TORONTO, July 20, 2009 - Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") is pleased to announce that it has filed on SEDAR (www.sedar.com) a National Instrument 43-101 technical report relating to the Updated Feasibility Study of the Company's wholly-owned Twangiza gold project in the Democratic Republic of the Congo. The report is dated July 17, 2009 and entitled "Updated Feasibility Study NI 43-101 Technical Report, Twangiza Gold Project, South Kivu Province, Democratic Republic of Congo." The results of the Updated Feasibility Study were reported in the Company's press release dated June 8, 2009.
The current exploration at Twangiza commenced in October 2005. A Preliminary Assessment Study of Twangiza was completed in July 2007 and advanced to a Pre-Feasibility Study in July 2008. The results of the Feasibility Study of Twangiza were released in January 2009, with the accompanying technical report being filed on SEDAR in February 2009. With the completion of the Updated Feasibility Study, the Company has initiated certain infrastructure improvements at the project site in advance of mine construction. Banro is continuing to optimize the project economics of Twangiza while maintaining exploration activities at Twangiza with the goal of further expanding the oxide and transitional resources.
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, 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: 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.
