Banro Is Awarded 14 Exploration Titles (PRs) In The Democratic Republic Of The Congo
Toronto, Canada — March 8, 2007 — 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.
For further information, please visit our website at 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.