Banro's update of Twangiza feasibility study increases proven and probable reserves by 23.7% to 4.54 million ounces of gold



    Updated Feasibility Study adds further 882,000 ounces of gold production

    TORONTO, June 8 /CNW/ - Banro Corporation ("Banro" or the "Company") (TSX
- "BAA"; NYSE AMEX- "BAA") is pleased to announce updated results of the
Feasibility Study ("FS") of its wholly-owned Twangiza project, located on the
Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the "DRC").
    This follows the Twangiza FS, the results of which were announced in a
press release of the Company dated January 26, 2009 (a copy of this press
release can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov).

    
    The updated results of this study encompass:

    -  improved recoveries (from work completed since the FS) on the
       transitional and fresh refractory ore types, based on further
       metallurgical testwork and an enhanced recovery process; and
    -  updated input parameters as of May 2009 to capital expenditure
       ("capex") and operating expenditure ("opex") variables, compared to
       November 2008 inputs.

    The highlights of the updated FS include:

    -  Total Proven and Probable Reserves have increased by 0.87 million
       ounces (23.7%) from 3.67 million ounces to 4.54 million ounces of
       gold.

    -  Initial capital costs have decreased by 7.9% from US$409.65 million
       to US$377.43 million. These initial capital costs include a
       contingency of US$35.5 million.

    -  Average annual production of 312,979 ounces of gold over the first
       three years of the project at average operating cash costs of US$261
       per ounce.

    -  Average annual production of 262,215 ounces of gold over the first
       five years of the project at average operating cash costs of US$325
       per ounce.

    -  An increase in gold production of 881,681 ounces (33.2%) from
       2,651,807 ounces to 3,533,488 ounces. Treated tonnage has increased
       from 60.89 million tonnes at 1.87g/t Au to 82.46 million tonnes at
       1.71g/t Au.

    -  Life of mine has increased from 15.06 years to 20.86 years.

    -  The process plant now includes the addition of a processing facility
       to treat refractory ore, which improves recoveries of refractory
       material from 36.4% to 64.0% for transitional ore and from 51.7% to
       72.2% for fresh ore. This results in an overall increase in gold
       recovery from 72.6% to 78.0%.

    -  The diesel price has been reduced from US$1.20/litre to US$1.00/litre.

    -  Total operating cash costs for life of mine have increased by 6.8%
       from US$429 per ounce to US$459 per ounce, due to updated mining and
       process plant costs.

    -  Life of mine sustaining capital has increased by US$91.6 million to
       cater for mining fleet replacement (US$20.0 million assumed), mining
       sustaining capital (US$ 6.2 million), additional process plant costs
       to treat refractory ore and tailings (US$50.0 million assumed) and an
       increase in the tailings capacity (US$15.4 million).

    -  Project post tax net present value ("NPV") increased by 2.8% from
       US$342 million to US$352 million. The NPV calculation was based on a
       gold price of US$850 per ounce and a discount rate of 5%.

    -  Total project capital expenditure payback is 2.39 years from start of
       production, yielding an IRR of 20.1%.

    -  Total project net cash flows after tax and after capital spending
       increased by 13.08% from US$593.14 million to US$670.75 million.
         -  At US$950 per ounce the project net cash flow would be
            US$1,024.10 million.

    -  Recent extensions flanking the North and Main deposits at Twangiza,
       together with recently identified targets within trucking distance of
       the proposed plant site, have the potential to add significant oxide
       resources to the project.
    

    This update of the FS was compiled with input from independent
consultants, SENET and SRK Consulting (South Africa) (Pty) Ltd ("SRK (SA)").
    Banro President and CEO Mike Prinsloo said: "On the back of these
encouraging updated Feasibility Study outcomes, we are in a position to start
development of the Twangiza project. The development of the project has full
support from central and regional governments."

    
    Mineral Resources
    -----------------
    

    The current Mineral Resource estimates for Twangiza are set out in Table
I below. These estimates were prepared by SRK Consulting (UK) Ltd. and were
announced by Banro in a press release dated January 14, 2009. A copy of this
press release can be obtained from SEDAR at www.sedar.com and EDGAR at
www.sec.gov. Martin Pittuck, who is an employee of SRK Consulting (UK) Ltd.,
was the "Qualified Person" (as such term is defined in National Instrument
43-101) for the purpose of these Mineral Resource estimates.

    
    Table I - Summary of SRK (UK)'s Twangiza Mineral Resources Statement
    (effective date: January 9, 2009)

    -------------------------------------------------------------------------
    Mineral Resource Category        Tonnes          Grade          Ounces
                                   (Million)       (g/t Au)       (Million)
    -------------------------------------------------------------------------
    Measured                           17.2           2.40            1.32
    -------------------------------------------------------------------------
    Indicated                          90.3           1.50            4.28
    -------------------------------------------------------------------------
    Measured & Indicated              107.5           1.60            5.60
    -------------------------------------------------------------------------
    Inferred                            8.2           1.70            0.40
    -------------------------------------------------------------------------
    (above 0.5 g/t Au cut-off)


    Mine Planning
    -------------

    SRK (SA) has prepared updated independent estimates of the Twangiza
Mineral Reserves which are set out in Table II below.

    Table II - Summary of Updated Twangiza Mineral Reserve Estimates
    (effective date: June 6, 2009)

    -------------------------------------------------------------------------
    Reserve Category        Deposit             Tonnes      Grade     Ounces
                                              (Million)   (g/t Au)  (Million)
    -------------------------------------------------------------------------
    Proven             Twangiza Main and North   15.98       2.35       1.21
    -------------------------------------------------------------------------
    Probable           Twangiza Main and North   66.48       1.56       3.33
    -------------------------------------------------------------------------
    Total Proven and
     Probable Reserve  Twangiza Project          82.46       1.71       4.54
    -------------------------------------------------------------------------
    

    SRK (SA)'s updated independent estimates of the Twangiza Mineral Reserves
are based on the Mineral Resource estimate set out above in Table I of this
release. The Mineral Reserves were estimated by H.G. (Wally) Waldeck and Mark
Sturgeon, both of whom are employees of SRK (SA) and "Qualified Persons" (as
such term is defined in National Instrument 43-101). The Mineral Reserve
Statement uses the definitions and guidelines given in CIM Definition
Standards on Mineral Resources and Mineral Reserves and is reported in
accordance with National Instrument 43-101 requirements.
    The Mineral Reserves have increased by 23.7% (0.87 Million ounces)
largely due to the improved process recoveries of the refractory ore types.
Although the overall operating costs have increased, the net result is an
increase in the Mineral Reserves and the Life-of-Mine.
    "The Twangiza project offers further upside from the neighbouring
deposits of Luhwindja and the adjacent flanking structures to the North and
Main pits, as well as the deposits of Kaziba, Mufwa and Tshondo, which are in
trucking distance of the proposed Twangiza plant site.
    "All efforts will now be concentrated on boosting the oxide and
transition ounce profile from these deposits. We will also review other
aspects of the study, such as the mining fleet, tailings dam, hydro plant,
etc., with the objective of further optimizing the study outcome and
increasing the size of the planned Twangiza mine, with a higher production
profile in the earlier years," said Mr. Prinsloo.

    
    Processing
    ----------
    

    Estimate recoveries were adopted for the transition and fresh refractory
ores at the time of publishing the Twangiza FS and subsequent metallurgical
testwork to improve these recoveries has since been undertaken and further
optimized using the LEACHOX process (a proprietary process owned by Maelgwyn
Mineral Services).

    
    This process incorporates the following steps:
    -  production of sulphide concentrates by flotation (conventional
       process)
    -  fine-grinding the flotation concentrate
    -  contacting the fine milled product with oxygen in Aachen reactors
       (proprietary equipment) to effect partial oxidation of sulphides,
       which will in turn liberate the refractory gold, making it amenable
       to conventional cyanidation.

    The recovery results to date have increased from 36.4% to 64.0% for
transitional refractory ore and from 51.7% to 72.2% for fresh refractory ore.

    Table III - Comparative summary of the gold recovery, tonnage and grade
    for each ore type is shown in the table below:
    (January 2009 Feasibility compared to June 2009 Updated Feasibility)

    -------------------------------------------------------------------------
                                 January 2009               June 2009
                         ----------------------------------------------------
    Ore Type             Recovery  Tonnage  Grade  Recovery  Tonnage  Grade
                            (%)     (Mt)   Au (g/t)   (%)     (Mt)   Au (g/t)
    -------------------------------------------------------------------------
    Twangiza Oxide Main     90.2     13.8    2.14     90.2     14.0     2.11
    -------------------------------------------------------------------------
    Twangiza Oxide North    91.2      3.8    2.12     91.2      4.0     2.05
    -------------------------------------------------------------------------
    Twangiza Transition
     FP Main                79.5      4.8    1.86     79.5      5.0     1.79
    -------------------------------------------------------------------------
    Twangiza Transition
     FP North               93.2      2.2    2.06     93.2      2.2     2.06
    -------------------------------------------------------------------------
    Twangiza Fresh
     FP Main                74.8     18.4    1.32     74.8     23.7     1.26
    -------------------------------------------------------------------------
    Twangiza Fresh
     FP North               81.4      1.4    2.19     81.4      1.4     2.20
    -------------------------------------------------------------------------
    Twangiza Transition
     CMS Main               36.4      3.2    3.13     64.0      7.0     2.21
    -------------------------------------------------------------------------
    Twangiza Transition
     CMS North              36.5      0.4    2.91     64.0      0.6     2.40
    -------------------------------------------------------------------------
    Twangiza Fresh
     CMS Main               51.7     12.6    1.87     72.2     24.2     1.62
    -------------------------------------------------------------------------
    Twangiza Fresh
     CMS North              51.8      0.3    1.85     72.2      0.3     1.66
    -------------------------------------------------------------------------

    Note: "FP" refers to feldspar porphyry. "CMS" refers to carbonaceous
    mudstone.


    Input Parameter Changes
    -----------------------

    As part of the FS update, input parameters secured in November 2008 for
the FS were revised to reflect current market levels and pricing.
    Table IV below shows the percentage variances of the key component
differences between the FS of January 2009 and this June 2009 update.

    Table IV - Key Components (Capex and Opex)

    -------------------------------------------------------------------------
                                              January 09     June 09     %
                                                (US$)         (US$)   Change
    -------------------------------------------------------------------------
    1. Diesel Costs - Price Per Litre               1.20        1.00   -16.7%
    -------------------------------------------------------------------------
    2. Transport (Logistics) - Total
        Capital Costs                          2,774,006   2,571,294    -7.3%
    -------------------------------------------------------------------------
         - 20 Foot Container Price for Freight    13,001      12,450    -4.2%
    -------------------------------------------------------------------------
         - 40 Foot Container Price for Freight    19,075      17,500    -8.3%
    -------------------------------------------------------------------------
    3. Civils and Infrastructure
    -------------------------------------------------------------------------

           Earthworks: Total Costs            17,348,542  15,836,876    -8.7%
    -------------------------------------------------------------------------

           Civils: Total Costs                14,517,913  11,327,146     -22%
    -------------------------------------------------------------------------
         - Access Roads (including
            Earthworks, Layers, Drainage &
            Bridges, etc.) & Tailings Dam
            Road                              25,826,861  23,959,327    -7.2%
    -------------------------------------------------------------------------
    4. Steel Costs (Total)                     7,544,998   5,620,933   -25.5%
    -------------------------------------------------------------------------
         - Structural Steelwork Costs
            Per Tonne                              2,400       1,800     -25%
    -------------------------------------------------------------------------
    5. Reagents
    -------------------------------------------------------------------------
         - Lime Costs - Costs Per
            Delivered Tonne                          520         507    -2.5%
    -------------------------------------------------------------------------
         - Cyanide - Costs Per Delivered
            Tonne                                  2,862       2,520   -11.9%
    -------------------------------------------------------------------------


    Capital Costs
    -------------
    

    The tables below summarize the comparative capital costs (January 2009 to
June 2009) for the Twangiza project and the hydroelectric project.
    A separate stand alone 30MW hydroelectric scheme (the Ulindi II site) to
supply power to the Twangiza project will cost US$133.8 million (including a
contingency of US$20.1 million), to be funded in whole or in part by third
party financing (reference is made to the Company's January 26, 2009 press
release). The hydroelectric project will be developed separately but in
parallel to the Twangiza mine development.

    
    Table Va - Total Initial Project Capital Costs (excludes hydroelectric
    power plant)

    -------------------------------------------------------------------------
                                                           January    June
    TWANGIZA PROJECT CAPEX SUMMARY                           2009     2009
                                                          US$ '000  US$ '000
    -------------------------------------------------------------------------
    Total Mining (Owner Fleet)                              76,118    79,236
    -------------------------------------------------------------------------
    Total Process Plant                                    175,424   150,037
    -------------------------------------------------------------------------
    Total Infrastructure                                    53,940    51,036
    -------------------------------------------------------------------------
    Total Management Costs                                  65,290    61,571
    -------------------------------------------------------------------------
    Contingency                                             38,881    35,550
    -------------------------------------------------------------------------
    TOTAL MINE INITIAL PROJECT CAPITAL COSTS               409,654   377,430
    -------------------------------------------------------------------------


    Table Vb - Hydroelectric Power Plant Capital Costs

    -------------------------------------------------------------------------
                                                           January    June
    CAPEX SUMMARY HYDROELECTRIC POWER                        2009     2009
                                                          US$ '000  US$ '000
    -------------------------------------------------------------------------
    Total Hydroelectric Power Costs                        133,778   133,778
    -------------------------------------------------------------------------
    Banro's 50% contribution                                66,889    66,889
    -------------------------------------------------------------------------


    Table Vc - Total Initial Project Capital Costs (Includes Hydroelectric
    Power Plant)

    -------------------------------------------------------------------------
                                                           January    June
    CAPEX GRAND TOTAL PROJECT COSTS                          2009     2009
                                                          US$ '000  US$ '000
    -------------------------------------------------------------------------
    Total Mine Initial Project Capital Costs               409,654   377,430
    Total Hydro Power Costs                                 66,889    66,889
    -------------------------------------------------------------------------
    GRAND TOTAL PROJECT COST                               476,543   444,319
    -------------------------------------------------------------------------


    Operating Cash Costs
    --------------------

    The following operating cash costs were estimated and incorporated into
the financial analysis:

    Table VIa - Total Operating Cash Costs for Initial 7 years

    -------------------------------------------------------------------------
                                              January 2009      June 2009
    -------------------------------------------------------------------------
    OPEX : First 7 Years                     US$/t   US$/oz   US$/t   US$/oz
    -------------------------------------------------------------------------
      Mining                                  6.48   136.08    7.39   140.43
    -------------------------------------------------------------------------
      Processing                             11.56   243.12   10.94   207.86
    -------------------------------------------------------------------------
      G & A                                   1.07    22.14    1.07    20.42
    -------------------------------------------------------------------------
      Refining                                0.26     5.00    0.26     5.00
    -------------------------------------------------------------------------
      Total                                  19.37   406.34   19.66   373.71
    -------------------------------------------------------------------------


    Table VIb - Life of Mine Total Operating Costs

    -------------------------------------------------------------------------
                                              January 2009      June 2009
    -------------------------------------------------------------------------
    OPEX : LoM : HEP                         US$/t   US$/oz   US$/t   US$/oz
    -------------------------------------------------------------------------
      Mining                                  5.31   121.90    5.68   132.60
    -------------------------------------------------------------------------
      Processing                             11.92   273.65   12.71   296.60
    -------------------------------------------------------------------------
      G & A                                   1.26    28.93    1.06    24.65
    -------------------------------------------------------------------------
      Refining                                0.22     5.00    0.21     5.00
    -------------------------------------------------------------------------
      Total                                  18.71   429.47   19.66   458.85
    -------------------------------------------------------------------------


    Project Economics and Financial Analysis
    ----------------------------------------

    Calculated sensitivities show the upside leverage to gold prices and the
robust nature of the projected economics to operating assumptions.

    Sensitivities
    -------------

    Table VIIa - Gold Price (Base Case: US$850/oz)

    -------------------------------------------------------------------------
      Gold Price                        IRR           NPV US$ million
        US$/oz                                  at different discount rates
                                  -------------------------------------------
                                          %         0%         5%        10%
    -------------------------------------------------------------------------
           750                        11.4%       317        128         21
    -------------------------------------------------------------------------
           850                        20.1%       671        352        177
           950                        27.6%     1,024        575        333
    -------------------------------------------------------------------------
          1050                        34.5%     1,377        799        489
    -------------------------------------------------------------------------


    Table VIIb - Capex (Base Case: US$444 Million)

    -------------------------------------------------------------------------
       CAPEX Change                     IRR           NPV US$ million
             %                                  at different discount rates
                                  -------------------------------------------
                                          %         0%         5%        10%
    -------------------------------------------------------------------------
           -10%                       23.9%       715        395        219
    -------------------------------------------------------------------------
           +10%                       17.0%       626        319        135
    -------------------------------------------------------------------------


    Table VIIc - Operating Cash Costs (Base Case: US$459/oz)

    -------------------------------------------------------------------------
       OPEX Change                      IRR            NPV US$ million
             %                                  at different discount rates
                                  -------------------------------------------
                                          %         0%         5%        10%
    -------------------------------------------------------------------------
           -10%                       22.9%       833        448        241
    -------------------------------------------------------------------------
           +10%                       17.0%       509        255        114
    -------------------------------------------------------------------------


    Table VIId - Fuel Price (Base Case: US$1.00/litre)

    -------------------------------------------------------------------------
      Fuel Price Change                 IRR           NPV US$ million
             %                                  at different discount rates
                                  -------------------------------------------
                                          %         0%         5%        10%
    -------------------------------------------------------------------------
           -10%                       20.4%       684        360        183
    -------------------------------------------------------------------------
           +10%                       19.8%       658        343        171
    -------------------------------------------------------------------------
    

    "With the gold price testing US$1,000 per ounce the Twangiza project
offers an excellent return for investors and a quick payback, because of the
unique situation where the highest gold production and lowest cost production
occur in the early years, because of the oxides, higher tonnage through-put
due to free dig and overall low strip ratio. Our objective now is to add
additional oxide and porphyry transitional ounces to the project, to maximize
and uplift the production profile," said Mr. Prinsloo.

    
    Accessibility and Transport/Logistics
    -------------------------------------

    Based on SENET and FH Bertling Logistics surveys, all plant and mining
equipment will be routed by road to site via Mombasa - Nairobi (Kenya) -
Kampala (Uganda) - Kigali (Rwanda) - Bukavu (DRC) and then en-route to site
via the N2 road in South Kivu Province.

    Additional Information
    ----------------------

    Additional information with respect to the Twangiza project is contained
in the technical report of SENET dated February 27, 2009 and entitled "Updated
Resource Statement & Feasibility Study NI 43-101 Technical Report, Twangiza
Gold Project, South Kivu Province, Democratic Republic of Congo." A copy of
this report can be obtained from SEDAR at www.sedar.com and EDGAR at
www.sec.gov.

    Qualified Persons
    -----------------
    

    The updated results of the Twangiza FS were 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. Mr. Senior has
reviewed and approved the contents of this press release. Mr. Senior was also
the Qualified Person throughout the preparation of the FS.
    H.G. (Wally) Waldeck and Mark Sturgeon, each of whom is an employee of
SRK (SA), are the "Qualified Persons" (as such term is defined in National
Instrument 43-101) responsible for the updated Mineral Reserve estimates for
the Twangiza project referred to in this press release.
    Martin Pittuck, an employee of SRK Consulting (UK) Ltd., was the
"Qualified Person" (as such term is defined in National Instrument 43-101)
responsible for the Mineral Resource estimates for the Twangiza project
referred to in this press release.

    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, Banro's strategy is to unlock
shareholder value by increasing and developing its significant gold assets in
a socially and environmentally responsible manner.

    Cautionary Statement

    The updated information presented in this press release is not intended
to replace the feasibility study, but rather to update certain key parameters
directly affecting the financial outcomes of the project. In addition, the
findings contained reflect an ongoing analysis and therefore there is no
certainty that all the conclusions reached will be realized.

    Cautionary Note to U.S. Investors

    The United States Securities and Exchange Commission (the "SEC") permits
U.S. mining companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally extract or
produce. Certain terms are used by the Company, such as "measured",
"indicated", and "inferred" "resources", that the SEC guidelines strictly
prohibit U.S. registered companies from including in their filings with the
SEC. U.S. Investors are urged to consider closely the disclosure in the
Company's Form 40-F Registration Statement, File No. 001-32399, which may be
secured from the Company, or from the SEC's website at
http://www.sec.gov/edgar.shtml. The base case gold price is US$850/oz and does
not reflect the standards of the SEC.

    Cautionary Note Concerning 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
estimates and/or assumptions in respect of production, revenue, cash flow and
costs, estimated Twangiza project economics, mineral resource and mineral
reserve estimates, potential mineralization, potential mineral resources and
mineral reserves, projected timing of possible production and the Company's
exploration and development plans and objectives with respect to its Twangiza
project) 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: uncertainties relating to the availability and
costs of financing needed in the future; uncertainty of estimates of capital
and operating costs, production estimates and estimated economic return; the
possibility that actual circumstances will differ from the estimates and
assumptions used in the Twangiza study and mine plan; failure to establish
estimated mineral resources or mineral reserves; fluctuations in gold prices
and currency exchange rates; inflation; gold recoveries for Twangiza being
less than those indicated by the metallurgical test work 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;
lack of infrastructure; failure to procure or maintain, or delays in procuring
or maintaining, permits and approvals; lack of availability at a reasonable
cost or at all, of plants, equipment or labour; inability to attract and
retain key management and personnel; changes to regulations affecting the
Company's activities; 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, 2009 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
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.

    Cautionary Note Concerning Resource and Reserve Estimates

    The mineral resource and mineral reserve figures referred to in this
press release are estimates and no assurances can be given that the indicated
levels of gold will be produced. Such estimates are expressions of judgment
based on knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may significantly
change when new information becomes available. While the Company believes that
the resource and reserve estimates included in this press release are well
established, by their nature resource and reserve estimates are imprecise and
depend, to a certain extent, upon statistical inferences which may ultimately
prove unreliable. If such estimates are inaccurate or are reduced in the
future, this could have a material adverse impact on the Company.
    Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that mineral resources can be
upgraded to mineral reserves through continued exploration.
    Due to the uncertainty that may be attached to inferred mineral
resources, it cannot be assumed that all or any part of an inferred mineral
resource will be upgraded to an indicated or measured mineral resource as a
result of continued exploration. Confidence in the estimate is insufficient to
allow meaningful application of the technical and economic parameters to
enable an evaluation of economic viability worthy of public disclosure (except
in certain limited circumstances). Inferred mineral resources are excluded
from estimates forming the basis of a feasibility study.





For further information:

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

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