TORONTO, March 8 /CNW/ - Banro Corporation ("Banro" or the "Company")
(AMEX - "BAA"; TSX - "BAA") is pleased to announce that its wholly-owned
subsidiary, Banro Congo Mining SARL, has been awarded titles for 14 Permis de
Researches (PRs) by the Mining Cadastral in the Democratic Republic of the
Congo (the "DRC"). These applications were originally filed with the Mining
Cadastral shortly after implementation of the new Mining Code in June 2003.
The PRs are contiguous to the Permis de Exploitation (PEs) held by the
Company's wholly-owned subsidiaries of Twangiza Mining SARL, Kamituga Mining
SARL and Lugushwa Mining SARL.
With the award of these 14 PRs, covering 3,130 square kilometres and
located on highly prospective ground, Banro now controls 5,730 square
kilometres of land within and adjacent to the Twangiza-Namoya gold belt in the
South Kivu and Maniema provinces of the DRC. A map highlighting Banro's PEs
and PRs is found accompanying this press release on the Company's web site at
Applications for additional PRs contiguous to and located between the
Company's Lugushwa and Namoya PEs, along with areas south of Twangiza, are
Commenting on the award of these PRs by the Mining Cadastral, Peter
Cowley, President and C.E.O. of the Company, said: "The award of these titles
further consolidates Banro's dominant land position along the prospective
Twangiza-Namoya gold belt."
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 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:
For further information: please visit our website at www.banro.com, or
contact: Peter Cowley, President and C.E.O., United Kingdom, Tel: (44)
790-454-0856; 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