Banro issues corporate update



    TORONTO, March 4 /CNW/ - Banro Corporation ("Banro" or the "Company")
(AMEX - "BAA"; TSX - "BAA") is pleased to provide the following corporate
update.
    Peter Cowley retired on March 1, 2008 as President of the Company but
remains on the Banro board of directors. The Company thanks Peter for his
valued contribution over four years to the growth and development of the
Company.
    Mike Prinsloo, Chief Executive Officer of Banro, will be assuming
Mr. Cowley's position as President and will be appointed to the Company's
board of directors.
    Following a comprehensive review of Banro's strategic alternatives by the
Company, it has been determined that, in view of the Company's mineral
potential and the current fundamentals of the gold market, the Company will
aggressively pursue development of new mines at its wholly-owned Twangiza and
Namoya gold projects. Pre-feasibilty studies of both of these projects are
well-advanced and are scheduled to be completed in June 2008. A number of
development scenarios, each of which is flexible and not dependent on
economies of scale, are being considered. The pre-feasibility studies follow
on the Preliminary Assessment Studies of Twangiza and Namoya, the results of
which were announced on July 30, 2007 and July 3, 2007 respectively.
    The engineering companies engaged in the pre-feasibility work have agreed
to commence full feasibility studies immediately upon completion of the
pre-feasibility studies. It is expected that this will reduce the time
required to complete full feasibility studies by three to five months and,
based on the current timetable, result in the completion of the two bankable
feasibility studies by December 2008.
    Discussions with respect to various options for financing mine
development are well advanced and it is expected that a decision will be
announced shortly. It is the Company's intention to place orders for certain
long-lead items in the second quarter of 2008 in order to meet the timelines
which have been targeted for mine construction and production.
    Banro is a Canadian-based gold exploration company focused on the
development of four major, wholly-owned gold projects 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.

    Forward-Looking Statements: This press release contains forward-looking
statements. All statements, other than statements of historical fact, that
address activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future (including, without limitation,
statements regarding the Company's mine development plans and objectives with
respect to its Twangiza and Namoya projects) are forward-looking statements.
These forward-looking statements reflect the current expectations or beliefs
of the Company based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and uncertainties
that may cause the actual results of the Company to differ materially from
those discussed in the forward-looking statements, and even if such actual
results are realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ materially from
current expectations include, among other things: uncertainty of estimates of
capital and operating costs, production estimates and estimated economic
return; delays in the development of a project caused by the unavailability of
equipment, labour or supplies, limited capacity among service providers,
climatic conditions or otherwise; failure to establish estimated mineral
resources; fluctuations in gold prices and currency exchange rates; inflation;
gold recoveries being less than those indicated by the metallurgical testwork
carried out to date (there can be no assurance that gold recoveries in small
scale laboratory tests will be duplicated in large tests under on-site
conditions or during production); changes in equity markets; political
developments in the DRC; changes to regulations affecting the Company's
activities; uncertainties relating to the availability and costs of financing
needed in the future; the uncertainties involved in interpreting drilling
results and other geological data; and the other risks disclosed under the
heading "Risk Factors" and elsewhere in the Company's annual information form
dated March 30, 2007 filed on SEDAR at www.sedar.com. Any forward-looking
statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.





For further information:

For further information: visit our website at www.banro.com, or contact:
Mike Prinsloo, CEO, South Africa, Tel: (27) 82 825 5986; 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

Organization Profile

BANRO CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890