Banro Corporation (“Banro” or the “Company”) (NYSE AMEX – “BAA”; TSX – “BAA”) reports that construction of its wholly-owned Twangiza “Phase I” gold mine in South Kivu Province, Democratic Republic of the Congo (the “DRC”), is proceeding quickly and that the Company remains on schedule to begin commercial production in the fourth quarter of 2011.
The following progress is reported:
All bulk earthworks have been completed at the plant site.
All gold plant components have arrived on site from Australia and assembly of the plant is underway. Progress on mechanical works is on schedule.
Civil works are 38% completed.
Mining schedules are being prepared on site and are encouraging in that they show slightly better results than those achieved in the July 2009 Twangiza Feasibility Study.
Widening of the main access road has been completed and access established to the bottom of the tailings management facility (TMF) site and the upper stream diversion. The road from the plant site to the top of the proposed TMF wall is rapidly approaching the position of the lower stream diversion.
The construction camp already houses a growing workforce. This facility is to be completed by the end of this week, with the management units to be finished by mid-December 2010.
Construction of the 100th new house has begun at the resettlement village of Cinjira. To date, 86 households out of a projected total of 433 households have been resettled at Cinjira.