This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

BANRO CONFIRMS MINE CONSTRUCTION PROGRESS AT WHOLLY-OWNED TWANGIZA PHASE I GOLD PROJECT ON SCHEDULE AND FULLY FUNDED WITH COMMERCIAL PRODUCTION TO BEGIN IN Q4 2011

Stocks in this article: BAA

TORONTO, April 14 /PRNewswire/ - Banro Corporation (" Banro" or the " Company") (NYSE AMEX - "BAA" TSX - "BAA") is pleased to report that construction of its wholly-owned Twangiza Phase 1 gold project in South Kivu Province, Democratic Republic of the Congo (the " DRC"), is proceeding on schedule with commercial production expected to begin in the fourth quarter of 2011.

The Company's cash position of approximately US$94 million as at April 1, 2011 is approximately US$25 million more than the budgeted costs to complete the Twangiza Phase 1 oxide-processing plant, which costs include a US$13.5 million contingency within the total US$209 million capital expenditures budget. The balance of the funds will be used to cover overhead costs and working capital to fund the commissioning and production ramp- up, as well as the exploration program on the Company's four gold projects.

"The progress made by the team at Twangiza is excellent. The plant and civil works are 86% complete, with the total mine construction  project, including tailings facilities, now 60% complete, and on schedule to deliver commercial gold production in the fourth quarter of 2011," commented Simon Village, Chairman and CEO.

"The cash-flow from the Twangiza Phase 1 project will be used to fast-track the second mine development project at Namoya, at the southern end of the gold belt, which we aim to have completed within the next two years. This will provide the Company with greater flexibility and cash-flow to internally finance the construction of the hydro-electric project which is needed for the much larger Twangiza Phase 2 project, and ultimately for development of the whole belt.

In addition, we have recently commissioned an economic assessment of the Twangiza Phase 2 project which will include a detailed metallurgical study and plant design. The proposed stand-alone facility will concentrate solely on processing the transition and fresh rock and is expected to result in lower capital costs and better recoveries than initially estimated in our June 2009 Feasibility Study. We anticipate releasing the results of these preliminary studies in the third quarter of 2011."

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 is constructing "Phase 1" of its flagship Twangiza project.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs