Corporation announce that following publication on July 7, 2008 of the
results of the Pre-Feasibility Study on its wholly-owned Twangiza gold
project, the Company has filed on SEDAR (www.sedar.com) the
accompanying technical report. The report is dated August 13, 2008 and
entitled “Pre-Feasibility Study NI 43-101 Technical Report, Twangiza
Gold Project, South Kivu Province, Democratic Republic of Congo.”
The current exploration at Twangiza commenced in October 2005. A
preliminary assessment study of Twangiza was completed in July 2007.
This study was advanced to a Pre-Feasibility Study, the results of
which were released by the Company by way of a press release dated July
7, 2008. The focus is now to further improve Twangizas economics by
expanding the resource base, completing the infill drilling program by
the end of October 2008, as well as optimizing various aspects of the
project, more specifically the processing route, the engineering
designs, as well as the hydro electric power plant.
“This will be done over the next 5 to 6 months as we progress all
this work through to a definitive Bankable Feasibility Study and move
Twangiza further along the development path and up the value curve,”
said Banro President and CEO, Mike Prinsloo.
The Pre-Feasibility Study has been prepared under the supervision of
Neil Senior, Joint Managing Director of SENET, and a “qualified person”
as such term is defined in National Instrument 43-101, with input from
a number of independent consultants including SRK Consulting, Cardiff
(Mineral Reserve/Resource), SRK Consulting, Johannesburg (Mining,
Environmental and Social), SGS Lakefield, Johannesburg (Metallurgical
test work), Knight Piesold, Vancouver (Power), AMEC, UK (Tailings Dam)
and SENET, Johannesburg (Processing and Infrastructure). SENET also
undertook the Pre-Feasibility economic valuation and report compilation.
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, Banros strategy is to unlock shareholder value
by increasing and developing its significant gold assets in a socially
and environmentally responsible manner.