Banro Provides Corporate Update
Toronto, Canada - November 7, 2008 - Banro Corporation (“Banro” or the “Company”) (NYSE Alternext US - “BAA”; TSX - “BAA”) is pleased to report on the status of its exploration and development activities at its gold projects in the Democratic Republic of the Congo (the “DRC”).
The Company is on schedule to complete the pre-feasibility study of its wholly-owned Namoya project by December 2008 and the full feasibility study of its wholly-owned Twangiza project by January 2009. Banro has to date completed the pre-feasibility drilling program and the evaluation of the heap leach option at Namoya and has also completed the full feasibility drilling program at Twangiza. The pre-feasibility and full feasibility studies are being undertaken by SENET Engineering with input from a number of independent consultants, including SRK Consulting.
With the completion of the two drilling programs, the Company has postponed all further drilling activities and is focusing its exploration efforts on the delineation of several new mineral prospects which have been identified at its Twangiza, Lugushwa and Namoya projects and within its 14 exploration permits. This low-cost exploration program consists of gridding, mapping, and soil, stream and rock sampling. These new prospects were identified through the LiDAR, airborne magnetic and radiometric surveys completed in 2007 and 2008.
In response to continuing global financial developments, the Company is scaling back its operations to conserve cash. As well as postponing drilling activities as noted above, which represents a significant reduction in operating costs, the Company has instituted cost-saving measures in every area of its business.
Daniel K. Bansah, the Company’s Vice President, Exploration and a “qualified person” as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.
Banro is a Canadian-based gold exploration and development 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 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.
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 exploration results, potential mineralization and the Company’s exploration and development plans) 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, political developments in the DRC, civil disorder in the DRC, the possibility that future exploration results will not be consistent with the Company’s expectations, changes in world gold markets and changes to regulations affecting the Company’s activities. 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.
For further information, please visit our website at 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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