration targets including Ntula, Mufwa, Tshondo, Luhwindja and Kaziba.
- Namoya -- an oxide project in early development
Pre-construction (roads and site clearing) began in the fourth quarter of 2011 at Banro's second major project, Namoya, at the southern end of the gold belt where a feasibility study on this project is due for completion in the fourth quarter of 2011. Hard construction of this open pit heap leach operation is scheduled to begin in the first quarter of 2012 and first gold production is anticipated in the first half of 2013, with an annualized rate of some 125,000 oz per year.
- Lugushwa -- advanced exploration
To date, Banro has delineated an Inferred mineral resource at Lugushwa of 2.7 million ounces of gold in close-to surface material, where the focus is on oxide resources. Exploration is ongoing at Lugushwa with the objective of increasing the oxide resource and plans include undertaking a Scoping Study.
- Kamituga -- Exploration of an oxide and fresh rock resource
High level analysis of the Kamituga gold project was completed in 2009 and exploration drilling is scheduled for late 2011 to expand the existing inferred mineral resource for this property.
As well as the oxide project described above, the Twangiza property also comprises a large, well-defined sulphide resource. The Twangiza ore body consists of an upper gold-bearing material, the Twangiza oxide currently in production, and a fresh rock and sulphide portion of the ore body sitting beneath the oxide. The sulphide portion of Twangiza has a resource of 4.3 million ounces of gold in the Measured & Indicated category and 300,000 ounces in Inferred. Banro's long-term plans include development of this sulphide ore following the three oxide projects listed above.
In addition to its current active properties, which have mining licenses and cover 2,613 square kilometres, in 2007 Banro was awarded 14 exploration permits covering 2,638 square kilometres and located on highly prospective ground between its Twangiza and Lugushwa projects. Applications for additional exploration permits contiguous to and located between the Company's Lugushwa and Namoya properties, along with areas south of Twangiza, are pending.
With its substantial outlined resource base and focused leadership team, Banro enjoys strong support from institutional investors primarily in North America, the U.K and South Africa.
| | |
