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MEI Online: Commodities: Metallic Ores: Gold: Latest News: August 3rd 2010

 
 

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:: Banro Announces the Arrival of its Refurbished Gold Plant at Twangiza and Provides Construction Update

Banro Corporation is pleased to announce that the reconditioned gold processing plant, which the Company acquired in Australia for re-assembly at its wholly-owned Twangiza gold project in South Kivu Province of the Democratic Republic of the Congo (the "DRC"), has begun arriving at the Twangiza site. The entire plant, which is being transported by truck from Mombasa, Kenya in 140 - 40 foot containers, including the break bulk items, is scheduled to arrive on site over the next ten weeks.

The arrival on July 21, 2010 of the first fleet of trucks was greeted in Bukavu, DRC, the capital of South Kivu province, with a public ceremony hosted by the Governor and the Deputy Governor of South Kivu Province with the participation of the chiefs of the chefferies overlapping the Twangiza property and several other dignitaries. In his speech, the Governor of South Kivu promised his Government's full support to Banro for the building of the Twangiza gold mine.

The Company is also pleased to announce that construction of the Twangiza mine is proceeding on schedule, with phase one earthworks having been completed on June 28, 2010. Civil works at the plant site are well advanced, with assembly of the reconditioned gold plant to begin in October this year. The final civil work is scheduled for completion in June 2011. The Company remains on schedule to complete construction of the Twangiza "Phase I" gold mine in the fourth quarter of 2011.

Photographs highlighting construction progress at the Twangiza site can be viewed on the Banro website at: www.banro.com/s/TwangizaGoldPlantUpdate.asp?ReportID=380953.

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, the Company has commenced construction of "Phase I" of its flagship Twangiza project. Banro's strategy is to unlock shareholder value by increasing and developing its significant gold assets in a socially and environmentally responsible manner.

 

 

   

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