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Banro Corporation is a junior gold mining company focusing on exploration and production projects in the Democratic Republic of Congo. Banro trades both on the Amex and Toronto Stock Exchange.



Twangiza is the most advanced of Banro's four projects. According to the company, the Measured and Indicated Resources for Twangiza are 5.60 million ounces of gold and Inferred Resources are 400,000 ounces. The Kaziba discovery is part of the Twangiza project.

In 2009, Banro says it will focus on exploring four targets at Twangiza which are within trucking distance of the proposed Twangiza plant site (including Kaziba). It expects the deposits to boost the resource profile. Banro also plans to undertake additional metallurgical testwork to optimize recoveries from the various ore types at Twangiza.


Kamituga covers about 649 square kilometers. It is the most mature of Banro's four properties and was previously the site of major alluvial and underground mining operations.

Prior mining operations closed in 1996, but in 2007, Banro completed LIDAR, aeromagnetic and radiometric surveys aimed at identifying targets for future exploration. Banro says that it has analyzed the data. However, it does not appear that substantial exploration activity is planned for 2009.


Lugushwa is a promising 641-square kilometer exploration site. Last year, Banro used infill drilling and surface exploration to identify new targets for exploration. 26 core holes were assayed at the D18 prospect with the objective of upgrading "inferred" ounces to "indicated" ounces. The study of these assay results, which will also assess all mineralization identified to date at Lugushwa, is expected to be completed in 2009.


Namoya currently hosts 1.124 million oz of Measured & Indicated Resources and 407,700 oz of Inferred Mineral Resources. In 2009, Banro expects to complete the Pre-Feasibility Study.

Factors which affect Banro

Price of gold Like all mining companies, Banro is affected by the price of gold.

'News regarding development projects Results of Pre-Feasibility Studies, and technical studies of mining assays, will affect investor's views regarding how promising the development projects are. The timing of these results is also important, because it shows whether exploration and development is progressing on target.

Financing Banro did two equity financings last year, and may do more in 2009. In both cases share prices fell strongly below the financing point. Additional financings could pressure shares again. Each financing sold units consisting of a common share and a warrant to purchase a common share at the deal price. The first was priced at $3.50 (U.S.) and the second was priced at $2.20 (U.S.).


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